The petition
This public notice is for all consumers.
I felt lead it was time for hard working citizens to address the local banks about their procedures and banking systems. After researching different banking institutions, I am discovering they are practicing unethical methods that are keeping middle to low class families below the poverty level.
Banks are designed plans for money marketing, CDs and more but the majority of people use their local banks for services such as savings, checking etc. We use them for direct deposit and sometime bill paying or for that VISA/MASTERCARD. Instead of these services benefiting us it seems like they are benefiting the banks. They even talk you into getting over draft protection to help you. “This way they won't have to pay the fees at the check cashing location to pay our bills.”
The other myth of banking is so you can keep your earnings within your accounts; making it easier for you to create daily activities such as paying bills, unwanted cash in your pocket, etc... What do you do when you look at the high rates for items such as over draft fees estimate $35; over draft protection charge is $10 per over drafting. This makes you want to go back to the old method of put your money back under the mattress and getting your money order when your bills need to be paid.
When add up fees and other charges the banks are keeping from us, you can say they are the ones that end up getting paid. Let’s add up an average money order (49.-$1.00 or free at some location) and your payroll check or any other check you might receive as income cashing it at the local check cashing store ($2-$3 out of per $100)[If the check is from a local bank just cash it there and you don't have to worry about the fees] you will find that you would save money.
Don't get me wrong I'm not saying that we should be reckless in handling your accounts we should take the time to balance our check books even going online once a week to check available funds. I was told “I need go online everyday to check my account balance”, but if your day is as busy as mine another added daily chore is not something I can handle at the moment BUT!!! I have made up my mind to do it. I am personally fed up with paying these charges; this year alone I have paid my local bank $490 in over draft and you don't want to hear about last year it would really be T.M.I (To Much Information)!!! By taking the time to look over my account daily or week I am catching a lot of errors that the banks are making. purposely causes.
After discussing it with several individuals, I am finding out that I am not the only one that has horror stories about banking nightmares. We are discovering the methods used are not our fault all the time. Banking over draft is another way of the bank making money off you. A saving account is supposed to help you save but how are you saving when they are snatching the money out for you to cover overdraft fees. The name of the account should be renamed to “just incase I overdraft account” and take of the word “savings”.
I really feel for the young people between 18 – 30 years of ages that not benefiting for these methods. Teenagers are opening up accounts and with these current banking practices, they will not be saving. They will be in the same boat.
This is why I have decided to take this matter further. We can complain all we want but it will not change till we stand together and stop the nonsense.
These are a few scenarios that is being used for there banking methods
Holding funds when it is available:
1. The bank sometime pays your lowest amount they pay your highest amount and if you have items that is lower than your balance available those items now becomes over drafts. “See more money for the bank.”
2. if you account is a few dollars off such as under $1 sometimes the item gets paid sometime it does either way the still get $35 or over draft fee added..
3. electronic items such as Internet purchase online bill payment with electronic check can be ran as many times they want to run that transaction God forbid there’s no funds available those fee times now you have several overdraft fees to pay leaving you negative and if you have other bills that comes through that account now you are behind on your bills.
Over draft protection program
This is a joke ok this is how it works you have a saving account and every time your account hit the negative they take the funds that is needed from your savings account to cover the amount that’s not available BUT you they also take out $10 additional dollars for them to provide this service. Where’s the protection in that?
Keep the change program
If you are not familiar with the keep the change program, this is where the bank (this does not include all banks) give you your change back on the dollar. So if you send $1.57, you will get charged $2.00, and the difference, in this case .43, will be placed in your savings account. But once your account balance is now in the negative, the change you have accumulated is now a part of the money that the bank needs for overdraft protection. So who is really keeping the change?
Credit Card Solution
Well I was also told by my local bank to stop the madness you can get a credit card and that will stop the over draft fees. BUT don't you pay interest on a credit card? Do they have fees to take out cash from your card? Again, who is really getting what they need?
ATM Fees
Subtly, the banks have imposed fees on the people. With the ATM fees, it seemed reasonable for a bank to charge you a fee to use their ATM machine (more like a convenience fee). But when your bank, then decides to charge you to use another banks machine; that becomes unreasonable. Why would you have to pay “your” bank a fee, to take “your” money from another banks ATM machine? I never did understand that.
Tell me your nightmare. If you have one please take time to sign this petition, so we can take this to congress; something has got to be done. Oh aren't banks suppose to make their money from loans, mortgages, other than your checking and saving account? Makes you think!!!
Sign the petition
Fields marked * are required.