Why I hate banks

1. Mar 27, 2008

Schrodinger's Dog

Well this is the third time I've been ripped off by banks in the last 8 years.

1st time I went overdrawn by £1 so they charged me £30, because it was a roll over charging period ie one charging period went into another they charged me £60. At the time I was unemployed, so eventually I ended up with about £300 in charges, it was at this point I left my bank refusing to pay any but the first two original charges. Joined a new bank, after getting a new job I got a £300 pound overdraft, got a job reduced the overdraft to £50 as didn't need it. Then went to increase it to £150 again so I could pay for some medication (not available on NHS) they said can't, I said why I'm earning net 8 times that net? I got a a £300 overdraft why not this one, anyway long story short I had to have the medication ended up with £500 in charges, left that bank rejoined my old bank.

They charged interest recently and put me into the red by a £1 or so, and then have proceeded to charge me £200 again for charges. I am unemployed again so can't pay the charges?

Does anyone else just feel that banks/ banking executives are the lowest form of life on the planet, just under primordial slime? Or is it just me? Apparently if you're not rich they exploit you, if you are they let you get away with murder? Is this customer service, or just exploitation?

Any advice would be nice? What can I do? I'm screwed... :grumpy:

Last edited: Mar 27, 2008
2. Mar 27, 2008

ShawnD

Why are you going into overdraft? Why do you keep losing your job?

3. Mar 27, 2008

Schrodinger's Dog

Illness. Or being laid off.

In this country practically everyone has an overdraft facility. We're a nation of debtors. Apparently that makes us a target as well if we have the misfortune to have fallen on hard times, for whatever reason. Thus banks. Apparently they reckon that charging a flat rate of £30 pounds for going overdrawn whatever the reason counts as a reasonable charge in this country, everyone else begs to differ. Thus several rather public legal cases atm. Should the banks win, then the case will go before the EU courts. Which is no consolation for someone who has just incurred £200 pounds of charges through the most weakest reason of being £1 overdrawn.

I have two options, leave my bank refuse to pay and go to court, or incur more than £300 in charges and just lump it.

Last edited: Mar 27, 2008
4. Mar 27, 2008

Ivan Seeking

Staff Emeritus
You might try going to your bank and talking with them. You may even find them to be reasonable if you give them a chance [not saying they will be but it happens].

5. Mar 27, 2008

BobG

Why don't you ask the overdraft fees before opening an account and open an account at the bank with the lowest overdraft fees?

Actually, I don't do this and I doubt even 0.1% of bank customers do this. No one asks about bank fees like that because they'd be afraid the bank would ask them how many checks they plan to bounce. Then the customer would have to respond, "Why, none of course! I'm just hoping you charge especially high fees for bounced checks so I can feel comfortable knowing I don't share the same bank as common riffraff!"

6. Mar 27, 2008

turbo

Banks are in the business of legalized theft. I have had an IRA with one bank for over 10 years, in the form of a Certificate of Deposit. When it was time to renew, the interest rate was so low that I would have been losing money, after factoring the devaluation of the dollar, so I told them I wanted to roll that money over to a self-directed IRA at another institution, and wanted the money in the form of a check to that other institution. The woman at the service counter printed out the check at her workstation, gave me a form to sign and then said "$20, please". I had been a customer at that bank for 30 years, and they charged me$20 for the privilege of getting at my own money? Obviously, they don't have any of my money any more - I joined a credit union instead. At least I own a piece of that outfit.

7. Mar 27, 2008

Wow!! My overdraft protection fee is only $5. 8. Mar 27, 2008 turbo At another bank in the '70's I got turned down for an auto loan. My old Mustang had been totaled by a careless heavy-equipment operator at work, so I needed a car. At the same time, my boss was trying to get his elderly mother off the road, so he proposed to sell me her low-mileage Mercedes diesel sedan for$3000, though it booked for nearly twice that. I got the numbers I needed and went to the bank for the loan. I had more money than that in the bank, but didn't want to flatten our savings account. The bank refused to loan me the money because the car was "too old", despite the extremely low miles. Needless to say, they became my ex-bank.

9. Mar 27, 2008

Schrodinger's Dog

I did, thanks for the advice, but unfortunately they said there is nothing they can do. It's a computer says no thing. Banks are now run by computers not bank managers. So they are overruled by a machine. I know makes no sense but it's the way it works. I will actually try and consult the bank manager rather than the asst bank manager, but I think to be frank there is little she can do either.

We call them ISA's, tax exempt savings that are nearly always higher than inflation. sometimes as high as 10% if you put in a certain amount in a month up to your tax exempt limit.

$20, try$60 for any charge minimum. It's more for bounced cheques.

:rofl: that's about average, in fact some places are more. That's why everyone is so pissed off atm.

The last bank I was at it was more than that.

Last edited: Mar 27, 2008
10. Mar 27, 2008

The bank that charged me $20 to print a check to close my IRA lost some much bigger customers last winter. A fellow who buys and sells timberland and harvests and sells the timber went into that bank to apply for a$1M loan to buy some new harvesting equipment. The bank turned him down, so he went across the street to the owner of the largest series of car dealerships (and the owner of a LOT of real-estate in that town). Why did he go to that guy? That fellow was a senior member of the bank's board of directors. They went to a rival bank, secured the $1M loan, and opened accounts there, then went back to the first bank together and arranged to have all of their assets transferred to the rival bank. The manager tried to stop them, but there was nothing she could do, since it was their money. The bank lost two of its wealthiest customers and a board member that day. Idiots. That used to be a well-run hometown savings bank with decent folks. One day, after my wife and I had pretty much tapped out our accounts to buy and furnish our first real house, we heard of a real-estate auction. A farmer had bought a large chicken farm with several farm houses, and since he was falling behind in payments, FMHA forced him to auction the residential properties. On a whim, we went to the auction because we had made an offer of$25K on one of the houses previously, and were turned down. I ended up buying the place for $17K. The trick was that I had to write a deposit check to the auctioneer for$3000 that I didn't have. I wrote the check, and then called a junior loan officer at the bank and asked him to get $3000 in my checking account right away, and write up a personal loan that could be folded into my mortgage loan when we closed on the house. This was Saturday afternoon, and I caught him at home. Noontime on Monday, I dashed to the bank on my lunch break and signed the papers. They don't have personal customer service like that anymore, nor can you get any kind of action like this on a verbal promise. Sad... 11. Mar 27, 2008 cristo Staff Emeritus This has got to be the bank's favourite technique of getting money off people. I had this happen to me once-- I went over my £2k overdraft by about £20 because I forgot about a direct debit. I put money back in, but they charged at the end of the month, which took it overdrawn again. However, I just wrote to my branch explaining the situation, and my bank manager refunded it all. I'm lucky that my bank manager in my home town is really good, so I just write or call her whenever I've got a problem. What I don't understand is how/why you let £300 fines accumulate? Surely you should have just called your bank after the first charge was made, or perhaps put some money into your account to cover the charges? I don't really see why people complain SO much about bank charges. They are all written down in the terms and conditions, so the banks are "ripping you off." Further, I'd rather the banks fined the people who do continuously go over their allowance than they start charging everyone for a bank account. The good customers should not suffer for the bad ones! 12. Mar 27, 2008 Schrodinger's Dog I did call over to my bank the first time the charge was made to say I couldn't afford it, and would not be able to cover the next charge period. They weren't willing to do anything about it. You have a reasonable bank manager, mine atm are idiots. Lucky you. The staff at the bank that ended up £500 overdrawn were disgusted by the charges, they said so themselves, but the manager was unable to act without computer authority. Even going higher and then higher still resulted in tough, you know the rules and here they are in full again, without the why we can't give a customer an overdraft even though he qualifies and has qualified for the last 2 years? What can you do? I even got a credit history to show I had no debts, nor ever had apart from bank debts. They said it must be your house. The mortgage is with that bank I did I've put over 200 pounds into the account to cover charges, but I have to live too, and being unemployed atm, how else do I eat? I have contacted them several times, but they simply say make sure the money is in there. They can't do anything else. We complain because even when I try to arrange a way of paying they say, computer says no. Apparently though I can have a credit card if I want. I'm a bad customer because I'm too poor to pay for the charges? How does that work? Last edited: Mar 27, 2008 13. Mar 27, 2008 ShawnD Visa through the Canadian Imperial Bank of Commerce (CIBC) refused to give me a$1,000 limit on my credit card, even though they held $15,000 of my money in a checking account, and my income at the time was 30% higher than the national median. Stupidity has no limits. 14. Mar 27, 2008 Schrodinger's Dog Amen. I don't blame my last bank for £500 worth of charges, that was the executives fault as it went that high. I do blame the current bank manager because no matter how much I complain there is nothing they can do? That's not good banking that's persecuting people no matter how hard they try to keep up. 15. Mar 27, 2008 cristo Staff Emeritus It's pretty unlucky that you've got staff that bad. But, don't be dismayed-- reasonable banks do exist, you've just got to find them. I also know that there isn't a computer system doesn't exist that a manager cannot override, he probably just doesn't want to. I've got a mate that works in a bank (not mine) and I know that he cancels people's charges for them, and he's only a lowly worker. One thing that annoys me about my bank is that they won't extend my credit limit on my credit card. It's a student card, and they say the cant, but then they say I can't apply for a "real" credit card, since I'm still technically a student (and I don't want to lose my interest free overdraft!) One guy on the phoneline just advised me to get another credit card with another company as well, which I have done, since it's easier that way! It makes you a bad customer because you've gone over your agreed borrowing limit without prior agreement. Whether you (or I) think it's right or not doesn't matter, since it's all written down in the rules you agreed to. 16. Mar 27, 2008 Schrodinger's Dog Rule shcmules. I've yet to find a decent bank in my area. But then that's Nat West and Lloyds for you. They once refused to let my mother have her money for some odd reason, so she dumped them and changed banks, she's the one who is responsible for getting the assistant manager of my last bank fired as well for trying to charge her thousands of pounds for nothing much more than him being an idiot. Quoting rules at someone who had no reason to be denied an overdraft is basically demeaning your customer. Even when the Bank Manager tried to work out why my overdraft was denied he couldn't, he tried to palm me off with nonsense. Two months later his assistant bank manager was fired for abusing his position. Now I'm getting the run around despite making every effort to do my part. It's frustrating and expensive. £200 in £300 pounds out regardless? They're pulling charges out of there arses, as well since I've not been overdrawn technically in 3 months, because of money going in, it's all very odd? I take it you haven't seen this bank clerk. http://www.youtube.com/watch?v=yBAibOQchD0&feature=related That's what its like now, exactly what its like. They don't use those exact words, but they say I'm sorry your loan hasn't been approved, or overdraft or whatever. Can I speak to the Bank Manager, yes but he'll say the same? Would you like a credit card? What so it's ok to run up £3000 pounds worth of debt at high interest, with my account, but not with a normal overdraft facility with lower interest, about 1.7%? Yeah that makes sense thanks but I'm already up **** creak without a paddle, later. Last edited: Mar 27, 2008 17. Mar 27, 2008 NeoDevin Schrodinger's Dog: The bank, for whatever reasons, considers you a credit risk. That means that they will charge you higher interest. That is why they are willing to give you high interest credit card, but not low interest overdraft. If they are going to take the `risk' on you, then they expect to be paid for it, hence, the higher interest rate. There is nothing silly about it from the perspective of the bank. Shawn D, Your income doesn't matter if you have poor credit (I don't know if you do). As for your savings, you can put it in a GIC and put it up as security against a credit card, but this means that you will not have access to the money. The money just being in your account is not very good security, since you could just remove it all the next day, then run up a large debt (not saying you would, but there are people who would). All: The banks are not being stupid, or deliberately rude (unless by some chance you were rude to them when dealing with them), they are simply trying to run a profitable business. They deal with large numbers of customers every day, they can't afford to make exceptions for every second person who goes through the door. A smaller local bank focusses more on a few customers, and gets to know them. They know better who is reliable and who isn't, and since they have fewer customers, they have the time to make exceptions every now and again in order to keep customers happy. In a larger bank, there is more burocracy for sure, but there is also more convenience (more ATMs, better online service, possibly better interest rates/lower monthly fees). Just remember, at the end of the day, the bank's job is to turn a profit. It's the bank's job neither to screw you over, nor to be your best friend. It astounds me how much people complain about fees which are clear and in writing at the time the account was opened. I have one account which has no monthly fees, and a high interest rate, but which costs an arm and a leg to do interac transactions through (online transfers are free though), and another account for which I pay a monthly fee, have low interest, but get unlimited transactions on. Both of my accounts allow up to$1000CAD overdraft, but I have never used it (ok, once I went $1 into it). I know that if start using my debit card with my high interest account, or if I overdraft over$1000, they're going to charge me huge fees, what do I do about it? Complain that the bank is trying to screw me over with fees? Nope, if I thought that I would simply keep all my money cash in a fireproof box under my bed. Instead, I read what I signed up for, know what will result in large fees and avoid doing those things.

18. Mar 27, 2008

Schrodinger's Dog

That's all nonsense, why did they consider me a low credit risk in Sep' 2006 enough to let me have a £300 pound overdraft, and then a high one in Feb' 2007, despite my credit not changing? I did nothing but pay wages into my account and spend it, how does that from one year to the next make me a high credit risk, given I actually gave them all my credit details and proved I wasn't? What changed, was it my credit rating? No. Quite frankly nothing changed except their minds and people got fired for it. I never had a history of poor credit so how does that work?

:rofl: no it's never there fault no matter how pointless their reasoning. It can't be that they did anything wrong? Can it? My credit history was spotless, and not just spotless impeccable. You tell me how a credit history can change when the credit history hasn't changed? Then maybe, just maybe I'll agree with you.

Nothing silly when even all the bank staff found it utterly disgusting? Except the manager and his soon to be fired asst manager for trying the same crap on others? The managers was still there because he blamed his subordinate. The manager isn't still there actually he's left, and too right the guy was trying his hardest to rip off his customers.

Banks are always right, businesses don't misbehave, can you explain how that works?

Last edited: Mar 27, 2008
19. Mar 27, 2008

NeoDevin

Is this the bank you are with now? Small wonder, you overdrafted, got charged fees, and refused to pay them. And now you expect them to let you overdraft again, when you are unemployed?

Did you pay all of these charges off? That could hurt your credit rating too.

You haven't exactly been a model customer for them, and you expect them to go beyond the terms of the agreement which you signed when opening the account? Where does this sense of entitlement come from? Why do you think you are entitled to have someone (the bank) loan you money (the overdraft) at a low interest rate, after having refused, in the past, to pay the fees set out in your account agreement?

20. Mar 27, 2008

Schrodinger's Dog

Yes. I paid them all off then they invented new ones that didn't exist. I paid 200 pounds in which couldn't cover 300 pounds. The charges weren't for going overdrawn they were rollover charges because the bank wouldn't stop them from going through, despite me asking them to. They can't do anything about it, because that would mean they are actually just abusing the situation to abuse someone who doesn't have a lot of money atm. And believe me I'm going to do the same thing again, refuse to pay get them all removed, and tell their bank to stick their charges. And I wont actually pay 80% of them again. If not then I'll take them to court for charging me £300 for going £1 overdrawn, and lets see how far that gets? Eh?

Banks are arseholes, in this country they charge arbitrarily and they are about to get a wake up call in the EU courts if they don't get one in the UK first. Tough luck you can't rip off people because you want to.

Charges are not related, I have no credit history from one bank to the other. Stop talking rubbish and own up to the fact that banks have gotten too big for their boots, and like persecuting those who don't have an ability to pay.

Their CEO's are scum, and are about to be labelled by the legal system as scum. Just you wait.

And not only that you haven't even bothered reading what I wrote, even when I was employed they screwed me over? What are you blithering about? Are you a bank worker, because you probably are the worst of it, when robots take over the Earth? Computer says nooooooooo.......

God it's this equivocation that makes me

Last edited: Mar 27, 2008