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Banks Made $6.4 Billion in Overdraft Fees Last Year -- Where's the Public Outrage?

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 love>fear    52
3 hours ago, Cinnamon said:

They also make 35.00 a pop for each fee on credit cards, not just bank accounts. I paid a ccard by phone and they had a system glitch. It did not pay the change, it was 36 cents. Next statement I had a 35.00 charge on there for not paying the amount due. I called them and said I paid it all and they admitted they knew about the glitch. And took it off the bill. How many people just pay the bill and don't notice something like that? 

Credit card debt is climbing to current levels and higher than before the crash of 2007-08.  Student loans are insane, remember they never can be forgiven, doesn't go away w/ bankruptcy.

They are all crooks, there is no real $ in the bank.  Dollar is backed by nothing anyway.  Ask yourselves how many times the major banks got paid out on 1 loan during the housing crisis? 

If you guess 4+ times your right.  They make $ by issuing the loan, $ selling the loan (but still stay in 1st position), got bailed out by the people, foreclosed on properties and reacquired to start the process again.  There are a lot of steps in the middle and tons of fees I left out along the way.

Not a fan of banks, credit cards and loans if you guessed.  Another way to create slavery without the slaves even knowing. 

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 Cinnamon    26,282
3 minutes ago, love>fear said:

Credit card debt is climbing to current levels and higher than before the crash of 2007-08.  Student loans are insane, remember they never can be forgiven, doesn't go away w/ bankruptcy.

They are all crooks, there is no real $ in the bank.  Dollar is backed by nothing anyway.  Ask yourselves how many times the major banks got paid out on 1 loan during the housing crisis? 

If you guess 4+ times your right.  They make $ by issuing the loan, $ selling the loan (but still stay in 1st position), got bailed out by the people, foreclosed on properties and reacquired to start the process again.  There are a lot of steps in the middle and tons of fees I left out along the way.

Not a fan of banks, credit cards and loans if you guessed.  Another way to create slavery without the slaves even knowing. 

I'm all dug out of debt except my house. But it's cheaper than rent and I have to pay anyway. It felt really good to get rid of that ccard! 

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 love>fear    52
1 minute ago, Cinnamon said:

I'm all dug out of debt except my house. But it's cheaper than rent and I have to pay anyway. It felt really good to get rid of that ccard! 

glad to hear.  I know someone that runs a financial peace course and a few weeks in they cut up their credit cards.  I still have a business and personal one, but don't carry a balance at all.

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 Cinnamon    26,282
1 minute ago, love>fear said:

glad to hear.  I know someone that runs a financial peace course and a few weeks in they cut up their credit cards.  I still have a business and personal one, but don't carry a balance at all.

Yep, use them instead of them using you. I'm sure they hate people who don't carry a balance. :)  mwhahah

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 YaKnow2.0    777

i dont give a shiit what my credit is...its a made up number!!if i can buy it with cash now i dont fukkin need it...they will regret the day they give me credit....you get a gun,you get a gun,guns for everyone😁

Edited by YaKnow2.0
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There seems to be enslavement potential anyway you look. Yay. Well no matter what I will just endure until . . . And watch big bank theory episodes so I can be spread my bat wings and fly. Lol

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 JRock    204
50 minutes ago, Cinnamon said:

I'm all dug out of debt except my house. But it's cheaper than rent and I have to pay anyway. It felt really good to get rid of that ccard! 

I use the cards and pay off at the end of the month for the % cash back. The stores have already marked up the price whether you use cash or credit to compensate for credit charges. Might as well get a piece of it back and not let the stores or the credit companies keep the whole amount.

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 Oregonian    628
10 hours ago, crabb said:

There will be no outrage because the people are happy the banks cover there check before it bounces and happily pay the price and the banks love it.

 

http://www.truth-out.org/news/item/43279-banks-raked-in-6-4-billion-in-overdraft-fees-in-2017-where-s-the-public-outrage

The Big Three banks -- JP Morgan Chase, Wells Fargo and Bank of America -- raked in an astonishing $6.4 billion in overdraft fees alone last year. Stop a moment and think about that: Each overdraft, on average, costs customers $35, an amount that gets multiplied with each subsequent purchase no matter how small.

We're talking about the world's most bloated financial giants growing even fatter and richer off the backs of people who are already broke, by charging them additional fees for money they already lack. Specifically in 2017, that meant about 183 million charges of $35.

I still don't get how people pay these fees.

When you setup a checking account with debit card you MAKE SURE to have the associate check off the box "refuse purchase and do not cover. Decline "

The only one that sneaks up on me from time to time ate those recurring gym monthly memberships...

Otherwise go to your bank and make sure your card gets declined if you can't cover it

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 Oregonian    628
3 hours ago, love>fear said:

glad to hear.  I know someone that runs a financial peace course and a few weeks in they cut up their credit cards.  I still have a business and personal one, but don't carry a balance at all.

Dave Ramsey

We did it....it's a b*tch but works

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