Bank of America to start charging annual fees across the board

[UncleBuck]

which is really just a setup. several major banks have admitted plans to limiting debit transaction amounts so that you have to swipe multiple times, and then charging debit fees on a per-swipe basis. so basically if you have a 100 dollar debit limit and need to make a 500 dollar purchase, you will need to swipe 5 times, incurring a rapefee each time. i hate BoA for reasons not even mentioned on this thread, but i swear every time i watch the news i get more motivated to go completely off the grid.

let's turn this into the "ways banks try to rape us" thread.

wellsfargo was recently sued for a shady practice and settled.

their scheme went like this: suppose you have $5 left in your account. let's say you make 5 purchases, the first 4 for $1 a piece, and the last one for $6.

instead of crediting those first four charges before the last charge sequentially, they would say that you made the last $6 purchase first, thus overdrafting you. they would then count each of the first 4 $1 purchases as an overdraft.

the result? they get 5 x $35 (=$175), instead of $35.

it may not work out like that all the time, but if it works out just a little in their favor, the odds are in their favor to make money off it. actuarial stats would bear this out, i'm sure.

like i said, they settled or are settling a class action lawsuit brought against them for just this reason. fucking lousy scum bankers.

 

[NoDrama]

let's turn this into the "ways banks try to rape us" thread.

wellsfargo was recently sued for a shady practice and settled.

their scheme went like this: suppose you have $5 left in your account. let's say you make 5 purchases, the first 4 for $1 a piece, and the last one for $6.

instead of crediting those first four charges before the last charge sequentially, they would say that you made the last $6 purchase first, thus overdrafting you. they would then count each of the first 4 $1 purchases as an overdraft.

the result? they get 5 x $35 (=$175), instead of $35.

it may not work out like that all the time, but if it works out just a little in their favor, the odds are in their favor to make money off it. actuarial stats would bear this out, i'm sure.

like i said, they settled or are settling a class action lawsuit brought against them for just this reason. fucking lousy scum bankers.

Right now banks are evicting people from homes they don't even own, just because they can. The courts are finding that there are a whole bunch of Mortgages that the banks do not legally have any standing with, yet they are evicting people and taking possession of these homes, sometimes the homes have been paid off for years. Sherriffs are starting to question these practices and one in Illinois now refuses to serve eviction notices until the bank can show they actually own the mortgage.

 

[UncleBuck]

Right now banks are evicting people from homes they don't even own, just because they can. The courts are finding that there are a whole bunch of Mortgages that the banks do not legally have any standing with, yet they are evicting people and taking possession of these homes, sometimes the homes have been paid off for years. Sherriffs are starting to question these practices and one in Illinois now refuses to serve eviction notices until the bank can show they actually own the mortgage.

banks have been known to be mean to old people, children, and dogs.

 

[Charlie Ventura]

a surprising lack of tea partiers out here to defend the practices of the free market.

odd. very odd....

I'll take that one on, Uncle Buck. I'm a devoted fan of free markets, that's for sure. Bank of America is not what I would call an icon of the free market, unless of course, one would consider crony capitalists free marketeers. Do a little research on how BofA bought out Country Wide. With that said, I believe you did the right thing in canceling your account with BofA. I did the very same thing over a completely different issue than yours. I deal with people almost on a daily basis who are under water on their mortgages. Trying to get a loan modification or a short pay approval from BofA is like getting water boarded with every phone call. If you want to see exactly what its like, just go to YouTube and type in "Bank of America.

 

[patlpp]

i called in the other day to start negotiations on a settlement. i have $5,500 or so of debt with them. my hope is to mimic my friend in paying that off at about 25 cents on the dollar.

I hate B of A also but UB, why are they dicks for lending you this money and giving you the option to pay as agreed? ? Aren't you the dick for not paying a valid debt that you're capable of paying anyways? The more the banks lose, the more they have to charge higher interest to others. You should just pay it man if you can, you are the one who borrowed the money and you are capable. Sorry but I have no sympathy.

 

[ink the world]

We need big business and big banks, you are endangering people's jobs by messing with that bank.

Big business and the big banks are EXACTLY what got us into the economic situation we are in as we speak. I dont feel 1 inkling of sympathy for a multi billion $ corporation foreclosing on homes by the thousands across our country. Yeah most people defaulted on those loans, so the customer has some responsibility. As does the bank willing to give a $30,000 a year earner a $200,000 mortgage that the bank knows damned well the customer cannot pay back,. The blame goes both ways.

a surprising lack of tea partiers out here to defend the practices of the free market.

odd. very odd....

Maybe you missed the post I quoted above your Buck.....there is 1 person here on the side of the banksters


Just do what I did a long time ago and still do today. Dig a big freaking hole and bury your cash....I own a cash only business, the govt. doesnt see 1/2 of what I make....My wife and I do not have a single credit card, havent for years. We use debit cards. If we need to make a major purchase, I grab the shovel

People abusing credit and the banks in turn abusing their customers are exactly why I dont participate in their system. If more people stopped playing their game they would have to change the game in order to survive.

 

[Serapis]

A bank does not have to show a loss, merely show your signature on sales receipts.... I worked at a bank for a number of years dealing with this very thing.... I doubt your method VERY much and am stating so.... there is nothing there to decipher.... I'd win my case in court easily enough, why you go on about banking theories... you borrow, you pay, end of story.

What part of "I have used this several times" were you unable to decipher the meaning of?

 

[Serapis]

I was a contractor and was in a Bank of America campus recently. I was there to do work on their servers. It was on a floor that was nearly vacant in the past, but was hastily set up to process Making Home Affordable Act applications for mortgage modifications. Some of the comments i overheard there woke me up. that banks doesn't care about it's customers, only their money.... some of the comments were outright vicious. I'll NEVER bank with them. They had paper all over the place and no one there seemed very happy. I also overheard a couple of heated phone calls that if they would have talked to me that way, would have generated a letter to the CEO.

I'll take that one on, Uncle Buck. I'm a devoted fan of free markets, that's for sure. Bank of America is not what I would call an icon of the free market, unless of course, one would consider crony capitalists free marketeers. Do a little research on how BofA bought out Country Wide. With that said, I believe you did the right thing in canceling your account with BofA. I did the very same thing over a completely different issue than yours. I deal with people almost on a daily basis who are under water on their mortgages. Trying to get a loan modification or a short pay approval from BofA is like getting water boarded with every phone call. If you want to see exactly what its like, just go to YouTube and type in "Bank of America.

 

[UncleBuck]

I hate B of A also but UB, why are they dicks for lending you this money and giving you the option to pay as agreed? ?

they are not dicks for that, they are dicks for trying to charge a fee that was never in the original deal.

on top of other fees. on top of tapping the american tax payer to cover their bad investments.

don't worry, enough people have talked enough sense into me that i will likely just pay the damn thing.

 

[Serapis]

I'd pay it and be done with it.... if they write it off on any agreement, they'll just mail you a 1099 that you'll have to claim as income...

they are not dicks for that, they are dicks for trying to charge a fee that was never in the original deal.

on top of other fees. on top of tapping the american tax payer to cover their bad investments.

don't worry, enough people have talked enough sense into me that i will likely just pay the damn thing.

 

[NoDrama]

A bank does not have to show a loss, merely show your signature on sales receipts.... I worked at a bank for a number of years dealing with this very thing.... I doubt your method VERY much and am stating so.... there is nothing there to decipher.... I'd win my case in court easily enough, why you go on about banking theories... you borrow, you pay, end of story.

In order for a Judgement for damages to ensue against a contract, the Plaintiff MUST show losses. If the bank cannot show its consideration was lost, then a contract is not legally binding.