Whatever happened to the time when banks existed to try and help you make money? It used to be a symbiotic relationship between the bank and the bank customers. Banks would earn fees by helping you find the best places to put your money and would sell you suitable loans that fit your needs. Those days are long gone. Today, most banks are primarily concerned with one thing, fees.
Banks are interested in generating fee income as easily as possible.
The Greed Of Banks
Bank of America is in court for foreclosing on many customers without properly notifying the customer. They pushed through thousands of foreclosures regardless of the fact that they did not have the proper documentation. The staff of BofA forged documents to expedite the process.
Well Fargo just had to pay $32 million dollars to borrowers who fraudulently lost their homes to foreclosure. The bank also has been forced to restructure 15,000 loans worth a total of $2 billion dollars due to its misleading practices. The bank gave many of its customers pick a payment loans which grew to amounts that thousands of borrowers could not afford. To be fair to Wells Fargo, these loans were made by Wachovia and not Wells Fargo.
Why can’t banks just be happy with the fees that they make off of checking accounts, and making suitable loans to their customers? Why do banks have to rely on duping customers or keeping larger transactions from clearing so that they can charge you $35 for every small transaction that doesn’t clear?
It’s Your Fault
We need to start demanding better from our banks. If your banking institution engages in unscrupulous practices, be prepared to take your business elsewhere. The mega bank is not the only deal in town. There are credit unions, regional banks, and local community banks. Find a banking institution that appreciates your business and does not just gouge you with fees. I mean really, should banks be hitting customers with fees for going to see a teller?
I never understood why most people do their primary banking at big banks. the savings accounts interest rates are horrible. Most of the customers of the mega banks wouldn’t qualify for a loan if they needed it. The mega banks overlook the regular customer with the average credit score. They are more concerned about the retail customer with a high net worth and lots of funds available. The only way that the bug banks will care about the needs of the small customer is if we make them.
So do yourself a favor and bank where you and your money are appreciated!
©2010 . All Rights Reserved.
.
