How banks make money IMHO

Here is my story regarding my bank. I will break it down as best I can, but make a long story short, to what I can doo..

My bank of 20 years was bought out by another bank. My original bank wa locally owned & operated, with only 3 branches over their life time. They were bough out by another bank in early the early 2000's. Afterwards, we never thought anything of it, but found it was odd all employees were either promoted or fired upon the buying out. We never gave thought about it.

1 year later, I have 2 CD's (Certificate of Deposits), which upon maturity, the contracted rate of 3.4% was reduced, on that day, to 1.3%. The bank said that is the interest I am going to be paid - no if's, ands, or buts about it. (I did complain but got no where) This was 2 years ago, and the CD's were alot of $$.

Fast foward to late 2007, and we had 1 check bounce. Since then, we've been in debt, and still bouncing check. Here is why, in part.. Our bank has a "Pay Day" advance thing, where if you go below your balance, they will pay the payment (check or debit card), up to $800. A new manager took over and while we were only to be charged a fee after $800, we were charged a fee ($32) for each payment that went against our balance if it was under (or in the "red"). I complained and got no where.

After some time of employment, that manager left, and another manager took over. I complained about some recent charges, where I had the money in the bank, but yet was charged a few regardless. Again I complained.

Long story short, my bank had been charging fees when they shouldn't have, and now, with the new manager, stopped taking out these fees. She even reversed $250 in bank service fees that occured over the weekend. And that's just the weekend alone!! I have paid over $5000 this year to our bank in just fees, and cant go to another bank due to our "poor credit and banking history" - all because we were charged fee where we shouldn't have been in the first place!!!

They have also screwed over my CD's. Yet they deny and say I was paid the correct interest rate (to them, I was paid 1.3%, yet the contract says alot more) They say it's the computer system and the computer is never wrong!!


Yes, this thread may not go anywhere, and I'm a little stressed to go more in depth. But I wanted to say something. No wonder the economy is really screwed up! They'll just find other ways to mess you over.

The nice thing is since I complained, I havnt been charged any service fees, and hopefully we'll be able to at least get caught up soon.

All because of 1 bounced check, and even that should have cleared



And no, I didnt proof read this or my thoughts!!

thats funny, i always thought they just pressed the "print" button...
actually they dont even have to print it anymore its the digital age. what a scam!

Money doesn't really exist its just a theoretical object to gain power over others.
In short, its evil, evil to the core.
Banks don't have to get money because its theres in the first place to make up as They see fit.They can just write 1 billion dollars into there computer and its considered they now have 1 billion dollars to lend to people.
The interest on the lending of the non existent object of power over others, now allows them instantly to say they have 1 billion + the interest owed on what they lent people.
video.google.com...

One of my favorite personal finance blogs, money blog, alerted me to this money saving idea using coinstar coin machines. coinstar is having a special deal that will allow you to make money using coinstar coin machines.

For a long time coinstar introduced a way to not have to pay its 10% fee if you turned you cash into a gift card. If you are Amazon user, this is one of the best money saving ideas.

But, this money saving idea just got better. Between now and December 7, if you turn in $40 worth of chance using a coinstar coin machine, you can get a $50 Amazon gift card. What a great way to make money using coinstar coin machines!!
________________________
Randall Flynns

Make Money