I guess you can call me stupid. I belonged to a credit union for 30 years. When ATM's were installed, I applied. The credit union had a policy that would shut my ATM card down if the funds were not available. When one or two overdraft's made it through, I was charged. I was only nailed a few time in those 30 years.
Switched over to Huntington Bank when I moved. Noticed the longer wait to clear checks. Noticed a few other picularities with there ATM notifications & balances. Hello people, this is not rocket science. There computers for GOD's sakes.
The Credit Union I belonged to could have my account shut off over the weekend for unsufficient funds. But when does it become abuse? I thought I had a little over $300 in my account. Checked it daily. Overdrafted 9 charges that totaled $76. I was fined a total of about $476 & some change.
When I contacted a Huntington Individule, HE LAUGHED! Thought it was funny & told me I needed to bring my account back up to date. I totally lost it to say the least. If he would of been in front of me, I problably would of been in jail now. So that brings me to why I looked this up. I have been under the impression over the years that the banking industry needed the exhoborant fees, because of the bankrupcy laws.
You see we were able to forgive our debt if we got in a little too much trouble. We could wipe the slate clean. The high fees were to help the banks chip away at some of their losses.
Now the rules have change. You can't forgive the debt completely. You still owe it.
But you know what? The rules haven't changed for the banks. The banks & lending institutions set the bar high on all these fees for exactly that reason. (Profitability) Banks Cried the whole time about the Bankruptcy loop hole. (Forgiving Debt) Then the lobbiest had the rules changed in there favor.
Now the playing field has changed & the banks can reap bigger rewards while opressing a society.
People, just look at what the banks are doing to the kids & credit cards. I would like to vote on any legislative reform to change this playing field at the Federal level.
Banks like Huntington Bank are nothing but predators!
I'm sorry, leaving a ATM card active after 2-3 overdrafts, shame on me, leaving the ATM active for 9 overdrafts is criminal. Laws need to be changed!
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