Fee's on money your bank keep's
Thu, 25 Dec
Written by a Male, Over 55 from United States of America
If you thought we had free trade forget it! Your own bank will charge you a fee (2% to what ever they feel like) for what is called " International Service Assessment Fee), note it goes under different names, but basicly is the same thing, a USA dollar "tax" YOUR bank KEEP's. This is how it works, you order a thing, part or item. The company will tell you the price in USA dollars if the company is selling it in the USA. Because the company wants it money in "say" their currency, you pay the FEE. The funny thing is the bank keeps this money it does not go to the company you bought it FROM. It stay's right here in YOUR bank and you are charged it, up and beyond what you paid for in USA dollars even thou, you didn't get the item from out side the USA and the place you bought it from did not get money either.
So did that calling card you just bought saved you money on calls? Think again. Add the charge for the card, plus your BANKs fee and do the math. To me this is a nice profit for the bank, because they get to act as a tax agent if you don't make sure your moneies are going in a USA bank. There is no law against this OR is there, that depends on who: ie your congressman, your senator, the company you did busniess with, the Comtroler of Banking in Washington, D.C., your own bank, in the USA, etc. Both the two major credit card companies were in court about the same fee's in March. They had to pay out 300,000, 000 to customers in which they charged the fee's. (In re Foreign Currency Conversion Fee Antitrust Litigation (MDL. 1409) Now the banks charge the same FEE and keeps the money for themselfs under a extra fee! As if a 350 billion dollars bailout from tax payers is not enough.
They collect what really amounts to a fee " tax" on USA dollars under this disguse. Since they keep the fee money, Where is the currency exchange, I mean it did not go to a different Country. It stayed in your bank as a fee, more like a profit. I wonder if they pay tax on this?
I understand the dollar devaluelation, but some currency is below our dollar value, and they: ie Side Note: " Almost all the things you need the replacement parts for in your house including, Car, truck, TV, range, toys ie, are made outside the USA and have been for years ". That is why this country is unemployed, because parts suppliers have moved outside the USA. So if you order something, say a part for your refrigrator and the company say's its in stock, that may mean there having it shipped over from another country and BANG, you just got your fee from your bank. Brings new meaning to buy American, But, this is what my bank told me to do, "I was suppose to ASK where the company is going to do their banking with, " HA" like their (the company your going to buy from) is going to tell you personal banking info, even if the person can anwser that question, let alone know where the money goes.
Both the companies and the bank (National City Bank Corp) claim UNDER FEDERAL LAW we can do this? The company's at which I did busniess with said " Federal Law say's the bank can't do this?
I spent a day calling people on these Fee's (Intr Transaction Fee), no one could give me a straight anwser?
Even Visa / Mastercard would not talk to me about these fee's, wonder why?
MY bet is the large Corporation don't pay this, just the poor consumer. So I pay a State of Michigan tax, then pay this bank a 2% or more tax on the American dollar.
By the way this is the 1st time I've seen charges like this and I always check my accounts NO wonder people don't trust banks and I'm sure that they will come up with more fee's in some other way.
Respond Now
0 comments