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Pensacola Discussion Forum » Politics » Banks new strategy....make more on fees than loans

Banks new strategy....make more on fees than loans

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2seaoat



America is quickly becoming a nation of indentured servants. Wal Mart fights the minimum wage while banks extract 300% interest from fee structure.

http://money.msn.com/debt-management/article.aspx?post=92095eaa-019e-443b-bd11-a248749a81ca

Guest


Guest

The banks are proceeding exactly down the path enabled via govt. No more... no less. How many went to jail from 2008?

The other point to note is that these fees most negatively affect those poorer... if not makes banking prohibitive.

Btw... this is political.

TEOTWAWKI

TEOTWAWKI

Pkr you are breaking seaoats first commandment

Thou shalt have no other god but government and speak in reverence of your god.

Btw... this is political.

Bahahhahha...he's got friends in the forum government nothing will happen to him.

2seaoat



Sorry, but it has nothing to do with politics. It has everything to do with business and profit. Allowing people to overdraw on checks and get 300% return on the penalties and fees is a direct result of the lack of regulation. Not all banks make this decision, but most of these working poor cannot establish a banking relationship outside the WalMart banks, and in fact other banks discourage and black ball folks who overdraw. This is a difference of banking philosophy and business plan, not a government intervention......this is PKs utopia where the powerful can do their thing, as people cannot afford a pay day loan which has popped up at every corner in America, yet they can plan an overdraft, and banks who choose this business model will allow as much as $500 a month overdrafts.....where is Vito.

Guest


Guest

You are so full of shit. Our central bank and the banking collusion with govt is the direct result of progressivism.

Congratulations... now own it.

2seaoat



You are so full of shit. Our central bank and the banking collusion with govt is the direct result of progressivism.

Congratulations... now own it.


Sorry the folks who are working for equal justice for all Americans, fair wages, and political fairness in a representative democracy are not the folks who are responsible for the Wal Mart Bank........and sorry feudalism in place of the fed is not an answer, and if you are so cognitively challenged to think that Wall Street and the Banksters are progressives, you truly are schizo Sybil.

Guest


Guest

They are operating in a system that was designed, setup, and regulated to be exactly what it is. No more... no less.

2seaoat



They are operating in a system that was designed, setup, and regulated to be exactly what it is. No more... no less.

You really are challenged.....you shill for those interests who are stealing America, and then blame the victims as being the folks who hatched the plan, with no comprehension of your feudal model where the strong and wealthy take what they want. Did the British monied class who exploited American Colonist in your feudal Monarchy of King George have progressives to blame.....you are so utterly detached from reality and history that you lack the comprehension skills to get your mind around power and wealth, and instead think it is the democracy which fought a revolution to free our forefathers from the oppression, only to have modern shills today working very hard to turn our people into indentured servants of wealth.........designed......yea design was when they tore down the gate of castles and stormed cities raping and pillaging.....progressive design, and you think the pillaging today is a progressive plan......idiocy.

2seaoat



Oh, by the way thank you for hijacking the thread and making it political. It was about the profit center of a bank which was exploiting its customers with fees.

Guest


Guest

If the govt were acting as an arbiter and truly wanted a level playing field it wouldn't act contrary to that interest.

You really should try dropping your preconceived lense and start seeing the difference between the intent and the results.

There are not countless layers of bureaucracy and tens of thousands of regulations, codes, and laws to create fair play.

It's just the opposite. It's about time you stopped trying to assign me positions... and start examining the results of yours.

Guest


Guest

2seaoat wrote:Oh, by the way thank you for hijacking the thread and making it political. It was about the profit center of a bank which was exploiting its customers with fees.

And you accuse me of having trouble with concepts... lol. Project much?

Floridatexan

Floridatexan

This is really not a new strategy...this practice was rampant in the '80's and '90's.   If someone accidentally overdrew by $2.00 (for instance), sometimes due to fees on checking, it could trigger a $30 overdraft fee (sometimes twice that, although banks aren't supposed to charge twice for the same item), plus a private collection agency representing the merchant involved would charge an additional $30 to clear the item.  

But banks (at least the largest ones) are sticking it to consumers in other ways.  I know of an instance where a bank customer with substantially more in checking than the amount requested for a car loan was turned down...although the offered rate for the loan was 22%.  A co-signature from someone with a more established credit rating would have reduced that amount to 13.5%.  Younger buyers in the real estate market are being rejected for the smallest blot on their credit records.  And recently one of the biggest banks didn't want to issue a construction loan, offering instead a conventional loan at 20%.  

The payday lenders and usurious fringe home lenders are all financed by the big banks who are prohibited by law from engaging in these scams...and they are scams.  That's why Elizabeth Warren and the Consumer Finance Protection Bureau are so feared by the financial industry.  

I used to be proud of being a banker, and worked for several banks in my early career.  Once, years ago, I had to loudly and vocally confront the VP of a bank, because I needed a letter stating that the bank had erred, causing me no end of problems.  What they had done is credit my initial deposit to someone else's account.  How that happened is beyond belief, because new account documentation always (in my experience) accompanies the first deposit.  I got my letter...but I still had to pick up all the checks I had written in good faith.  

I honestly don't understand what's happened to people.  Where are morality and ethics?  

Quantitative easing really has nothing whatever to do with a particular bank's policies.  The Fed funds rate used to dictate loan rates, etc., but there's no more "wiggle room"...the lenders are making out like bandits, paying close to zero for money they then try to lend (if they're lending) at exorbitant rates.

The bank bailouts never should have happened, including the events leading up to them.  We had plenty of warning...the S&L scandals were apparently a warmup to the massive global implosion that occurred during the Bush regime.  And we still don't have sufficient regulation of the financial markets to prevent another disaster.

Markle

Markle

2seaoat and Floridatexan,

The banks are following the laws as laid out by the architects of the 2008 collapse of the housing, mortgage and financial bubble. That would be your good friends Chris Dodd and Barney Frank.

They were the ones tapped by President Barack Hussein Obama to write the laws of which you object to guarantee that we had no such failure again. Interesting that Fannie Mae and Freddie Mac were two of the primary causes of the meltdown, due to regulations dictated by Dodd and Frank in Congress and NOWHERE in their Act do either of those agencies even appear.

2seaoat



The banks are following the laws as laid out by the architects of the 2008 collapse of the housing, mortgage and financial bubble. That would be your good friends Chris Dodd and Barney Frank.

You think charging 30% on fees against poor people was planned and executed by Chris Dodd and Barney Frank? Thank you for proving how utterly shill like your conversations have become.....you lack the skills to do critical thinking, and you assume others share your deficiency. They do not.

ZVUGKTUBM

ZVUGKTUBM

2seaoat wrote:The banks are following the laws as laid out by the architects of the 2008 collapse of the housing, mortgage and financial bubble. That would be your good friends Chris Dodd and Barney Frank.

You think charging 30% on fees against poor people was planned and executed by Chris Dodd and Barney Frank?   Thank you for proving how utterly shill like your conversations have become.....you lack the skills to do critical thinking, and you assume others share your deficiency.  They do not.

PSSST.... Markle must blame Democrats for everything....

http://www.best-electric-barbecue-grills.com

Markle

Markle

2seaoat wrote:The banks are following the laws as laid out by the architects of the 2008 collapse of the housing, mortgage and financial bubble. That would be your good friends Chris Dodd and Barney Frank.

You think charging 30% on fees against poor people was planned and executed by Chris Dodd and Barney Frank?   Thank you for proving how utterly shill like your conversations have become.....you lack the skills to do critical thinking, and you assume others share your deficiency.  They do not.

Then who wrote the "Dodd–Frank Wall Street Reform and Consumer Protection Act"?

Do the names Fannie Mae or Freddie Mac appear ANYWHERE in the act?

Guest


Guest

By answering this question honestly... you will have the answer:

What laws, regulations, codes are being broken?

Guest


Guest

Markle wrote:
2seaoat wrote:The banks are following the laws as laid out by the architects of the 2008 collapse of the housing, mortgage and financial bubble. That would be your good friends Chris Dodd and Barney Frank.

You think charging 30% on fees against poor people was planned and executed by Chris Dodd and Barney Frank?   Thank you for proving how utterly shill like your conversations have become.....you lack the skills to do critical thinking, and you assume others share your deficiency.  They do not.

Then who wrote the "Dodd–Frank Wall Street Reform and Consumer Protection Act"?

Do the names Fannie Mae or Freddie Mac appear ANYWHERE in the act?

They don't want to talk about that bill. I have tried to talk about it several times here. CRICKETS.

Floridatexan

Floridatexan

Markle wrote:2seaoat and Floridatexan,

The banks are following the laws as laid out by the architects of the 2008 collapse of the housing, mortgage and financial bubble.  That would be your good friends Chris Dodd and Barney Frank.

They were the ones tapped by President Barack Hussein Obama to write the laws of which you object to guarantee that we had no such failure again.  Interesting that Fannie Mae and Freddie Mac were two of the primary causes of the meltdown, due to regulations dictated by Dodd and Frank in Congress and NOWHERE in their Act do either of those agencies even appear.

You are mistaken. Fannie and Freddie were late to the party. The Gramm/Leach/Bliley Act was the real beginning. It was sponsored by three Republican senators, most notably the slimy Phil Gramm of TX. It allowed the merger of CitiGroup and Traveler's Insurance, tearing down the virtual wall between speculative and commercial banking that had been in place because of Glass-Steagall. It was followed in 2000 by the Commodity Futures Modernization Act. Mortgage companies like Countrywide and Wells Fargo were operating with almost zero regulation, writing subprime loans with adjustable rates and built-in escalation clauses for "anything that breathed". They weren't holding this paper, but selling it in the securities market through brokers like Goldman Sachs, who were packaging these questionable loans into AAA-rated garbage. In many cases, the chain of title was lost on this paper, but that didn't stop the mortgagors from foreclosing on these people...they simply forged documentation (robo-signing).

This should be clear to someone who claims to teach real estate, but if you really don't understand it, I recommend Matt Taibbi's book GRIFTOPIA, in which he famously refers to the bubble market of derivatives as a "vampire squid".

Floridatexan

Floridatexan

Chrissy wrote:
Markle wrote:
2seaoat wrote:The banks are following the laws as laid out by the architects of the 2008 collapse of the housing, mortgage and financial bubble. That would be your good friends Chris Dodd and Barney Frank.

You think charging 30% on fees against poor people was planned and executed by Chris Dodd and Barney Frank?   Thank you for proving how utterly shill like your conversations have become.....you lack the skills to do critical thinking, and you assume others share your deficiency.  They do not.

Then who wrote the "Dodd–Frank Wall Street Reform and Consumer Protection Act"?

Do the names Fannie Mae or Freddie Mac appear ANYWHERE in the act?

They don't want to talk about that bill. I have tried to talk about it several times here. CRICKETS.

If you want to discuss it in the context of reality, go for it. It's insufficient. Many people bought "on spec", believing that they could recoup their investments because of the stability of the housing market. Someone left the henhouse door open, and the wolves got in, stole all the eggs, and killed some of the chickens.

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