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Are Banking Practices Fair or do they exist just to 'get your buck' ?

Friday, September 17, 2010

Unfortunately, a banks availability policies practiced today have serious adverse effects on people who depend on those checks issued by known good institutions, but the banks seem to be only interested in protecting themselves. There will be a 'cold day in hell' before any banking institution would release money immediately after a deposit of a check. Their main interest is to protect themselves, as they seem to be not interested in protecting their customers, the people who put their trust in the banking institutions that they use.

Even with all of their rules in place, their number one rule seems first, not to loose money, and second, to claim every dollar that is due to them, regardless if they have to charge their clients rediculas fees to do so. To be honest here, the banks make most of their money on credit card interest, and they are going to take every opportunity that comes their way to make their money.  A case in point would be my own experience with two specific banks of note. First, there is Capitol one (another to be named in another article), a well known banking institution that is even open after 5PM five days a week. I had an active credit card balance with Capitol One of approximately $1,500, which I elected to pay in full, mainly because the bank refused to budge on their extremly high interest rates of almost 30%. In the past, they took advantage of me, by raising my rate because of a few late payments. I went to the bank in person to pay off this amount in cash, but before I did, the banker working with me in her office at her disgression, called the credit card department and pleaded my case that I was going to pay off the card in full at that time, and would ask them to reconsider lowering the interest percentage rate, so that I could continue using the card in the future. They would not budge. I was told by the banker that I would have to make on-time payments to the bank on that account for at least one year (12 consecutive on-time payments) before the rate could be decreased. They expected me to pay future balances with almost a 30% interest rate for 1 year. Are they kidding. Must I be crazy to use this bank card?  Is this charging of future balances of almost 30% fair to me, especially since I'm going to pay off the card in full, or does it seem that the bank is trying to take advantage of me? I guess it's time to do some shopping and get another card. I have a decent job as I work for IBM, and customer service is a big part of my job. If I were to provide customer service that Capital One has provided me, I would be fired.
 So I in turn, payed off the account, but will be unable to keep any amount of balance on the card for at least a year. In effect to me, it has become a debit card.  If I use the card at all, I would have to pay it off in full by the payment due date or I will incur almost 30% interest charges on the money owed after 30 days. Come to find out, the banker I was talking to also has a high interest rate card with Capitol One, because she made a few late payments by accident. So not only does this bank not try to protect honest bankers like myself, they won't even protect their employees and keep their own employees captive with high interest rates. This bank for their credit card practices is disgusting. Even though credit card interest is a major way this bank receives its capital, no longer will they get it from me. They loose here, I do not. I can shop around for a better card.
 To make this long story short with Capital One, I paid off the credit card, in person at one of the local banks. It tool a whole day for the pay-off to appear on my on-line banking statement. Within 2 days, the account now showed at a zero balance. But what happened next was just unimaginable to me. Over ten days later, my credit card account with a zero balance was charged an interest fee of almost $40. Why, because their was a balance, unannounced to me on my online banking statement were daily interest charges were accrewing, that was outstanding where interest rates were being charged at almost 30%. After a few phone calls, speaking to a banking manager, and about 2 hours of my time, I had the rediculus charge removed from my zero balance.

With these very unfair banking practices, it goes without saying that I will no longer bank with Capitol One. If the bank elects to somehow decide to make this despicable situation right, I will publish their practices right here and give credit where credit is due.

Another banking institution has taken monies belonging to me in a not so just way, and have agreed to return the money, but at their discretion from up to 5 to 7 days time. Is it right that a banking institution take money unjustly and agree to return it by their laws, or should it be returned by my law, which is immediately since it was taken without justification?!!


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