It wasn’t enough the common people had to bail the banks out of their pending demise. Now they want the poorest people to pay them more money, by raising fees that will injure the poor and help the rich. What are you talking about? I just read an article that stated Chase bank wants to charge you for having a checking account unless you deposit $500.00 ( or meet certain other requirements). These other requirements were not mentioned. Now I know most of you who live in high cost of living states probably make enough to cover the $500.00. However most people do not, and being able to have $500.00 to put in a checking account is a luxury. In fact these people probably don’t leave their money in a checking account long enough to justify paying anything. Yes I know the bank doesn’t make money when it goes in and back out. But the bank does make money on SAVINGS accounts, loans, etc. Most people will get their auto or home loan from the bank they have a checking or savings account. If all of these people pull their checking accounts and go somewhere else without all of these fees, where does that leave Chase. I recall a time when people knew their local banker. I remember looking for a new truck. The local banker told me to get 20% off the sticker price write a check, let him know how much and it would be in my checking account. Imagine doing that with banks today. I also recall when that same bank was sold to a larger bank. I noticed I was paying more to them to maintain my savings account than I was earning interest. When I mentioned this to a lawyer friend of mine, he checked and found the same thing. Word spread, soon there was a big rush to move saving accounts to a smaller bank. Was it any wonder the checking accounts soon moved too. Along new loans etc. But alas, the big banks bought all the small banks, and the rest is history. They control the economy. The closest thing we have now to a small local bank is Credit Unions. If worse come to worse I guess we could just put all our money in PayPal, and pay our bills that way. What is the answer. The people will have to make that choice and stand behind their choice. (FOR A CHANGE). People I get tired of being pushed around by the Haves. That Is How I See It. Views: 83
Tag: Banks
Consumer Warning HAMP
The Home Affordable Modification Program, is a Federal Program set up by the United States, to assist eligible Home owners in danger of losing their homes. The people who are to be aided by this program receive loan modifications to lower payments, and avoiding foreclosure. This is in the midst of the subprime mortgage crisis. Remember the Bailout money given to the banks. Banks took $50 billion of our taxpayer money to help homeowners reduce payments. You have all heard the advertisements “Keep your home for less.” “Save hundreds of dollars” It has come to my attention that this program also works in favor of the banks. The trap takes the form of what they call “Trial Period”. The way I understand it, (I’m no Lawyer, Banker, or Real Estate salesman), a person must apply for the modification, submit all requested documentation, and meet certain criteria before being accepted for the “trial period”. Once accepted into the trial period, which protects your home from foreclosure, a person must make the payments at the lower rate for 3 months. If they meet this requirement they should be accepted for the full modification. I have heard stories about people who do all the things required, only to be told they have been rejected. As the story goes they are told to pay $X,000,00 or be foreclosed on. Desperate to keep their home the couple dips into their Saving, IRA, 401K, or whatever to pay the $X,000.00. Send the payment in, only to have it returned. The bank wants $100.00 payment until December. At any rate the people in question were then told to keep their house they would have to pay $XX,000.00 Does this sound like some kind of racket? It does to me. The people had not missed a payment before or during the trial period. Now they face a real possibility of losing their home. The bank wins again. That Is How I See It. Views: 94
