Article Treasure Cove

1. The banks are in truth in endurance mode, but they will by no means admit it.

I lately switched banks. Each single bank I walked into told me they were in good shape. Wow. In an financial system that caused some people to commit suicide, every bank in Maryland was in good shape? Amazing! I did a little research and I found out that all but one were lying through their window bars. I started in the midst of Wachovia. The account management official told me that Wachovia was in splendid shape and at the forefront of the game. (I researched that privilege and found out they had only just obtained a bank in the west coast that came with millions of dollars worth of sub prime mortgages and were at present in discussions with Wells Fargo prior to collapsing.)

I walked into First Mariner Bank, home to Maryland, and found one banker who was bored out of her mind playing pin-the-tail-on-my-text-messages, so I walked right back out. When I walked into Provident Bank, also home here, there were boxes on desks and I was told they were bought by M&T Bank, also a native bank and backer of the Baltimore Ravens. The courtesy Ravens stadium cover they give you for starting a checking and savings account is folded up in my bathroom cabinet at home. I was so impressed there I switched my company accounts over too.

2. This is only the introduction of inflated fees.

If you are anything like me, you have gotten additional notices than ever from your bank, over and over again included in your statement envelope, about “changes to your account.” Those changes are charges, my friends. The fee you pay for an overdraft is probably at least $35. If you are part of the mass of bank clientele, you are flirting with $40. It is possible that your free account has been changed to “basic”, which secretly comes with fees. Your savings account fee for a low balance has changed from $3 to $5, or, like my last bank, from $11 to $15. (Now you see why I decided to leave.)

3. Interest rates vary frequently.

If you are anything like the greater part of consumers, the interest rate on your savings account has gone downward, and any adjustable rate loan you are paying has adjusted you into distress. Whether or not you have done anything wrong, you can have impeccible credit and one day get a note that your APR has gone from, say, 12% to 27% and your only alternative is to cancel the card and pay it off at the old rate. (President Obama has begun to join forces against unlawfully changing rates.)

4. If you’re not a scholar, your bank doesn’t bother.

University campuses are a gold pit for banks. A few students have the decision of getting student IDs that double as debit cards, courtesy of bank that is really hoping a small number of plastic spenders will have a small amount of overdraft fees. Do you spend correctly? Was your last overdraft 22 years back when they called it “bouncing a check?” Your bank hates you. You make them a maximum of 3% of the capital you put in your savings account and not anything on your checking account since they cannot spend it and have to leave it available to cover checks. You aren’t even worth the complimentary checks anymore.

5. In debt? The courts will not assist you.

Have you ever signed an “settlement agreement?” I signed one a couple of years before when I took out a small loan. What it does it indicate? Well, it means you cannot take legal action, for any cause. If they increase your rates, charge you early, or do anything, you have got to see their arbitration mediator that is in their bag. Even identity theft victims find themselves question to arbitration agreements that make their circumstances three times worse than a stolen identity. You can get a lawyer, but you will be reduced to comic relief that lightened his day.

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