Bank Fees in Los Angeles and Everywhere
// December 7th, 2009 // LA Done Me Wrong
So a friend of mine in Los Angeles who shall remain anonymous, let’s call him Jaramush which is a nice name, perhaps even an improvement on his own name, well, he tells me the following tale of woe.
Jaramush has been unemployed and struggling to find work in this beautiful economy linking us all together rag-tag like. Predictably, he’s not doing well financially. He’s also not the best at math. So, using his debit card, Jaramush in Los Angeles, went over his Bank balance by $15.16. For that atrocity he was charged $175 in fees! And why wouldn’t he be? Going over your account $15 is a crime of infinite proportions. Yes, dear Jaramush, even you should know that.
Wells Fargo, bless your little heart. Oh, wait. Do you have a heart? Each transaction, of which Jaramush had 5 (that month, each a few dollars to equal $15.16 over), he was charged $35 for. Hence $35 x 5 equals the $175 in fees.
Years ago, I recall if you didn’t have the money, your card was simply declined. Now, banks have realized that allowing the customer to go over by a few bucks in their purchase and them slapping them with a $35 per transaction fees is in their best interest. Especially in this economy. In 2009, banks are expected to earn $38.5 billion in overdraft fees, up 42% from 2003. That’s BILLION. Yes, $38.5 BILLION. The people are struggling while the banks are snatching up more from them.
Now for the good news. The power of the people. Because of the attention of the media and the consumer outrage, we have people in our very Senate working for change! Hooray! If you are going to pay $1.75 for that cup of coffee and be charged $35 shouldn’t you be aware of it? Jaramush thought so.
A measure unveiled by Sen. Christopher Dodd would give Jaramush a choice in whether he wants to participate in overdraft programs that charge fees for covering ATM withdrawals and debit card transactions. The mere threat of this legislation prompted Bank of America, JPMorgan Chase, and Wells Fargo to announce some changes to their overdraft procedures in September. After going on YouTube and seeing multiple rants on bank overdraft fees, Jaramush didn’t feel quite so alone and called Wells Fargo who did reduce his $175 in fees to $87.50, at least a small victory. So I say go Jaramush, out into the wide world of Los Angeles and manage your money more wisely.
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All I can say is, the bigger a Corporation is the less Humanity they have.
So I guess the formula is more Humans = less Humanity.
This goes for our truly uncaring government, our representatives, are so far removed from reality that they no longer represent us.
Just like the unemployment extension that was proposed in September. Congress, passed it right away. The Senate, however, decided to add a proviso: If a State Was under a certain percentage of unemployment there would be no extensions (guess which party initiated that?). This effected nine States, so the Senators held up the Bill, it just passed a week or so ago.
Gee, I wonder how many more Homeless there are thanks to that move. Now, California has sent a letter out saying that the extension will be held up because they have to upgrade their system! Hmmmm, that means that they also have to train their employees how to use the new system (stall tactic if you ask me). So I’m betting unemployment extensions won’t reach people in Ca. until February. They are going to pay retroactively from Nov. 8th. Whoo – hoo. How many people are losing everything that they’ve worked for their whole lives? Homeless? Just say camping!
How does this relate to the banks you ask? The banks that made changes to their policies, made minor changes. They will still make (if you’ll excuse the expression) will still make bank off of our backs.
Remember that only 1% of Americans own 99% of the wealth.
World wide, the figure is almost the same: 5% of the people in the world have 95% of the wealth.
So if a Bill is introduced (but not yet passed) and the Banks drop their rates a bit, they know it will placate the bewildered herd (that’s us).
We need some serious upheaval in this country. I’m seeing people who once had amazing jobs being evicted. We the people only have power if we take it.
I’m glad I’m not President Obama, he inherited a mountain of garbage.
Hey you want to fix the economy? Forgive everyones debt! We are a consumer society, the Banks will survive , and Americans will be able to use their credit cards again. We’ll spend ourselves right into economic stability!
But I ramble!
Of course, what a great site and informative posts, I will add backlink – bookmark this site? Regards, Reader.
You know Bel, one time Geoff’s bank did this to him, only they charged him an ADDITIONAL $30 for every $30 they charged him bc it was from unavailable funds. So for 5 different purchases he was charged $300, or $60 per purchase. He refused to call the bank so I called up and pretended to be a French chick name Geoffrey (pronounced JEE-off-ree) using his soc sec # and got it reduced to $150. Ridonkuliss.
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