I don't know how political this diary is going to be, except that it brings to mind the Check 21 legislation which passed back in 2004. Many of us thought that it would mean quicker crediting for check deposits. And it did ... for everyone but consumers. What has become clear to me, based on my own experience, and at 3 different banks' total refusal to discuss this matter in detail, is that we are being deliberately mined each and every month for NSF, bounced check, and account overdrawn fees. Those little 20, 30, 40 dollar fees which add up to an entire growth market for a smart bank
Tell me, Comerica Bank!
Why is it that when I use my Comerica Visa to buy lunch, that charge appears IMMEDIATELY on the website? But when I come into a Comerica Bank, hand the teller cash at 11 o'clock in the morning and tell him to deposit it into my checking account ... that deposit won't appear for a full day?
I know why. So that at the end of the month you can fuck me out of $36 dollars, that's why.
Tell me, LaSalle Bank!
Why is it that after I wipe my forehead in relief after thinking that, "THANK GOD the mortgage payment cleared!" because it says so in my Quicken program ... that two days later I get bounced check fees and learn that you reversed the payment and not only charged me for a bounced check, but an overdrawn fee as well?
I'll tell you why ... because you make billions every year from middle class people whose debits and credits reach ZERO about three times a month. You're making a fortune out of fucking regular people. And I'm sick of it!!!
The trick is to delay crediting a deposit as long as possible, and when you do that the return from even a fraction of their middle class customers in fees can be staggering.
Regular folks don't write checks before they've actually recieved the paycheck because they get some kind of "buzz" from it. They do it because they HAVE to. Checks have to be meticulously scheduled days in advance, but not so far in advance so as to trigger an avalanch of late fees from the car, phone, utility and credit card companies each month. And when the bank hold that deposit even for just one day ... they can make more than what the check was even worth in the first place.
In one month alone, I paid over $700 in bank fees just trying to push one $500 car payment through.
Here's another trick they pull. Let's say you have $600 in your account. It's supposed to be $650 but you needed that fifty bucks for groceries. There was nothing you could do but pray.
Then 5 checks appear all on the same day totalling $620. One check is, lets say, $500, and the other four are little 30 dollar payments. Do you think they will push the the four little checks through first, then bounce the fifth and charge you once?
HA HA HA HA HA!!!
Why would they do that when they can bounce the big one first and then charge you FIVE TIMES!?!?!?!
NOW, you're not just 20 dollars in the hole, pal. Now you're 5 overdrafts and 5 NSF fees of $36 in the hole to the tune of -$432!!!!
There's only one way to make this fair, and that's if ordinary consumers get the same Check 21 protection that companies get, and banks at lease fake looking like they're trying their best to get deposits through in a timely manner, and attempting to help middle class folks get by.
I don't happen to be in the hole right now, so this isn't a vent rant. This is something that's been stewing. And I know it's just a matter of time before they FUCK ME AGAIN!!!
.