Greedy Banks Latest Ripoff


Isn’t anyone really watching what banks are doing?  There’s another creative bank rip off in the works.

If it isn’t outrageous interest rate raises or shortening time to pay credit cards, it’s new ways and means to make money from people who have no money.  Five million collecting unemployment: Many people out of a job and collecting unemployment are getting their money in the form of bank debit cards.  Bank debit cards have fees for everything and are used by most like credit cards…

…banks charge for services.  Bank charges for information and services on these unemployment debit cards are disgraceful.  To ask a question: fifty cents per call.  To make a withdrawal: seventy-five cents per withdrawal.  An overdraft – which could be refused if it’s over the limit and stopped by the bank – costs twenty dollars.  There are more “convenience” charges.

Over thirty major US banks – for example Citi, Bank of America, JP Morgan Chase – have made agreements with the states to provide this service.  In some states the only way to get hold of unemployment cash is with a bank debit card.

True…there’s no fee if one takes out the entire month’s money at one time from a bank teller.  That’s the freebie.  Everything else has a fee. Habits are hard to break…and, most people use the debit card as a credit card and accumulate fees every time the card is used.

Banks make interest on the unused debit card money and merchant fees and the “many ways to skin a cat” customer service fees.  Unemployment benefits will increase.  Banks will increase their take.  At a time when people are at a low financially and emotionally, banks say, it’s up to the unemployment money recipient to figure out how to get the entire amount without paying repeated fees to access through the debit card…

…seem to me it’s like hitting a man when he’s down  Isn’t anyone representing this huge amount of voters going to look into this latest bank rip off?

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