In this great country, the land of the free, where people died to give us the freedom not to have to pay a tea tax to England, there is a great injustice going on, that would make our fore fathers roll over in their graves! (Well, they’d be spinning if they knew everything!)
I am writing today to protest a couple of things that I think should be illegal, that we in America, are allowing to remain legal. You may have already guessed one of the things: Non Sufficient Funds charges. I am referring specifically to the charges charged even though the bank has not paid anything. Well the other one is unique to only 2 or 3 banks, I believe, but it is worse! Namely: The deduction of debits at the end of the day, before the addition of credits!
Don’t get me wrong here, I think the bankers may be justified on their NSF charges, when they pay the charge. But to deduct $35-40 just to tell so-and-so that the money isn’t there, should be illegal. I know that they need to send the person who overdrew their account a letter, but that can’t possibly cost more than $5.00. (39 cents, I believe!). To charge $35-40 is extortion, and just for saying “no”?! Now , maybe if they pay the charge, the fee is called for. But I am disputing the legality, or the continuation of that legality, of banks charging fees for no service. Refusing to pay an overdraft is not a service.
There are laws in place to set a cap on what credit cards can charge for interest. Why aren’t there laws in place to reign in the banks, who charge exorbitant fees, on money they didn’t even lend? And to make it illegal to count the debits before the credits? Now, I am not an attorney, but isn’t there someone out there besides me, or with me, who can see that this shouldn’t be legal?
My family has been through some rough times recently. We have 9 children, and my husband’s business equipment was stolen, which made it pretty much impossible to continue in that line of work. We suspect someone got high on meth for awhile. Through a misunderstanding on the cost of insurance, the equipment was not covered. So, we bit the bullet, and have been looking for something else. In the meantime, certain automatic charges were due to come out, and somehow, we would get the money “just in time” we thought, on the day the charge was to come out, only to learn, and/or be reminded that they deduct the debits first. Due to the laws put in place the last time a fuss was put up about the bank NSF charges a few years ago, they are not allowed to “discriminate”, and only one NSF charge can be refunded per year. The problem is, they shouldn’t be taking out the charges in the first place, since it should be illegal to count the debits before the credits. But this is what my bank (Key bank) gets away with.
So, if you ask me, the big fuss a few years ago only benefited the bank, not the customers who complained.
I am writing a letter to the Comptroller of the Currency to protest this injustice, and I encourage anyone, and everyone to do the same, that has had a problem. If you haven’t had a problem, I urge you to stand with us, anyway, because there should be “liberty and justice for all”, right?
When those that are “down” are stepped on, it hurts the society because it creates even greater need, and causes tremendous stress and anger in our society. We personally, are forgiving people. We ask the bankers to reverse the charge, they say no, but I admit to a sadistic comfort in knowing they’ll think about this in the hereafter (to be “politically correct”). But I can see where people can be pushed over the edge on something like this, so I’m doing what I can to change what they can do legally: not just for myself, but because I can see that it should be illegal.
We need to be brave enough to take up this cause, or surely we will continue to loose even more freedom.
To file a complaint about a bank, write a letter to Customer Assistance Group, 1301 McKinney St, Suite 3450, Houston, TX 77010. Call the Comptroller of Currency for a confirmation of this address, and to know what they want you to include with your letter. Their number is: 800-613-6743.
I urge you to also send a letter to the attorney general, as I am going to, and to Senators, the President, or whomever else may be able to get laws passed to stop this extortion.