BofA and US Banks’ outrageous fees
I don’t know about you, but I’m sick and tired of paying over $200 simply because I overdrafted by 35 cents.
Bank of America
As if that weren’t enough of an insult, paypal draws money from my Bank Of America account as if it had been issued a check, which results in NSF: RETURNED ITEM FEE, when naturally, I didn’t return any items. Bank of America wouldn’t even specify what I was being charged for until I called (long distance because I was overseas).
I understand the need to make money off people’s transactions, but these days Bank Of America and U.S. Bank find ways to justify a 571% return.
Since I can’t afford to sue Bank of America, or U.S. Bank for what basically amounts to stealing, I figured I’d write about it, and hope they are pressured to make their fees a little more reasonable.
After all, U.S. Bank was rescued by tax money they probably didn’t deserve. Bank of America wasn’t, but now I’m hoping they both go bankrupt, along with Sallie Mae.
U.S. Bank
U.S. Bank closed one of my credit card accounts without permission, and sold it to some collection agency. I was told by U.S. Bank that because it was their mistake (they thought I had declared bankruptcy), that they would buy it back if I so chose. However, because the collection agency bought the loan at a discount, I was advised to negotiate for a lesser amount. Since I don’t want to deal with either U.S. Bank or the collection agency (which is completely unaware of all this), I’m just going to let them deal with the loss.
If the U.S. Government had let U.S. Bank go bankrupt, perhaps people wouldn’t have to deal with their poor business practices.
Afterword
Yes, I’m fully responsible for my loans, but when a company is about to go bankrupt because it took on too much risk, the government should let it go bankrupt. Sallie Mae often charges a variable rate on student loans, and in my case, the interest on my loans has been as high as 15%. If students in general cannot pay that amount, then lenders like Sallie Mae should suffer the consequences. My original $35,000 college loan has turned into an $80,000+ college loan and a bankruptcy that eliminates these greedy lenders would do a lot to help the economy. Saving these lenders that are too big to die is an insult to those of us who must contend with high interest rates, while the government also sends them our money in the form of inflation and taxes.
But I have an idea. I’m going to close my bank accounts. When I start to make enough money to pay, I’m going to send each lender a payment of one dollar a month, and I encourage others abused by the system to do the same.