reuben
Trail Wise!
Gonna need more Camels at the next refugio...
Posts: 11,164
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Post by reuben on Jan 25, 2024 11:16:06 GMT -8
I don't mean to insult anyone's intelligence or memory, but sometimes it helps to be reminded of a known fact.
That is all.
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Post by Sleeping Bag Man! on Jan 25, 2024 11:24:56 GMT -8
What happened?
Please include routing number, account number, and mother’s maiden name in your response.
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ErnieW
Trail Wise!
I want to backpack
Posts: 9,935
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Post by ErnieW on Jan 25, 2024 11:59:16 GMT -8
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Post by bumknees on Jan 26, 2024 15:39:00 GMT -8
The easy way to avoid overdraft fees, is to not overdraft your acct.
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Post by Sleeping Bag Man! on Jan 26, 2024 16:03:30 GMT -8
The easy way to avoid overdraft fees, is to not overdraft your acct. Yeah, poor people - stop being poor! Problem solved.
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reuben
Trail Wise!
Gonna need more Camels at the next refugio...
Posts: 11,164
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Post by reuben on Jan 26, 2024 16:54:04 GMT -8
The easy way to avoid overdraft fees, is to not overdraft your acct. I didn't. Not every bank complaint is about an overdraft.
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balzaccom
Trail Wise!
Waiting for spring...
Posts: 4,527
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Post by balzaccom on Jan 26, 2024 17:04:20 GMT -8
My CPA, years and years ago, gave me some great advice. He said that when i started my company, I should go into my bank and ask for the moon--everything I could possibly want to start the business, including a huge line of credit.
"They will deny it," he said. "Then go into the back across the street, and tell them that you've banked with those guys for ten years, and when you needed financial to start your company, they completely dropped the ball. The new bank will give you everything you want."
He was right. When I asked him how this worked, he explained that bankers are stupid. "They do everything by the book, because that's how they're trained. And they are not paid to retain customers. They are, however, always paid to steal customers from another bank. All you have to do is give them the opportunity."
He also told me a great story about one of his friends, who was in charge of dealing with all the bad loans for a major bank. The guy carefully packaged them up and worked with a broker to sell them off and finally get them off the books. At the next management meeting, he was stunned to hear his colleague, in charge of loan acquisitions, explaining how he got a great deal on a package of loans from a broker. Yep--they had just purchased their own bad loans back again, minus the commission for both brokers!
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ErnieW
Trail Wise!
I want to backpack
Posts: 9,935
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Post by ErnieW on Jan 26, 2024 17:54:59 GMT -8
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Post by bumknees on Jan 30, 2024 19:45:23 GMT -8
Yeah, poor people - stop being poor! Problem solved.
Sleeping Man, are you saying all poor people overdraft their accts, or that only poor people overdraft their accts?
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Post by Sleeping Bag Man! on Jan 30, 2024 20:33:17 GMT -8
Sleeping Man, are you saying all poor people overdraft their accts, or that only poor people overdraft their accts? Oh here we go. OK...I'm sorry that I failed to honor your superiority. Now just take the win...
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Post by bumknees on Jan 31, 2024 3:12:07 GMT -8
I'm not superior to anyone, but it sometimes appears you think you are.
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rebeccad
Trail Wise!
Writing like a maniac
Posts: 12,685
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Post by rebeccad on Jan 31, 2024 7:20:27 GMT -8
Okay, enough bickering. I think it’s safe to say that poor people are both more likely to have not choice but to overdraft, and more impacted by fees. The banking system always works against those with little money—they can’t keep the balances that give you fee-free banking, for example.
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Post by Sleeping Bag Man! on Jan 31, 2024 7:48:53 GMT -8
Banks have the option of simply declining a transaction with insufficient funds. That doesn't cost them a cent.
Overdraft fees are 100% predatory. Kicking people when they're down, for profit.
Very appealing to the types of people who read a Dickens novel and think the miserly old curmudgeon is the hero.
But we're not supposed to discuss politics on a backpacking forum, I know.
When a beloved forum member is bitten by a snake and charged $97,000 for life-saving anti-venom, we're all supposed to silently agree that the ideal solution is to have good health insurance.
We only want to share the trails with virtuous people who can afford the permit fees, have good health insurance, and don't overdraft their accounts. Right?
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Post by marmotstew on Jan 31, 2024 8:00:11 GMT -8
Dye pack blow up in your face?
Banks, Pfft. I don’t use banks because there are too many poor people there. I’d rather bathe in a tub of spiders.
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ErnieW
Trail Wise!
I want to backpack
Posts: 9,935
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Post by ErnieW on Jan 31, 2024 9:16:19 GMT -8
I just looked this up. The average APY for savings account is 0.46%. I think it is safe to say they make a lot more than that with your money. The extra fees are their way of saying thank you.
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