Your Voice: Banking on greed
by Earl Jess, Tracy
Nov 20, 2009 | 587 views | 1 1 comments | 5 5 recommendations | email to a friend | print
EDITOR,

I’ve been watching some of the recent news articles about what our banks are doing or planning on doing, and to me it seems appalling that they are so greedy.

Taxpayers gave them billions of tax dollars to bail them out of a financial boondoggle of their own making, and for a thank-you, they want to charge us exorbitant interest rates on credit cards, charge sky-high overdraft fees on accounts with check guarantees, and charge additional fees on top of those fees.

What is really sad is that they took the bailout money and either just sat on it, invested it in foreign countries or gave their executive officers lush weekend getaways — all expenses paid — with taxpayer dollars.

In the meantime, businesses large and small are failing by the dozens, because they can’t get a loan or operating capital just to stay afloat.

As you can see, the ugly head of greed is standing tall above the heads of the bankers, as they grovel and kiss his feet and worship the ground he walks on.

I guess all in all credit unions aren’t really such a bad deal — most only charge a $5 or $10 dollar fee to join, their interest rates are comparable or less on personal, auto or home loans, and there isn’t a minimum deposit amount to open an account. A lot of banks are asking for $500 to $1,000 just to open an account.

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larryhite
|
November 21, 2009
Earl...I couldn't agree more. The banking industry who gave loans to buyers on "stated Income" and other flagrantly stupid financial blunders are now taking out their losses on the very people they duped and many of the ones they didn't. They take the taxpayers money in the form of bailouts, then take their homes and raise their interest rates. My question to the bans is this, "If someone appears to be struggling to make their monthly payments on credit cards or loans, how is raising their interest rate going to solve the problem?" It seems to me like they are forcing these people into filing for bankruptsy as their only alternative to relief from the snowballing effects the banks are imposing on them. It's really sad that Congress hasn't imposed terms on banks receiving bailout monies requiring them to "Pay it forward" to their customers, afterall they are the ones financing the bailout to begin with.


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