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Is this even LEGAL?!?!

Frequent Contributor

Re: Is this even LEGAL?!?!

bogfrog wrote:

74king wrote:


you to pay off anything to quickly. They want to make money on you from you carrying that balance, and if you don't carry a nice balance they punish you by doing these very things that are happening too you now.

But aren't they starved for cash right now? 


NO..... they took T.A.R.P. money so they aren't starving by any means. But they do want you to keep that balance steady and in good condition without paying it off quickly, that's where all banks make 75 to 80% of their profits "Lending" and having consumers run balances and maintain their accounts in good standing while they charge interest.


The rest comes from junk fee's or Misc fee's in general. That is the way all Banks make their money. It's just sad that the consumer is always the one they leave hanging out to dry when they excerise their bogus practices. Leaving everyone twisting in the wind as they say. SAD REALLY


I love Credit Union'sSmiley Very Happy, I like BanksSmiley Indifferent

Equifax 787, TransUnion 793, Experian ? FAKO--> Who Cares
Message 11 of 12
Valued Contributor

Re: Is this even LEGAL?!?!

bogfrog wrote:


These are borderline mafia tactics. I make a huge payment and then they squeeze in the limit so close that my next statement will overdraft on the interest charge?   Even if it's technically legal, it shocks me that they can get away with this kind of BS.   Smiley Mad



After Wamu was bought out by Chase, I had some smaller problems with them, so I dumped them and went to my local credit union.  I am not going to play their games. 

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Message 12 of 12