Would you join my bank if I promised I wouldn't make any charges on what is, essentially, your money?

Question

I recently saw an ad for a bank that used the words 'You Thrive, We Strive'. It made me want to throw up. 'You Strive, We Thrive' would have been nearer the truth!

So if I asked you to make a contribution to my bank's upkeep and total transparency in showing that it was a non-profit organisation - would you join? Are there banks like this that already exist???

I'm fed up with the banks' parasitic approach to our money - and bullying when you're a few days late on paying their interest!

Answer 1

That's why credit unions exist. I don't do business with banks and haven't for nearly 30 years.

The only exception is USAA Federal Savings but you need to be military to open an account. Although they're a bank, they treat you as well as any credit union does and are still very profitable.

Answer 2

This is an overdraft charge. Overdraft and late charges have become much more common -- and much more expensive! -- over the past decade. Any time there is not enough money to cover a check or automatic withdrawal/payment, you get whacked. You must, must, must pay everything on time, and always keep enough balance in your account (or credit limit on a credit card) to cover any upcoming bank charge, interest, payment due, etc. It's a good idea to keep a minimum of $100 (or 100 pounds) credit limit available on any credit card, and a minimum balance of a similar amount in any checking account. If you have banked with the same bank for more than a decade and have never bounced a check or been short for an automatic payment, you can negotiate. Talk to your bank's branch manager in person or call, point out what a good customer you have been for so many years, this has never happened before, etc. Most banks will remove the charge once, but from now on, remember to keep your account fat and happy!

Answer 3

I agree. The banks are a disgrace. The money they earn investing money which doesn't even belong to them is nothing short of scandalous. £30 for a letter, £30 when a DD bounces by 10p. It's tantamount to theft as they banks are legally only allowed to charge "reasonable" costs to cover administration.
Banks should NOT be allowed to make any sort of profit whatsoever, nor should they be allowed to be run like they are a revenue generating business. They'll give you loans etc when you've got money then when you haven't they won't give you a bean....
I like your point about bullying, that happened to a friend of mine and his banks agressiveness caused him to have a nervous breakdown.

Shylocks the lot of them.

p.s Did you know that in most cases you can recover the vast majority of your banking charges over the last 5 or 6 years. This isn't a scam and is perfecly legal. Several test cases have already gone through the courts and the consumers have won settlements. All you have to do is get a copy of your last 4 or 5 years statements, tally up the charges and then go and see a solicitor to launch a civil action against the bank to recoup your monies. As I stated before they are only allowed to charge "reasonable" amounts for their charges and this is where the loophole comes in. (this is U.K only)

Answer 4

They're called credit unions.

You have to understand that banks are in business to make money for their shareholders. Just like any other business, they need a profit, otherwise they will not be around very long.

Answer 5

many credit unions are like this. they are very useful and getting a loan can sometimes be as easy as you've worked somewhere for years and have a good record with the union

Answer 6

Maybe but if they did make charges, I would get a lawsuit.