Monday, January 4, 2010

Holding America Hostage

When banks stopped actually protecting our hard earned money and instead ransoming it, I will never know, but this is ridiculous:

The nation's banks will be bombarding customers with new fees and products in 2010 as they try to replace more than $50 billion in revenue wiped out by new rules that clamp down on certain business practices.

So far, the changes are mostly concentrated in checking accounts and credit cards. In addition to attaching new fees to old products, banks are introducing new types of accounts that they hope will reel in new customers and reduce their funding costs.

For plastic, the new rules go into effect in February as part of the Credit Card Act of 2009. The rules will limit some interest-rate increases, require more disclosure to customers and prohibit banks from raising interest rates on current balances unless a customer is at least 60 days behind in a payment.

Credit-card issuers collected $22.9 billion in penalty fees—such as those assessed for late payments—in 2009, up from $19 billion in 2008, said , who runs a credit-card consulting firm in Thousand Oaks, Calif.

Credit-card companies already have been racing to slip new fees and practices into customer contracts ahead of the law. Issuers are closing accounts, switching cards with fixed interest rates to variable rates and introducing cards that have an annual fee.

I honestly have had it. I have two credit cards which with one late payment by only a couple of days the APR shot up to 30%, now as the new year rolls around they are trying to lock me into that APR. Not gonna happen. I am sure many other people feel my pain. When it comes to banks they literally take your money and then hold it ransom. They charge for you to withdrawal from a non-affiliated ATM, they charge for overdrafts, or protection of your money (ISN'T THAT PART OF THE DEAL?!!), they charge an annual fee just to keep your money, they charge to write a check, to debit instead of charge, they probably will charge you for existing next; it is really disgusting.

This year my main resolution is to get my money right. My family took on some hard times and I basically spent 2009 moving money around to keep us afloat. The banks could care less. They don't care about job loss or someone in your family becoming ill. They just take your money, charge you and then use your money to make more money. The ponzi scheme of all ponzi schemes.

There was a time when banks were respectable institutions and some still was a time when people didn't have to stuff money in their drawers just in case. Sad to say. There are other possible solutions, one suggestion is to move your money to community banks; one without a strangle hold on our Congress and Senate. The Huffington Post has more information and stories about moving your money in this upcoming year. I am convinced it is one way to change our corrupt and awful system. And at the least it will protect my money as well as my investments.

I am Frank Chow and I approved this message

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