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Banks Squeezing Money from Unemployed

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posted on Dec, 20 2009 @ 12:27 PM
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Banks Squeezing Money from Unemployed


www.blacklistednews.com

While posting breathtaking profits in the last two quarters – Wells Fargo’s $3.2 billion, Citigroup’s $3 billion and Chase’s $2.7 billion – U.S. banks have figured out a way to squeeze some extra dollars from those who can least afford it, the unemployed.
(visit the link for the full news article)




posted on Dec, 20 2009 @ 12:27 PM
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As states save huge amounts of money not having to print and mail checks out, and banks profit from the interest earned on the unemployment funds by issuing Visa or MasterCards to laid-off workers. Banks are charging fees for withdrawing money once the allotted free withdrawls is used on these cards.These fees and rules are not regulated !!! As they very well should be. Just another example of giving these ' bailed out banks' a free hand in pillaging even the most destitute.

www.blacklistednews.com
(visit the link for the full news article)



posted on Dec, 20 2009 @ 01:45 PM
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”Some people think Federal Reserve Banks are United States government institutions. They are not Government institutions. They are private credit monopolies which prey upon the people of the United States for the benefits of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lenders. In that dark crew of financial pirates there are those who would cut a man's throat to get a dollar out of his pocket... -- Louis T. McFadden



posted on Dec, 20 2009 @ 01:47 PM
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These fees are no different for people who have their paychecks direct deposited. Nobody is making these people use these particular accounts. When I was unemployed earlier this year, my benefits were deposited directly to my checking account.

The question that should be asked is why these people can't have a standard checking account?



posted on Dec, 20 2009 @ 03:39 PM
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reply to post by JIMC5499
 


I have a standard checking account. Texas only issues UE benefits on debit cards through Chase Bank. No choice - no option



posted on Dec, 20 2009 @ 03:39 PM
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reply to post by JIMC5499
 


sorry double post - connection issues

[edit on 12/20/2009 by TXTriker]



posted on Dec, 20 2009 @ 05:16 PM
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reply to post by JIMC5499
 
Recently my son tried to open a checking account. First thing the bank did was run a credit check on him. He now has an account with my co-signing, otherwise he would have ben out of luck.



[edit on 20-12-2009 by L.HAMILTON]



posted on Dec, 21 2009 @ 08:24 AM
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TXTRIKER,
I wasn't aware that Texas was that specific. Is there anything preventing you from withdrawling all of your money from the Chase debit card and depositing it in your bank account?

I've never had a credit check for opening a checking account.



posted on Dec, 21 2009 @ 08:56 AM
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Originally posted by JIMC5499
I've never had a credit check for opening a checking account.


Yes you have -- you just didn't know it. Banks use a national system called CHEX SYSTEMS that run everyone's social security number when someone opens an account.

It is supposed to prevent laundering money, leaving numerous banks with overdrawn funds, etc.


The Chex Systems, Inc. network is comprised of member Financial Institutions that regularly contribute information on mishandled checking and savings accounts to a central location. ChexSystems shares this information among member institutions to help them assess the risk of opening new accounts. ChexSystems only shares information with the member institutions and does not decide on new account openings.

Link: www.consumerdebit.com...



posted on Dec, 21 2009 @ 09:03 AM
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OK, people something you have missed entirely, since the so call bill for consumer protection that is supposed to start next year thanks to the Bush administration, banks have been devising all kind of schemes to get around to gouge the consumers.

Yes they have been at it so when the bill comes into effect they already has done away with anything the can and is because until the bill is in effect anything they are doing is irreversible.

So That is the reason for all the new increased fees and interest rates lately.

Even our bank that has been for the most part fair on interest and we been with them for over 25 years just raised our interest in credit cards to start in January.

We are opting no to keep the credit card.

[edit on 21-12-2009 by marg6043]



posted on Dec, 21 2009 @ 12:01 PM
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reply to post by marg6043
 


I think you have something there Marg. What if nobody kept their credit cards?



posted on Dec, 22 2009 @ 07:00 AM
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reply to post by JIMC5499
 


Well you know that many credit card lines has been cut since the recession many people have opted out their credit cards, my husband and I decided to keep the interest rate we got now than rather pay for an increase next year, then on top of that our credit line has not been cut, actually was increased this month.



posted on Dec, 22 2009 @ 08:47 AM
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reply to post by L.HAMILTON
 


This isn't the same thing, but my husbands work forgot to direct deposit his check. So they gave himone of those cards. It was 4 for every $400 withdrawn or something. So to get all the money off, it cost serveral bucks. I told him that he should make the company reimburse us.

This is a scam. If I stuck my atm card in at my bank it wouldn't of cost me manything.



posted on Dec, 24 2009 @ 01:27 AM
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Some states have done this to single parents collecting child support. Then they started charging the custodial parent money to collect. Child support order could be less than $100/mo, but they're still charged to receive it.



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