Banks Imposing Limits on Debit/Credit Card Use

[Frisco_Slug_Esq]

I won't call her evil, but after 3 years with the same commercial banker, I came to the conclusion that her job was to generate as many fees possible off of my accounts while giving the least service possible.

A friend of mine just opened a new business and she was assigned to his accounts. He didn't believe me when I told him she was expensive. The first thing she did was set up his account for credit card deposits. She said he needed $50 opening balance. She did not tell him the credit card machine would be charged to the account, so the first day he was overdrawn by $100, before he ever wrote a single check.

And, I guess, you assume banks can just give away services free with the Fed holding interest rates as close to zero as possible?

Where do banks fall on that big list of profit margin verses "Big Gouging?"

 

[Frisco_Slug_Esq]

What about increasing interest rates beyond what was mandated by the reserve bank?

What about it?



I forget, what kind of business is it again that you run?

 

[bronzeage]

And, I guess, you assume banks can just give away services free with the Fed holding interest rates as close to zero as possible?

Where do banks fall on that big list of profit margin verses "Big Gouging?"

You should not assume what I assume. The fees are all legal and every customer has signed some kind of contract in which they agreed to all of them. I don't apologize for the prices I charge and don't expect any other business to do so.

My post is about a specific bank which has a policy of steering their customers into situations which triggers unexpected fees.

This is a bank which advises a new business client to apply for a line of credit. The application fee is $150. The new client is then rejected because they have not been at the bank long enough to qualify.

They are now my former bank. That is the cost of doing business the way they do it.