Bad credit repair no longer includes free credit monitoring as more and more banks introduce sneaky (and costly) tricks to recover record losses and pay their “fat cat” execs.
Is Your Bank In Danger of Failing…just like the umpteen other “untouchable” banks that have dropped dead in this meltdown?
Why should you even care if your bank is about to fail or actually falls off the cliff. You need to be aware that your bank, my bank & every other person’s bank is conspiring to recoup some of its losses by STEALING from you and me.
They want MORE of our money, and I’m going to show you one sneaky little trick they’re using…right now.
Click the ‘Read More’ link below to discover how to protect yourself from these nasty little banking tricks.
THE THIEF WEARS A 3-PIECE SUIT!
Yep, that’s right. I said it. The thief wears a 3-piece business suit. Here’s what I’m talking about. A couple weeks ago I sorted through my monthly “junk mail.” You know what it’s like, right?
There in front of me on a Bank of America monthly statement was a $29.95 “service fee.” HUH?
Quickly, I jumped on the phone to Bank of America’s Customer Relations, only to sit on hold for what seemed like hours to discover a new policy regarding minimum account balances.
Turns out my combined balances had fallen below the minimum so they hit me for $29.95 /month. Turns out I had missed this sneaky little fee on 6 previous statements. Ooops.
A Banker’s Trick of the Day: Watch out for the minimum account balance trap. masquerading as a “service fee”.
Damn them!
Fortunately for me, the very polite & helpful CSR promptly reversed the $29.95 x 7 “service” fees. I quickly can excuse sneaky tricks if they don’t fight me on the reversal.
Important: Review every statement you receive and track your money. Don’t assume your bank is covering your backside. 25 banks failed in 2008. Compare that to 2007’s total of three, and you know we’ve got a serious problem on our hands.
As you know, banks are in trouble…except for the Fat Cat bankers who stole their huge salaries & bonus packages despite record losses.
The Fat Cats always will get theirs at the expense of everyone else.
As banks lose more and more money, we little people are expected to bail them out with sneaky tricks and tax “bailouts.”
If you’re in to confirming your bank’s health, the best way to check the safety of your bank is through Veribanc (800-44-BANKS). They provide ratings on all U.S. federally-insured financial institutions in easy to understand reports. You can also request a detailed research and risk analysis.
Another source is Weiss Ratings, now called TheStreet.com
Your bank, my bank, everybody’s bank is desperately searching for ways to pay its Fat Cat’s bonus for losing the bank a bazillion dollars. Watch out for massive employee cutbacks and layoffs. Be suspicious of unusually generous offers to get or keep your business. The same goes for outlandish CD/savings rates, far above current market rates. Remember: If it seems too good to be true, it probably is. Also be wary if your bank is not accepting new loan applications or if they start cutting dividends
This is only the beginning.
Our banks are going to go for our pennies, nickels & dimes. Taking our kids’ pizza money is not enough for them…especially when the fat-cat bankers have to maintain a lifestyle.
Very carefully, check every statement you receive each month. Don’t assume your statements are correct unless you’re Warren Buffet, of course.
If your bank fails, don’t panic. If you’ve followed the rules outlined above, you shouldn’t have any problems. Access to your account may be restricted for a few days, but you will get your money, with minimal fuss or paperwork.
If you have a loan from a failed bank, you should keep making your payments. Unless you hear otherwise from the FDIC, keep sending your payments to the same address you’ve always used.
>>>>What little “tricks” are you seeing from your bank? One of the only ways we’re going to stop these nasty little tricks is to expose them. I can catch a few of them, but I need your help in sharing what the banks are doing to you too. Go below and leave a comment. <<<<
Bad credit repair help used to be available at your local bank. Free credit monitoring is gone at many banks…that free little resource actually helped many people “monitor” their credit.
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