you can google and fine some pretty fucked up shit the US banks do to the most vulnerable people, like changing the order the transactions are processed in so that they can hit people with overdraft fees.
I don’t have a checkbook since I am not from the US, also stop woth the bootkicking/victim blaming, they literally did shit like if you had some small charges that should have been fine, then you had a bigger charge that put you over the limit, then they processed the big one first (even though it was the last) then processed the small ones after and then they didn’t charge one overdraft fee, but multiple.
also there is the obvious case of the 2008 financial crisis, make some bootlicker argument for that, mate
I don’t have a checkbook since I am not from the US
So you don’t have to deposit an amount near your withdrawals? I’m curious about these places without overdraft fees. How far in the negative do they allow you to go?
Even without using a checkbook, I just got used to getting close to my limit. I deposit $100. I’d make a mental note that I spent $20 here, $50 there, and $25 at another place. Then I’d consider my money give, giving the transactions a few days to clear (back before things were so instant). Suck it banks, no overdraft fees this time!
Well we use cards here, mostly debit, if you try to pay for something or withdraw that’s over what you have the transaction simply fails.
The US system is like living in cavemen times.
if you make a transaction for example through online banking and you don’t have the money needed, it will sit there for a while waiting for money to arrive then it gets cancelled if money doesn’t arrive in time.
aka sub-prime lending. this sort of thing has happened before, “buying on margin” in the 1920s, for the stock market. it didnt end well then either.
the way that laws work is that if you sign a contract, it’s legally binding - so if you take out a giant loan to buy a house & cant make the mortgage payments, you’re out of house and you’re liable to pay back the loan. you gotta read the fine print before you sign anything.
I mean if you did withdraws down below the amount in your account and then paid overdraft fees, who’s fault is that? If you want to spend money you don’t have use a credit card.
then they processed the big one first (even though it was the last) then processed the small ones after and then they didn’t charge one overdraft fee, but multiple.
Yes, as per the explicit terms of your account agreement.
also there is the obvious case of the 2008 financial crisis
Yes, where a lot of people took out loans they knew they wouldn’t be able to repay.
I mean if you did withdraws down below the amount in your account and then paid overdraft fees, who’s fault is that? If you want to spend money you don’t have use a credit card.
Lol bro what primitive money grubbing system is this? I am always aware of my bank balance via an app (UPI, India).
This should be obvious: Transactions should fail if there’s not enough balance. No overdraft bullshit.
What is this? The 19th century? Bro i am in India, and banks here don’t do that shit because it’s a fucking waste of time. Y’all deluding yourselves in thinking America is the best at everything.
Yeah, but I don’t have to do calculations and remember how much balance I had to avoid going into overdraft because:
The bank balance is available on my phone with the press of a button (UPI)
The bank doesn’t allow me to have -ve balance by spending non-existent cash (Duh!) on my savings account.
We have something called savings account also gives us Cheque books. But most of us know not to use Cheque leaves for transaction purposes (You get fined, if you end up encashing a cheque when your balance cannot cover the Cheque amount)
But most of us know not to use Cheque leaves for transaction purposes (You get fined, if you end up encashing a cheque when your balance cannot cover the Cheque amount)
Wow, that sucks. Maybe you should talk to your bank about getting some kind of protection against a check being returned NSF and paying a massive-ass fine.
Predatory lending. Overdraft fees. Minimum balances. Setting due dates on holidays and and weekends, then refusing to process payments for a three days prior to the due date. Opening lines of credit for people with mental handicaps. Fixing their books. Lying to regulatory agencies.
You had to focus on one thing in my comment, and you still didn’t even get it correct!
Bank of America intentionally processed transactions out of order to put accounts in the red faster in order to maximize per-transaction penalties. They are not the only bank.
Earlier today I read about someone who had their withdrawal processed before their deposit, placing their account into the red for a miniscule amount of times but still incurring the $35 overdraft fee.
Money printing. Larger amounts loaned out every year devaluing all existing dollars. The number might be higher but it counts for less. Official inflation figures don’t even cover it since they don’t count things people actually try to use to store wealth.
Most new money enters the system by being created via loans ultimately from the federal reserve bank. This is the primary way the money supply expands.
That’s an assumption about what I meant, but the fact is both create money. Banks loan out new money, which must only be matched by deposits equal to a small percentage of their outstanding loans specified by the reserve requirement. Which not too long ago IIRC was temporarily removed entirely.
Being a banker is a real robbery.
Every time I’ve put money in a bank, I’ve gotten out more than I put in. Where’s the “robbery”?
overdraft fees for one.
you can google and fine some pretty fucked up shit the US banks do to the most vulnerable people, like changing the order the transactions are processed in so that they can hit people with overdraft fees.
you can opt out of those. and if your bank says you cant, close the account & join a new bank - there’s so, so many banks.
Anything predatory and risky should be opt in only.
You could just balance your checkbook, maybe
I don’t have a checkbook since I am not from the US, also stop woth the bootkicking/victim blaming, they literally did shit like if you had some small charges that should have been fine, then you had a bigger charge that put you over the limit, then they processed the big one first (even though it was the last) then processed the small ones after and then they didn’t charge one overdraft fee, but multiple.
also there is the obvious case of the 2008 financial crisis, make some bootlicker argument for that, mate
So you don’t have to deposit an amount near your withdrawals? I’m curious about these places without overdraft fees. How far in the negative do they allow you to go?
Even without using a checkbook, I just got used to getting close to my limit. I deposit $100. I’d make a mental note that I spent $20 here, $50 there, and $25 at another place. Then I’d consider my money give, giving the transactions a few days to clear (back before things were so instant). Suck it banks, no overdraft fees this time!
Well we use cards here, mostly debit, if you try to pay for something or withdraw that’s over what you have the transaction simply fails.
The US system is like living in cavemen times.
if you make a transaction for example through online banking and you don’t have the money needed, it will sit there for a while waiting for money to arrive then it gets cancelled if money doesn’t arrive in time.
None. None negative. They’ll deny the transaction or NSF the check if there’s not enough in the account to cover it.
aka sub-prime lending. this sort of thing has happened before, “buying on margin” in the 1920s, for the stock market. it didnt end well then either.
the way that laws work is that if you sign a contract, it’s legally binding - so if you take out a giant loan to buy a house & cant make the mortgage payments, you’re out of house and you’re liable to pay back the loan. you gotta read the fine print before you sign anything.
Dude, there was a systemic failure, the banks were deregulated, then the rating agencies misrated loans to keep making money.
Blaming individuals for “not reading the fine print” is just another form of bootlicking/victim blaming
the truth is the truth, even if you dont like it.
Yeah man, it’s the average Joe who’s wrong, and the corporate banking investors who are right. Good and normal take lol
I mean if you did withdraws down below the amount in your account and then paid overdraft fees, who’s fault is that? If you want to spend money you don’t have use a credit card.
Yes, as per the explicit terms of your account agreement.
Yes, where a lot of people took out loans they knew they wouldn’t be able to repay.
what a corpo bootlicker, big oof.
Preem insult, choom
Lol bro what primitive money grubbing system is this? I am always aware of my bank balance via an app (UPI, India).
This should be obvious: Transactions should fail if there’s not enough balance. No overdraft bullshit.
They do fail if there’s not enough balance. There is no overdraft bullshit, if you ask your bank to act that way.
So in North America, you have to tell your bank to screw you over?
What is this? The 19th century? Bro i am in India, and banks here don’t do that shit because it’s a fucking waste of time. Y’all deluding yourselves in thinking America is the best at everything.
The bank doesn’t balance your checkbook. You do.
Yeah, but I don’t have to do calculations and remember how much balance I had to avoid going into overdraft because:
Wow, that sucks. Maybe you should talk to your bank about getting some kind of protection against a check being returned NSF and paying a massive-ass fine.
Predatory lending. Overdraft fees. Minimum balances. Setting due dates on holidays and and weekends, then refusing to process payments for a three days prior to the due date. Opening lines of credit for people with mental handicaps. Fixing their books. Lying to regulatory agencies.
Wait until you learn overdraft fees are entirely the fault of the person overdrafting their account!
You had to focus on one thing in my comment, and you still didn’t even get it correct!
Bank of America intentionally processed transactions out of order to put accounts in the red faster in order to maximize per-transaction penalties. They are not the only bank.
Earlier today I read about someone who had their withdrawal processed before their deposit, placing their account into the red for a miniscule amount of times but still incurring the $35 overdraft fee.
It takes more nuance and braincells than that to understand the joke.
I think it just takes a not particularly reflective cynicism. “Banks actually steal from us” is just an edgelord “good things are actually bad” take.
Wow! You must be rich, mister!
Wait til you hear about how much THEY made off that money.
An economic transaction was non-zero-sum and made us both money? You love to see it! Capitalism wins again.
Money printing. Larger amounts loaned out every year devaluing all existing dollars. The number might be higher but it counts for less. Official inflation figures don’t even cover it since they don’t count things people actually try to use to store wealth.
Loans don’t devalue dollars.
When they increase the money supply, yes they do.
Loans don’t increase the money supply, though. They increase monetary velocity.
Most new money enters the system by being created via loans ultimately from the federal reserve bank. This is the primary way the money supply expands.
Right but that’s a lot different than the loan being discussed here, which is when the bank capitalizes its own loans via deposits.
That’s an assumption about what I meant, but the fact is both create money. Banks loan out new money, which must only be matched by deposits equal to a small percentage of their outstanding loans specified by the reserve requirement. Which not too long ago IIRC was temporarily removed entirely.