Whatyamacallit

I read an article today on walletpop.com about the new scam the banks are running.  It’s bad enough they are getting paid to steal (yes steal) peoples homes with government money (yes the government knows and no they don’t care) but now the claim the banks made in recent months in the media about lowering fees and specifically dropping overdraft fees are turning out to be lies also.               <-   My surprised look…

It was last quarter I believe when the campaigns and numerous articles and press releases (especially for Wells Fargo) appeared regarding the “end of the overdraft fee”.  I’m not sure if this was supposed to be a warm fuzzy campaign to help lessen the growing public anger and scrutiny of the banking system or….nope it was supposed to be just that but now the secrets have leaked and the banks showing who they are, once again.

(Imagine in a creepy old man voice….)  “Yes, pay check to pay check banking customer we will graciously pay for that $10 you didn’t have in your account to cover your kids weekly lunch cost but we will loan that to you at a 350% interest rate.”  Yes, at a $35 fee hit that is a 350% interest rate for the $10!!!

Now, we, the nice, not at all greedy banks are going to take that fee away and make you feel better about our bank for a week or two until your next statement hits your inbox and you realize we just changed the name.  GOTCHA!  Yes, the $35 fee still exists, and NO, we did NOT lie….the “overdraft charge” is gone….BUT to cover cost (and by cost I mean record bonuses) and increase our record profits of 2009 (look it up people, record profits!) we will now call them insufficient fund fees.

Funny, Wells Fargo used to hit me with both fees and I ended up paying $70 for every overdraft….seems like they were lying from the start. 

Doesn’t matter what you call it, overdraft, insufficient, no money, broke….I call it lack of integrity, greed and disgusting.