That is why I use a credit union - have been a member there for almost 20 years. I got out of using banks a few years ago. My debit, credit and accounts are with them. And yes, they have online banking. I consider banks as dairy farmers, looking how they can milk their customers. New fees, offers, etc. etc. It is annoying. With a credit union (as nonprofits), it is more serene. You don't have to be an employee to be a member. They are all over the place, and there is usually one anyone can sign up with - they have become very liberal in alowing most people to join. Then, move your checking, savings, debit/credit cards to them and fire your banks. And they are all linked, so when you travel around, you can usually go into different credit unions, and get money or most services there as your home credit union.
Yes I agree. My credit union is part of the CU24 network where you can use every credit union's ATM for free. Every Mcdonald's ATM is on this network which means they are free also. If you don't live/play/work/hang out near a Mcdonald's at any point in your day.....well you have bigger problems then bank fees. Come hang out with us in civilization!!
Recently someone tried to make an unauthorized charge on a credit card I've had for about 10 years with Bank of America. So I had the card cancelled, and reissued under another number. Today, I received the new card and called to activate it. A customer rep gets on the phone, goes through a few things with me, then tells me that I am qualified for the "gold unsecured credit line". She goes on to say that it's $50K, and emphasizes again that it's unsecured. I told he I wasn't interested, so I don't know what the rate was. But I found it interesting that BAC is evidently trying to get rid of some of that TARP money. LOL! FWIW, I had a card with Chase I hadn't used for several years that they recently cancelled. OldTrader
oldtrader, regarding the line of credit, look at this horror story: http://knockthehustleblog.typepad.com/hustleknockin/2008/06/bank-of-america.html could it possibly be that bad?
Youâre lucky. 2 years ago they changed mine from 8-24%. I also have perfect payment history on all of my accounts. At that time I was able to pay it off after a few weeks, and when the balance was zero, I called them and spoke to a manager. They sent me a notice later and refused to change it. Unfortunately I needed to reborrow the money, and now Iâm screwed. For the past 2 years I have pretty much only paid the interest. I canât make a dent in the principle. Over the past year, the rate has trickled down to about 20% with the cut in the Fed rate. Not to worry, last week they just sent me a notice bumping it back up to 24%. 20% + prime for perfect payment history, what a scam. Wait until just before the Fedâs new credit card rules go into affect next year. Hopefully the public outcry from the massive rate hikes that will occur will finally be heard.
When Chase bought Wamu, I knew I was in trouble. Sure enough, in November they sent me a notice increasing my rate from 11-22%. I called them up and asked for a reason. They told me they didnât have that info and could send me a letter explaining why. I told them to send the letter and to make sure they knew that if they didnât change it back, I was going to cancel it to keep the current terms. They sent the letter and I called one more time. They wouldnât change it and I closed the account. They offered no help whatsoever. I hope JPM receives the same fate as LEH and BSC. They are evil.
I know this will be a difficult concept for your pea sized brain to understand, but a CC is a loan. Borrowing and lending is a very common practice dating back thousands of years. Itâs pretty simple, both sides agree to the terms. Except now, the lender is allowed to change the rules in the middle of the game. Itâs like the Yankees playing the Red Socks and after 9 innings the score is 2-1 Red Socks. Then the Yankees change the rules and say the game is now going to be played until 10 innings. Naturally they are going to keep changing the rules until they eventually win. This is all perfectly legal. So again, please explain to me why he deserves this?
Correct me if Iâm wrong, but they are lending us money that they create out of thin air, and then charge interest on it. So unless Iâm mistaken, itâs impossible to ever pay back all of the loans because the amount owed is greater than the money supply, due to interest being charged on created money. So the only way to really take advantage of this, is to have everybody default on all of the loans.
Within the next 12-18 months, the bankruptcy laws will be re-written, once again making it easier to zero out credit card debt by filing chapter 7. CC lending as we know it, will end. Its highly likely that the credit bureau scoring system will no longer exist in its present form as well. I would suggest those with high balances that are getting screwed simply try to hold on till then. Absent hyperinflation, the only solution to the economic mess that we are in will be to eliminate debt in a massive way. Policy makers are slowing coming around to this conclusion.