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Niggas in Space > Spurious Generalities > I just rage quit my bank after 15 years and went to the credit union across the street (DISCUSS: banks vs credit unions)
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I just rage quit my bank after 15 years and went to the credit union across the street (DISCUSS: banks vs credit unions)

  1. 2019-01-05 at 1:37 AM UTC
    #1
    gadzooks Dark Matter [keratinize my mild-tasting blossoming]
    I started a (personal / debt consolidation) loan application back in NOVEMBER with my bank (one of the big Canadian ones... think green color). While I have an okay salary, my credit isn't perfect. I did manage to pay off all my debts that were in collections, but I still have to build my credit from here. So, I got my dad to co-sign for me, and his credit is exemplary.

    But they were just making me feel like my application wasn't important, making me chase them down to get things moving, and then, the straw that broke the proverbial camels back - THREE $48 NSF fees because I was a day late in moving some money into my checking account to cover some end-of-month bills (because I was expecting the loan to be approved my now and thus cover those expenses on time).

    I told them that I keep applying for overdraft protection, and they keep rejecting me BECAUSE OF THINGS LIKE THIS...

    It's fucking catch 22.

    And then I thought - why the fuck am I does anyone who is working class keep their money in banks. Banks are for rich people.

    Credit unions do like the wacky-waving-inflatable-arm-flailing-tube-man store does - "they pass the savings onto YOU!!"

    But for real though, what are the pros and cons regarding each option? The more I think about it, the more it seems like a credit union is the way to go (for working class folk).

    The differences may be marginal at best, but whatever, I needed a change anyway.
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  2. 2019-01-05 at 1:47 AM UTC
    #2
    Erekshun Naturally Camouflaged
    Why didn't you shoot the place up?
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  3. 2019-01-05 at 1:52 AM UTC
    #3
    gadzooks Dark Matter [keratinize my mild-tasting blossoming]
    Originally posted by Erekshun Why didn't you shoot the place up?

    I suppose that might have been a typical reaction in this day and age, although less so in Canada than the U.S.

    Here, we behead people on greyhound buses and film ourselves killing people with an icepick to 80's synthpop.
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  4. 2019-01-05 at 1:57 AM UTC
    #4
    Ajax African Astronaut [rumor the placative aphakia]
    Honestly, it sounds like you’re trying to blame the bank for your inability to manage money.
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  5. 2019-01-05 at 2 AM UTC
    #5
    gadzooks Dark Matter [keratinize my mild-tasting blossoming]
    Originally posted by Ajax Honestly, it sounds like you’re trying to blame the bank for your inability to manage money.

    I know that credit unions are more likely to give a person overdraft protection.

    I mean, are you really suggesting that $48 per returned returned payment is a reasonable fee?

    It's highway robbery, quite frankly.
  6. 2019-01-05 at 2:02 AM UTC
    #6
    Ajax African Astronaut [rumor the placative aphakia]
    Originally posted by gadzooks I know that credit unions are more likely to give a person overdraft protection.

    I mean, are you really suggesting that $48 per returned payment is a reasonable fee?

    It's highway robbery, quite frankly.

    No, that’s not what I’m suggesting. Are you suggesting that it’s reasonable to expect the bank to pay your bills for you when you run out of money?
  7. 2019-01-05 at 2:04 AM UTC
    #7
    gadzooks Dark Matter [keratinize my mild-tasting blossoming]
    If it was something reasonable like a few percent of the total bill cost, maybe I would be more comfortable with it...

    But like, the payment can be LESS than $48, and they will still charge you $48.

    That's retarded.

    I'm not even like some radical commie or anything. I don't have a problem with capitalism per se. But there's making money, and there's parasitically sucking money out of those who are already barely treading water as it is only to line the pockets of those who have plenty enough already.
  8. 2019-01-05 at 2:05 AM UTC
    #8
    gadzooks Dark Matter [keratinize my mild-tasting blossoming]
    Originally posted by Ajax Are you suggesting that it’s reasonable to expect the bank to pay your bills for you when you run out of money?

    Yes.

    Yes I am.

    It's called overdraft protection and it's a pretty typical thing.

    Or, they could charge something more reasonable/proportionate.

    EDIT: Pay the bills TEMPORARILY, obviously. Like I said, I had the funds in there within 24 hours of the payment being posted. I'm not a deadbeat.
  9. 2019-01-05 at 2:08 AM UTC
    #9
    Ajax African Astronaut [rumor the placative aphakia]
    Originally posted by gadzooks Yes.

    Yes I am.

    It's called overdraft protection and it's a pretty typical thing.

    Or, they could charge something more reasonable/proportionate.

    And they’re honoring their overdraft protection by not bouncing your bills and sending you back into collections. Your fault for assuming it was free and not reading the fee disclosure.

    The reasonable thing would be to spend less than you earn. When you run out of money, stop spending.
  10. 2019-01-05 at 2:13 AM UTC
    #10
    gadzooks Dark Matter [keratinize my mild-tasting blossoming]
    Originally posted by Ajax The reasonable thing would be to spend less than you earn. When you run out of money, stop spending.

    Easier said than done.

    Sometimes circumstances in a person's life can change. I'm still recovering from a bout of homelessness and prolonged unemployment. Stuff like that can fuck up a person's finances for a long time.

    Originally posted by Ajax And they’re honoring their overdraft protection by not bouncing your bills and sending you back into collections. Your fault for assuming it was free and not reading the fee disclosure.

    Wait, wut? Overdraft protection means you either pay a REASONABLE fee for every bounced check, OR, you pay a percentage of how far you go into debt.

    Usury laws, and heck, common human decency, would should prevent things like 50% - 200% interest, charged instantaneously.
  11. 2019-01-05 at 2:20 AM UTC
    #11
    Soyboy III: The Quest for 911 Truth Tuskegee Airman [oppositely expose the hypermetropia]
    No fucking $48 isn't reasonable, it's not meant to be, it's a revenue stream for the bank. Nobody's going to argue it's reasonable in any sort of good faith, it's like Apple telling you not to replace the battery on your iPhone as it's too complicated, it's the sort of lie that's not even meant to be believed. A polite fiction.

    You should bank with a credit union, it might not even be cheaper or more convenient, but you will be treated with a little dignity at a local institution and that's worth a lot. I mean like compare loan rates, access to an ISBN number etc.

    However it's good for the soul to do business with people you know, as opposed to corporations where the employees have zero power, and the managers have zero accountability to you. If you can't drive over to trash a company's headquarters in a drunken rage, you probably shouldn't be doing business with them.
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  12. 2019-01-05 at 2:24 AM UTC
    #12
    gadzooks Dark Matter [keratinize my mild-tasting blossoming]
    Originally posted by Ajax The reasonable thing would be to spend less than you earn. When you run out of money, stop spending.

    This is surreal to me right now - you're really touting the "pull yourself up by the bootstraps" line here?

    I am the literal embodiment of the "pull yourself up by the bootstraps" concept.

    Me a few years ago:
    -- Homeless.
    -- Heroin addict.
    -- Unemployed and on welfare.

    So what did I do? I got clean, then I hit the books and worked my fucking ass off every single day (no weekends or other "days off") teaching myself computer programming; then I put together a portfolio to showcase my skills (you have to put in extra effort to that effect if you have no piece of paper substantiating your expertise); then I put myself out there, despite all kinds of social anxiety, self-doubt, self-esteem and self-confidence issues, and I networked and faced rejection after rejection until I found a job in my field.

    So forgive me for being a tad stunned that I'm on this side of the argument, because it is a bit of a shock to the system.
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  13. 2019-01-05 at 2:24 AM UTC
    #13
    Ajax African Astronaut [rumor the placative aphakia]
    Originally posted by gadzooks Easier said than done.

    Sometimes circumstances in a person's life can change. I'm still recovering from a bout of homelessness and prolonged unemployment. Stuff like that can fuck up a person's finances for a long time.



    Wait, wut? Overdraft protection means you either pay a REASONABLE fee for every bounced check, OR, you pay a percentage of how far you go into debt.

    Usury laws, and heck, common human decency, would should prevent things like 50% - 200% interest, charged instantaneously.

    Overdraft protection means you pay the fee you agreed to pay when you signed the fee disclosure when you opened your account. If you don’t like the fee, either don’t bank there or don’t bounce checks.
  14. 2019-01-05 at 2:27 AM UTC
    #14
    gadzooks Dark Matter [keratinize my mild-tasting blossoming]
    Originally posted by MORALLY SUPERIOR BEING III: The Quest for 911 Truth No fucking $48 isn't reasonable, it's not meant to be, it's a revenue stream for the bank. Nobody's going to argue it's reasonable in any sort of good faith, it's like Apple telling you not to replace the battery on your iPhone as it's too complicated, it's the sort of lie that's not even meant to be believed. A polite fiction.

    You should bank with a credit union, it might not even be cheaper or more convenient, but you will be treated with a little dignity at a local institution and that's worth a lot. I mean like compare loan rates, access to an ISBN number etc.

    However it's good for the soul to do business with people you know, as opposed to corporations where the employees have zero power, and the managers have zero accountability to you. If you can't drive over to trash a company's headquarters in a drunken rage, you probably shouldn't be doing business with them.

    This was actually one of the things I considered... While I was in the bank closing my account, I was on my phone googling nearby credit unions, to get a feel for the difference in fees, etc, etc. But what occurred to me was that, even though the fees may be slightly better by comparison, I realized that one fundamental difference between the two is that a credit union really is run by the people.

    I had a credit union account maaany years ago for a little while, and I remember they sent me stuff in the mail all the time to vote on policies and all that.

    Also, they are apparently non-profit organizations as well. That's a huge plus, even if it doesn't necessarily mean saving me money directly in terms of banking fees and so on.
  15. 2019-01-05 at 2:29 AM UTC
    #15
    Ajax African Astronaut [rumor the placative aphakia]
    Originally posted by gadzooks This is surreal to me right now - you're really touting the "pull yourself up by the bootstraps" line here?

    I am the literal embodiment of the "pull yourself up by the bootstraps" concept.

    Me a few years ago:
    – Homeless.
    – Heroin addict.
    – Unemployed and on welfare.

    So what did I do? I got clean, then I hit the books and worked my fucking ass off every single day (no weekends or other "days off") teaching myself computer programming; then I put together a portfolio to showcase my skills (you have to put in extra effort to that effect if you have no piece of paper substantiating your expertise); then I put myself out there, despite all kinds of social anxiety, self-doubt, self-esteem and self-confidence issues, and I networked and faced rejection after rejection until I found a job in my field.

    So forgive me for being a tad stunned that I'm on this side of the argument, because it is a bit of a shock to the system.

    I’m telling you what you need to hear. I’m sorry you’ve had a tough history and I’m glad you’re turning it around. Blaming other people for your mistakes will not get you anywhere.

    Go talk to the bank manager. They might reverse SOME of the fees if you plead your case, but don’t expect it. Get your account back in good standing and move on. They are not your friend. They are a business offering a service and they exist to make a profit, that is all.
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  16. 2019-01-05 at 2:29 AM UTC
    #16
    gadzooks Dark Matter [keratinize my mild-tasting blossoming]
    Originally posted by Ajax Overdraft protection means you pay the fee you agreed to pay when you signed the fee disclosure when you opened your account. If you don’t like the fee, either don’t bank there or don’t bounce checks.

    How old are you?

    You're seriously trying to tell me you've never had a check bounce or had any kind of financial emergency?

    I just find that incredibly hard to believe.
  17. 2019-01-05 at 2:31 AM UTC
    #17
    gadzooks Dark Matter [keratinize my mild-tasting blossoming]
    Originally posted by Ajax I’m telling you what you need to hear. I’m sorry you’ve had a tough history and I’m glad you’re turning it around. Blaming other people for your mistakes will not get you anywhere.

    Go talk to the bank manager. They might reverse SOME of the fees if you plead your case, but don’t expect it. Get your account back in good standing and move on. They are not your friend. They are a business offering a service and they exist to make a profit, that is all.

    Well, I did try to ask them to help me out - even if they would have reversed just ONE of the charges, or reduced them all by some amount, I would have glady stayed.

    But they just said "nah, it's our policy."

    And that's when the light bulb lit up on top of me and I thought - maybe there's a reason some people prefer credit unions.
  18. 2019-01-05 at 2:32 AM UTC
    #18
    Ajax African Astronaut [rumor the placative aphakia]
    Originally posted by gadzooks How old are you?

    You're seriously trying to tell me you've never had a check bounce or had any kind of financial emergency?

    I just find that incredibly hard to believe.

    Again, that’s not what I’m saying. I’m saying don’t look to a bank for grace. They honored their end of the deal, now you honor yours.

    I’m 31.
  19. 2019-01-05 at 2:37 AM UTC
    #19
    gadzooks Dark Matter [keratinize my mild-tasting blossoming]
    Originally posted by Ajax Again, that’s not what I’m saying. I’m saying don’t look to a bank for grace. They honored their end of the deal, now you honor yours.

    The thing is, you went beyond that by even remotely implying that a flat $48 fee is anywhere near reasonable.

    I do see what you're saying about it being my responsibility, and, like I said, I am willing to pay a REASONABLE fee for my own negligence and poor planning.

    But not $48. That's just ridiculous.

    Like it's so ridiculous that it reaches the point of being morally dubious.

    Each of those three bill payments were an average of $200.

    48 / 200 = ~1/4 = 25%.

    That is undeniably unreasonable.

    ESPECIALLY considering that I was taking efforts to prevent such a scenario by applying for overdraft protection and applying for a consolidation loan and so on.
  20. 2019-01-05 at 2:39 AM UTC
    #20
    Soyboy III: The Quest for 911 Truth Tuskegee Airman [oppositely expose the hypermetropia]
    "Didn't you read your 105 page contract goy? Subsection 88 on page 14 clearly states that we have the right to levy penalties of positive funds for negative funds as may be decided upon by our head goo."
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