Peace Out Banks

So a friend of mine got a taste of how benevolent these large banking corporations are to their customers, especially the ones not boasting multi-million dollar accounts. My friend, let’s call him “Allen,” patronized a local restaurant on Friday during his lunch hour, purchasing a meal to the tune of $8.10. Unfortunately for Allen, it was a bit more expensive than that.

You see, the employee at the restaurant accidentally typed in the wrong amount while running the card. When Allen goes to his bank, Chase, to deposit some cash, he discovers to his horror that not only was he charged $8.10, he was also charged $810!

Well, simple enough problem to fix, right? The charges have yet to post and the bank can easily prevent the transaction from doing so, but alas! After quite a heated debate on the phone, Allen discovers that Chase will most certainly not stop the transaction. In fact, Chase representatives informed Allen that it is actually his responsibility to call up the restaurant and have them send a fax reversing to the charge. Even after threatening to close his account if his demands weren’t met, the bank was still unwilling to help him reverse this obviously wrongful charge. The person Allen talked to even had the audacity to hang up on him while he tried to press his case.

Seriously? What kind of bullshit is this anyhow? What’s the point of having a bank, of paying for services, if the bank won’t even help out a customer when an error occurs? Even more so, why does the bank make it the responsibility of the customer to fix the mistake. Truly, the bank is just a middle man sucking away our funds like a parasite, while trying to do as little in the process. Maybe if Allen was a more wealthy customer, the bank would have been more willing to cater to his request, but not a poor man.

Thankfully, the cold shoulder shrug of the corporation was balanced by the warm and quick response of the restaurant owner. The owner actually discovered the error that night and reversed the charge while also responding immediately to Allen’s request to send a fax stating that the transaction was an error, but it still affected Allen’s account and even caused him to overdraft (more money for the bank!).

So let’s run this checklist: horrible customer service practices, ridiclous fees and charges, predatory practices, and a monopolistic mentality. These banks sure seem to be more trouble than they’re worth. Luckily, there is an alternative to having your money stored in a bank, or under your bed mattress.

I’ve been toying with the idea of switching over to a credit union for a few weeks now, and after this incident, I finally applied to join a local one. Allen agrees. Here in Humboldt, we have the Coast Central Credit Union.  In order to join you have to live in Humboldt, Trinity, or Del Norte, or have a family member already in the credit union.

In a nutshell, a credit union is a non-profit, member-owned organization where service takes priority to profit. In fact, profits made by the credit union often go back into the organization to the benefit of its members. Comparing banks and credit unions, unions lend to offer better interest rates, fewer fees and penalties, more human interaction (you don’t go to a call center when you call about a problem), and a greater likelihood of getting loans and mortgages at better rates.

Banks hate credit unions, and ever since their inception in the 1930s, banks have been trying to weaken or destroy them altogether. This is because even a small credit union is competition to a large bank. But unlike a bank, there are requirements to join a credit union depending on which one, anything from living in a ceratin geographical area to attending church services.

Banks have shown themselves to be dishonest, money-grubbing, and dangerous entities that, despite receiving billions of dollars of taxpayer money to bail their stupid asses out after they got burned for being risky, greedy, and reckless, they still show their customers little to no respect. The best way to demonstrate your disgust with our current banking system is to refuse to participate in it any longer. Weight the pros and cons yourself and decide.

Related Stories