It happens to the best of us.
- As your teenager learns and enjoys the banking system convenience of debit cards, you’re being trained the hard way by suffering the consequences. You grumble and pay the $36 overdraft fee that resulted from a $5 smoothie. Although you may be able to afford this irritation, your teen is being prepped for an avalanche.
- You log into your account and gasp at the $50 remaining. No need to panic since you have a deposit ready first thing A.M. The problem is you forgot about that one debit of $53 due the next day that magically went out before your deposit went in. Angrily you throw a mini fit but pay that $36 that you worked so hard for. Your heart’s pounding but you’re still breathing, not realizing you are part of the avalanche. And finally the saddest scenario:
- Like many you lost your job and your house is on the verge of foreclosure. You’ve sold and purged what you didn’t need to earn a few peanuts on the side to help pay for your families basic necessitates. The banks were at one time throwing money at you, begging you to borrow. You did and now you are on your hands and knees begging the banks not to steal what they told you to buy with the proceeds from the avalanche you are now buried in.
Although new rules are being imposed on banks to stop many of these outrageous fees, new rules are being born from banks to counteract or reenact the same hierarchy. It’s a fee for all and doesn’t appear to be ending anytime soon.
What started all this mess in the first place may be old news to some benefactors. That stinging sensation is waning as some refill their pockets from the benefits of the same needle that claim to keep us all up and running thanks to their generosity.
Think stocks. Think Euro. Think monetary trust garbage dumps with proceeds from the fumes….But to most where the poison is still spreading. We think not.
The sure and with out fail best way to stop bank charges is keep twice the amount of money in the bank that goes out.
One bank lender suggested.
Oh wait. What money?
What started the avalanche? Was it the housing market crash? The systematic bank bust?
Harvey Miller, bankruptcy attorney for Wall Street and others lay much of the blame it on the Lehman bankruptcy and Merrill Lynch merger, calling it catastrophic.
“A financial Armageddon will occur if Lehman is put into bankruptcy.”
So did the official day of this Armageddon start on the day that the deed was signed?
If the Biblical Armageddon promises to bring about positive change then shouldn’t we see some positive results from the financial one? Obviously that wasn’t the day then.
Here are a few websites with some good pointers if you don’t like the idea suggested at the bottom that could start a real financial Armageddon clearing house:
Money girl solution
Another bankrate way to avoid fees
Governmental public law
F.Y.B.F= Could be an official day of change if everyone just withdrew their money and closed their accounts and reopened them in smaller local banks that don’t charge death blow fees. Pin a black ribbon to your lapel like the breast cancer ones. Every first Monday of the month from now until 12/12/12 walk into the bank that carries the biggest weapons and say, “Hello I’m advocating my right to say F.Y.B.F and close my account.”
It’s as Simple as that.
“‘Free. Your. Bank. Fees”
Next and on a lighter note: “Décor and entertaining. Motivated by seasons. Part One”