Truth.
truth from WhitePeopleTwitter
Wednesday 9th of June 2021
Truth.
Social Media Says
After putting the biggest charge first so they can collect those overdraft fees on every additional charge thereafter Ahhhhhh the land of the free. Where it costs money to not have any.
TD did this to me when I was 19. Not only did I not overdraft they kept charging $35 a day until it was -$1000. Finally one day I answered their calls and told them I'm getting a lawyer and they stopped harassing me. Fuck banks.
Cant afford that two dollar coffee? I got you fam. Front you the coffee and you pay me $37 after, deal?
What You Really Think
To be fair, the line between covering an overdraft and it becoming a zero interest loan can get pretty blurry. And loans are how banks make money. If you have $100k in overdrafts out that youre covering for free, hats $100,000 that you dont have to lend out. Source: banker at a community bank where some people would ride the overdraft constantly if allowed. Banks are a business but society doesnt view it that way. We teach our kids it is a place to hold money for you and it causes a sense of betrayal when we are adults. Its just business.
One time I had to move money from my savings to my checking because it went into the negative, but apparently it was one too many times, so there was a fee for it. That fee put my checking back into the negative, and overdraft protection kicked in and moved the money over. Only to get another fee because I had exceeded my monthly transfers. The cycle repeated until they drained my savings. I was a broke college kid, so it was only like $100, but I had to beg friends to sneak me into the cafeteria because I was already on the cheapest meal plan, and was only able to get 12 meals a week. I was left with -$35 in my checking and $2 in my savings.
If only there were a way to make it so if you tried to get money, cash a check, or pay for something with a debit card, that the transaction was just cancelled instead of an overdraft occurring. That technology obviously just doesn't exist.
>"We don't want someone who can't even manage to maintain a positive balance so we are going to charge you until you fuck off to be someone else's problem" -banks, actually.
We learned without the frivolous consumption those businesses fail literally fucking immediately because they have jack fucking shit all in savings, somehow. Like this people are financial fucking gurus but somehow can seem to manage a fucking dime.
And then they turn around and blame the same people who they criticized for frivolous spending for ruining whole sectors of the economy for not buying stuff. It kinda feels like you are are expected to spend money and go into debt, but only on purchases that society deems worthy of the debt, which is a constantly moving bar.
\*bankrupted by medical dept while working full time across two jobs\* Out of touch elites: "just stop buying starbucks you silly billy".
A lot of this also comes from rich people and some poor people having the belief that wealth and poverty is a sign of your character and if you deserve it Many believe if you're wealthy you earned it but also if you're poor which must mean you're literally bad people That's why they do mental gymnastics to justify their own sociopathic behavior.
It's also the fact that most people with money did not earn it. For them, all money management is spending and investing in the right ways.
I broke my back in 2005 in a bad single car accident that was my fault. I wasn't paralyzed (luckily) but I've got a decent amount of pain. Saying all that to say I'm definitely walking 3 blocks.
I get that it's supposed to be "Don't get takeout coffee or food if you have some at home", but sometimes you have to treat yourself to break the monotony. Sometimes ordering a pizza instead of eating the questionable leftovers in your fridge is the difference between a good and bad day (even if it's apparently the only reason we don't all have private jets).
Coffee pot: $30 min. McDonalds coffee: $1. Sure, over a month youre even, but what if you cant swing for $30 in one go off something that isnt food or bills?
While I think this tweet is super disgraceful and disrespectful if its real, have you ever actually gone inside a chase and talked about that? Cause right now if youre under -$5 they dont charge you the $34 fee. Also its $34 because youre using money you dont have and are expecting the bank to cover your losses. Something they do, cause its supposed to help you pay for that car maintenance or whatever e m e r g e n c y. You can easily switch to the chase secure banking about and boom no overdraft fees ever. Youll have to pay a $5 fee (cause chase is a for profit business, idk how people miss that) for the account. Youd know all this if you talk with a banker but most people just like to spread misinformation on Reddit.
> no one is paying for a cab for something that is only 3 blocks. I know several people like this :/ > Second of all, does Chase think food grows in the refrigerator and coffee just manifests itself in a pot when you want it? I think the implication is food is cheaper from grocery stores and not restaurants. Similarly coffee you brew is cheaper than coffee from a coffeeshop.
> Third of all, when your account goes below $0 the bank will charge you a $30 fee for money they already know you don't have. This reminds me of *why* I switched to a Credit Union. I got a consolidation loan through one of them and moved my deposits to the credit union. I left $10 in the megabank account so I could just keep the account open and in good standing? I don't remember why I thought that was a thing... Unbeknownst to me, they had a yearly $12 fee for being a member so I over drafted a few months down the line. This is before online banking was a thing so I had no idea that happened. I also had moved (and gave them my new address) around that same time. It's now been roughly 3 months since I've been over drafted and I had no clue until I got a message from someone who lived at my old place saying that I need to contact the bank, because they have gotten almost 70 pieces of mail the past 3 months. So after calling them I find out that the $2 overdraft fee has now turned into roughly $1750 in fees (I was up to $30/day.) Now, if I couldn't afford the $2 BEFORE what makes you think I have that much NOW? They said they didn't correspond via phone, only mail. And then they acknowledged they had my current address but "oops our system sent it to the old one!" After threatening legal action we settled on me paying the $2 and I just closed the account. Never gave a penny to a big bank since.
> Bank is the largest founder of fossil fuels in the world... I'm trying really hard to understand what you're saying here *very real person Sarah Miller*.
And people still try to bash the entire crypto market. bad comparison but for Twitter standards only thing they know is that crypto = jpegs(NFTs) and lack of GPUs thinking every project is the same thing.
Mostly people who hate them, and jump at the opportunity to put that out there. And bots. Lots of bots.
Always has been. We're in a free market economy, where the rich and brainwashed claim if you want more money you should get a better job. Yet it isn't a real free market, as otherwise there is no company too big to fail.
I mean, a lot of it is just that banks want to keep as little hard currency as possible in their vaults. Stacks of twenties take up space, and require a lot more manpower to disperse to customers. Personally I like to carry cash, but the electronic transfer of funds is more convenient for all involved.
I am sorry, but that is dumb. If you can't keep track of how much money you have or spend that's on you, not on bank.
I also love how some cards will keep letting people overdraft and collect fees. If it was about stopping the behavior (overdrafting) they would just deny the transaction outright to prevent the overdraft. Of course that would mean no fees.
> So while yes they are trying to live one three minimum wage jobs, they are also going out and buying lottery tickets, eating fast food every night, renting from predatory landlords All valid points, but education is just a small component of the problem. Every example you gave has a cyclical relationship to poverty: Lottery tickets: purchasing small hope that they wont have to worry paying bills tomorrow. eating fast food every night: fast food also happens to be the cheapest food you can buy. Saving money by eating at home usually calls for higher upfront cost (i.e. 10$ of ground beef to make a dozen burgers, or $2 for a burger right now) renting from predatory landlords: Inability to afford down payments on actual ownership.
> generational fiscal irresponsibility > because a lot of them didnt know any better > help them to learn how to manage money better. These statements are pretty offensive and naive. Please read a little about the likelihood of moving between economic classes in the US and the psychology of being poor. "Being poor is living a life of self-denial. The poor must deny themselves most trappings of an adult life (their own apartment, framed pictures on the walls, matching dishes); a comfortable life (a newish mattress, a comfy couch, good shoes that arent worn out); a convenient life (your own car, eating out); a self-directed life (a job you care for, leisure time, hobbies, money for babysitters); a life that includes some pleasures (travel, lattes, dessert, fresh cut flowers, wine); a healthy life (fresh fruits and vegetables, health care, time for exercise); etc. They have to actively deny themselves these things every day. And, since most poor people remain poor their whole lives, they must be prepared to deny themselves (and members of their families) these things, perhaps, for the rest of their lives. So when someone sees someone (they think is) poor walking down the street with a brand new pair of Nikes, perhaps what they are seeing is someone who decided (whether out of a moment of weakness or not) to NOT deny themselves at least one thing.".
Many don't realize the avocado toast meme was never about toast, but understand where and how one spends their money. But whenever it comes up, it quickly descends into some version of "boomers just don't understand". I can find some version of this on Reddit at any given time.
Local credit unions are a good place to start! You can look up most of the information on their website (rates, policies, etc). We use multiple because the benefits of some are better. We have our mortgage through a credit union, but a capital one savings because it has a much higher interest rate. You really dont owe anything to a company - so shop around (within reason, and not at the risk of your credit score).
Any local credit Union. Exactly the same features as a bank, but generally community focused. No fees, reciprocal access to ATMS, etc If you want a bank bank, Ally bank just stopped charging overdraft fees permanently.
What you should be asking is what do you want out of a bank account and start from there. Do you want to just park your money and not look at it? Are you trying to have an everyday bank? Things like that.
If you happen to have any family that was/is in the military, see if theyll refer you to Navy Federal Credit Union. Ive had them since 2015 and they are the best fucking bank hands down Ive ever had. All atm fees reimbursed (no matter what atm), overdraft protection, high yield savings accounts and just the best customer service ever. Highly recommend if you can swing it.
Yep, my boss is always harping on living wages and how everything needs to be more affordable. She has been WFH for over a year now and can't believe the amount of money she has in the bank. She now realizes that getting her daily coffee at a coffee shop and eating lunch out everyday are expensive. She also has time to cook a nice dinner at home. For some people, this is not helpful advice because they aren't living like that. For others, this is one way to reevaluate spending. The tone could use some work though...
Do you know what a 2008 Bailout is? TL;DR-The Treasury didn't give companies money. It loaned money with collateral to banks and countries Depending on how you count, the Federal Reserve committed somewhere between $16 trillion and $29 trillion to large financial institutions 2007-2010. * $10.1 Trillion Foreign Central Bank Liquidity Swaps * the US central bank uses its currency to buy the currency of another Foreign country's borrowing central bank at the market exchange rate, and agrees to sell the borrower's currency back at a rate that reflects the interest accrued on the loan. * $9 Trillion in Primary Dealer Credit Facility is lending to banks for Overnight deposits to meet collateral requirements. (Regulation assistance) * $3.8 Trillion from the Term Auction Facility (TAF) was announced on December 12, 2007 and was designed to address elevated pressures in short-term funding markets Collateralized loans with terms of 28 and 84 days to depository institutions that are "in generally sound shape" * Of the 416 unique participants, 92 percent borrowed more than $10 billion. Of the $2,767 billion borrowed by the largest 25 participants, 69 percent ($1,909.3 billion) was borrowed by foreign institutions. * Among more than 4,000 TAF transactions, there were two loans in which the borrower did not have adequate collateral on the day the loan settled. The loans were repaid in full and the Federal Reserve would have had recourse to the borrower had there been a default. * On March 14, 2008 when the Fed Board of Governors voted to authorize the Federal Reserve Bank of New York (FRBNY) to provide a $12.9 billion loan to Bear Stearns through J.P. Morgan Chase against collateral consisting of $13.8 billion. * This bridge loan was repaid on Monday, March 17 with approximately $4 million in interest. * More loans, About 2 trillion in loans all repaid * Quantitative Easing; $1.9 Trillion well-known to monetary policy theory and in practice, most noticeably by the example afforded by the Bank of Japans monetary policy * Mortgage-Backed Securities (MBS) to stabilize the price, as well as to increase the availability for credit for the purchase of houses, **Roughly the 3 biggest made a $5 Trillion Profit** paid to the Treasury of the US ------ **At one Bank it looks like** ----- 10/28/2008 Treasury Purchase of Preferred Bank of America Shares $15,000,000,000 01/09/2009 Treasury Purchase of Preferred Bank of America Shares $10,000,000,000 01/16/2009 Treasury Purchase of Preferred Bank of America Shares $20,000,000,000 05/31/2009 Dividend Income Paid to the Treasury $175,000,000 05/31/2009 Dividend Income Paid to the Treasury $410,416,667 05/31/2009 Dividend Income Paid to the Treasury $528,888,889 08/17/2009 Dividend Income Paid to the Treasury $187,500,000 08/17/2009 Dividend Income Paid to the Treasury $400,000,000 08/17/2009 Dividend Income Paid to the Treasury $125,000,000 09/21/2009 "Termination Fee Bank of America paid this fee to terminate the asset guarantee agreement." $276,000,000 11/16/2009 Dividend Income Paid to the Treasury $125,000,000 11/16/2009 Dividend Income Paid to the Treasury $400,000,000 11/16/2009 Dividend Income Paid to the Treasury $187,500,000 12/09/2009 Bank of America RePurchase of Shares from Treasury $25,000,000,000 12/09/2009 Bank of America RePurchase of Shares from Treasury $20,000,000,000 12/09/2009 Dividend Income Paid to the Treasury $33,333,333 12/09/2009 Dividend Income Paid to the Treasury $50,000,000 12/09/2009 Dividend Income Paid to the Treasury $106,666,667 03/03/2010 Bank of America RePurchase of Shares from Treasury $183,547,824 03/03/2010 Bank of America RePurchase of Shares from Treasury $1,255,639,099 03/03/2010 Bank of America RePurchase of Shares from Treasury $122,365,216 or In 2008 and 2009 Chrysler and GM received $61.9 Billion Loans from the Treasury and in 2010 through 2014 repaid $49.5 Billion * At the end of December 2008, Treasury purchased $21 billion of senior preferred equity in GM with an 8% annual distribution through the Automotive Industry Financing Program * On June 1, 2009, GM filed for Chapter 11 bankruptcy protection. The U.S. government agreed to provide the company $30.1 billion more. In exchange, the U.S. received a 60.8 percent stake in the company when it emerged from bankruptcy protection about a month later. * ^The ^remainder ^of ^GM's ^equity ^stake ^was ^divided ^between ^the ^Canada ^and ^Ontario ^governments ^11.7 ^percent, ^the ^UAW ^retiree ^trust ^17.5 ^percent, ^and ^bondholders ^and ^other ^creditors ^10 ^percent. * In the Middle of December 2008, Treasury provided $4 Billion to Chrysler Holding LLC (Chrysler) under the Automotive Industry Financing Program. The loan is secured by various collateral, including parts inventory, real estate, and certain equity interests held by Chrysler. * On April 30, 2009, Chrysler filed for Chapter 11 bankruptcy protection. As part of the restructuring of the company, the Treasury Department agreed to lend Chrysler $6.6 billion more and take an 8 percent stake in the company. Most of the losses was due to Treasury selling the ownership stake in GM to soon. Could have been near Profit if those shares had been held for a few more years. * The U.S. sold its last shares in the company in December 2013, while Ontario sold its final stake in GM, 36.7 million shares, in February 2014. The Canadian federal government sold its nearly 73.4 million shares of General Motors Co. stock in April 2015. * The Canadian federal government providing $7.2 billion Canadian and will end up getting back $6.4 billion in Canadian dollars of its support to GM * Unfortunately, it was Ontario that got the worst deal. The province contributed $3.62-billion but announced hours after the markets closed Wednesday, is expected to reap $1.1-billion in selling its holding plus smaller previous loan payments **or All the Banks** ----- The Banking Bailout While the Treasury has paid out $441 billion to 978 recipients, only 780 of those received funds via investments meant to return money to taxpayers. * The rest received subsidies through TARPs housing programs that money (so far totaling $29.1 billion) isnt coming back. Of the 780 investments made by the Treasury, 633 have resulted in a profit. Another $200 Billion was used for Fannie and Freddie nationalizing a Bank Altogether, accounting for both the TARP and the Fannie and Freddie bailout, $627B was loaned out ---- One of the big overlooked things about the housing bust and bailouts were the local banks. Non big banks requested $86.4 billion * Local (Community First Bancshares, First Citizens Banc Corp, First Financial Service Corp...) and * Regional banks (like PNC Financial Services, U.S. Bancorp, SunTrust, Regions Financial Corp. Fifth Third Bancorp and BB&T) Of the non big banks, $79.9 billion was repaid, a loss of $6 Billion Such as the smallest East End Baptist Tabernacle Federal Credit Union BRIDGEPORT, CONN $7,000 Bailout $7,000 Returned on 10/1/2018 $1,120 Interest Payments through 10/2018 But 245 Banks never repaid their original amount, mostly we're talking about either > Glasgow Savings Bank, Glasgow, MO, the banking subsidiary of Gregg Bancshares, Inc. , was closed by the Missouri Division of Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. 825K Bailout never repaid or the average > Old Second Bancorp AURORA, ILL still operating today $73M Bailout received $25.5M Returned in Settlement in 2013 $5.88M Interest payments in 2009 - 2010 $47.5M Net Outstanding Principle written off Including the Loses of Small and Mid Size Banks that closed **As of today, the government has realized a $121 Billion profit on the Bank Bailout**.
But one is 1) hypocritical and 2) cost average tax payers billions of dollars... Which is worse than pot meet kettle.
Just start your own bank, right? That'll give you some choices in a market dominated by huge megabanks that keep buying up the competition.
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Lets say on Friday at 6pm you have exactly $100 in your account. Now lets say over the course of the weekend you had 5 transactions. They were $1, $1, $1, $1, and $100, in that exact order. Come Monday morning you would expect to have a single $35 overdraft fee right? WRONG. They will charge the $100 first, then hit you with four separate $35 overdraft fees. Instead of having a negative $39 balance now you have negative $144 and that's the real scam.
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