The most vile 4 letter word
The most vile four letter word is bank. Now not all banks are bad. I used to work at a small bank. We knew many of our customers by name and tried hard to give them good service.
I also currently http://usaa.com and they are the best bank I ever used, low fees, low rates and excellent customer service.
But unfortunately, these kind of banks are getting harder to find. I will share my experience with the worst bank I know of. I am talking about JP Morgan Chase.
I had a credit card with Chase. I scheduled a payment online drawn from my USAA checking account. I made a stupid math error and had not transferred sufficient funds into my checking account. I was off by $10. The payment bounced. Chase charged me $50 for insufficient funds and USAA charged me $20. I transferred the right amount of funds and resubmitted the payment.
I wrote both Chase and USAA and explained I had made a math error and requested the charges be reversed. USAA was more than happy to oblige, but Chase adamantly refused. Not only did they refuse they raised the interest rate on the card to 29% eventhough the rescheduled payment was received by them before the due date.
We give them billions in tax payer money and they thank us by trying to squeeze every penny they can out of us. 29% when the fed funds rate is 0 What ever happened to anti-usury laws in the US? I also read that Chase advised people who were having trouble with their mortgages to stop paying so they could qualify for a loan modification. People followed their instructions. Chase foreclosed on their homes. Similiar horror stories can be told about most of the big banks. We bail them out, they gouge us.
The truth of the matter is this. Most of the big banks no longer think of us as customers to be serviced but profit centers to be exploited. That is why bank is the most vile four letter word. If you’re looking for a. Bank, I recommend choosing a small bank, credit union or savings and loan. You are more likely to be treated as a human being and not just a source of profits.