Illinois Teen Learns About Bank Fees the Hard Way

Started by garbon, December 13, 2011, 12:31:00 PM

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Admiral Yi

#15
December 13, 2011, 01:35:46 PM
Until this thread I had never heard anyone bitch about a minimum balance fee.

Caliga

#16
December 13, 2011, 01:57:19 PM
Suggestion : try being less poor.  :)
0 Ed Anger Disapproval Points

mongers

#17
December 13, 2011, 02:02:21 PM
Quote from: Caliga on December 13, 2011, 01:57:19 PM
Suggestion : try being less poor.  :)

He's a teenager just starting out in adult life, how could he not be of modest means ? 

Unless of course you're championing people from wealthy backgrounds as being the right and proper order of things ?
"We have it in our power to begin the world over again"

Valmy

#18
December 13, 2011, 02:05:52 PM
Quote from: Caliga on December 13, 2011, 01:57:19 PM
Suggestion : try being less poor.  :)

Fee breaks for the rich! :P
Quote"This is a Russian warship. I propose you lay down arms and surrender to avoid bloodshed & unnecessary victims. Otherwise, you'll be bombed."

Zmiinyi defenders: "Russian warship, go fuck yourself."

Valmy

#19
December 13, 2011, 02:08:09 PM
Quote from: Admiral Yi on December 13, 2011, 01:35:46 PM
Until this thread I had never heard anyone bitch about a minimum balance fee.

Ok I guess I am the only person in the country who doesn't love bean counting and having my money taken from me without my knowledge. :rolleyes:  Seriously dude what is wrong with you?  You honestly have no idea where I am coming from here?

But as garbon said the kid did learn a lesson here.
Quote"This is a Russian warship. I propose you lay down arms and surrender to avoid bloodshed & unnecessary victims. Otherwise, you'll be bombed."

Zmiinyi defenders: "Russian warship, go fuck yourself."

garbon

#20
December 13, 2011, 02:08:30 PM
Quote from: mongers on December 13, 2011, 02:02:21 PM
Unless of course you're championing people from wealthy backgrounds as being the right and proper order of things ?

Hmm...
"I've never been quite sure what the point of a eunuch is, if truth be told. It seems to me they're only men with the useful bits cut off."
I drank because I wanted to drown my sorrows, but now the damned things have learned to swim.

Admiral Yi

#21
December 13, 2011, 02:09:59 PM
Quote from: Valmy on December 13, 2011, 02:08:09 PM
Ok I guess I am the only person in the country who loves bean counting and having my money taken from me without my knowledge. :rolleyes:

But as garbon said the kid did learn a lesson here.

Jesus Christ.  How many beans do you have to count to open a bank brochure and find out the minimum balance requirement?

Ideologue

#22
December 13, 2011, 02:10:42 PM
Quote from: Caliga on December 13, 2011, 01:57:19 PM
Suggestion : try being less poor.  :)

Tried.  Didn't take.
Kinemalogue
Current reviews: The 'Burbs (9/10); Gremlins 2: The New Batch (9/10); John Wick: Chapter 2 (9/10); A Cure For Wellness (4/10)

mongers

#23
December 13, 2011, 02:12:25 PM
Quote from: Valmy on December 13, 2011, 02:05:52 PM
Quote from: Caliga on December 13, 2011, 01:57:19 PM
Suggestion : try being less poor.  :)

Fee breaks for the rich! :P

:yes:

What's I find dispiriting is, despite the rhetoric, that both the US and the UK have surprisingly poor social mobility by many measures.
"We have it in our power to begin the world over again"

Neil

#24
December 13, 2011, 02:15:11 PM
It's a bank.  Of course it's your enemy.
I do not hate you, nor do I love you, but you are made out of atoms which I can use for something else.

Valmy

#25
December 13, 2011, 02:15:25 PM
Quote from: Admiral Yi on December 13, 2011, 02:09:59 PM
Jesus Christ.  How many beans do you have to count to open a bank brochure and find out the minimum balance requirement?

If that was the only little detail you had to manage in your life I would agree.  Of course there are terms and conditions and details to manage in tons of areas in every person's life so yes you have to be quite a bean counter to know the precise terms and conditions of everything you are involved in.  But even if you are aware there is a minimum balance you are supposed to just know they are going to fine you hundreds for it?  How does that make logical sense?  I would presume they would just take my money and close the account.
Quote"This is a Russian warship. I propose you lay down arms and surrender to avoid bloodshed & unnecessary victims. Otherwise, you'll be bombed."

Zmiinyi defenders: "Russian warship, go fuck yourself."

Admiral Yi

#26
December 13, 2011, 02:29:13 PM
Quote from: Valmy on December 13, 2011, 02:15:25 PM
If that was the only little detail you had to manage in your life I would agree.  Of course there are terms and conditions and details to manage in tons of areas in every person's life so yes you have to be quite a bean counter to know the precise terms and conditions of everything you are involved in.  But even if you are aware there is a minimum balance you are supposed to just know they are going to fine you hundreds for it?  How does that make logical sense?  I would presume they would just take my money and close the account.

No, you're not supposed to just know they are going to fine you hundreds for it.

You are supposed to know the minimum balance requirement and the monthly fee if you don't maintain the minimum.  You're supposed to know that if your balance gets below zero bad things will happen.  IF you think your balance might get below zero you're supposed to find out exactly how bad those things are.

derspiess

#27
December 13, 2011, 03:36:39 PM
Quote from: Valmy on December 13, 2011, 02:15:25 PM
I would presume they would just take my money and close the account.

Bad presumption.  Particularly if you've been handed a fee disclosure that spells it all out.  And the kid was 18-- it's not as if he had checking, mortgage, escrow, insurance, and other accounts to keep track of.  Sounds like he just had a savings account.

Most culpable person in this case is his mom.  Parents usually get first shot at teaching personal finance to their kids.  She dropped the ball in a big way, and if I were her I'd be too embarrassed to talk to anyone about it, let alone ask the newspaper to publish an article about it.

I don't know anything about this particular bank, but I'd be surprised if the new accounts person didn't emphatically point out the minimum balance and charges on the disclosure when he/she opened his account.  Any time I've opened an account at a bank, they practically beat me over the head with it.
"If you can play a guitar and harmonica at the same time, like Bob Dylan or Neil Young, you're a genius. But make that extra bit of effort and strap some cymbals to your knees, suddenly people want to get the hell away from you."  --Rich Hall

fhdz

#28
December 13, 2011, 03:41:21 PM
Yeah, I've got to add my voice to the "he learned the hard lesson of growing up - you have to pay attention to your finances" crowd.
and the horse you rode in on

mongers

#29
December 13, 2011, 04:13:33 PM Last Edit: December 13, 2011, 04:17:57 PM by mongers
Quote from: fahdiz on December 13, 2011, 03:41:21 PM
Yeah, I've got to add my voice to the "he learned the hard lesson of growing up - you have to pay attention to your finances" crowd.

Kind of a weird society were the base assumption is you have to be prepared for everyone and every institution will try and rip you off.

Wouldn't a better life lesson for the teenager be, if you act responsibly, try and save money, the society will reward you with the ability to make financial gains and help in your transition to a productive adult member of society ?

It might be easier if these particular banks were subject to regulations, banning this sort of 'daylight robbery' and in return they're allowed to make profits from their customers in more 'legitimate' or socially useful ways ? 
"We have it in our power to begin the world over again"
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