View Poll Results: Do you trust banks

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    9 25.00%
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    17 47.22%
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Thread: Do You Trust Banks?

  1. #31
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    Re: Do You Trust Banks?

    Quote Originally Posted by Dav View Post
    That's kind of an odd question.

    Do you trust restaurants?
    Do you trust stores?
    Do you trust companies?
    etc.

    It should depend on the bank. To say that you trust or distrust all banks as a rule makes no sense.
    Restaurants? Not since I heard that fecal matter has been found in a lot of soft drink dispensers.

    Buyer beware!

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    Re: Do You Trust Banks?

    Quote Originally Posted by Ikari View Post
    This one is interesting, I have a buddy who doesn't trust restaurants. If he orders something and it's not what he wanted, he sends it back but declines to have them remake it. He claims they'll spit in his food since they'll take offense to him having sent it back. I don't particularly trust restaurants either, I'm sure I've eaten things I probably shouldn't have...especially from McDonalds and crap places like that.
    The sickest I ever got was from food poisoning I got at a very high end restaurant.

  3. #33
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    Re: Do You Trust Banks?


  4. #34
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    Re: Do You Trust Banks?

    Quote Originally Posted by LiberalAvenger View Post
    Restaurants? Not since I heard that fecal matter has been found in a lot of soft drink dispensers.

    Buyer beware!
    How does that even happen? Someone in the kitchen couldn't make it to the restroom, and decided to go in there instead?
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  5. #35
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    Re: Do You Trust Banks?

    Quote Originally Posted by LiberalAvenger View Post
    That was wise of you. Local banks and credit unions are the bomb.
    Credit unions are great if you live in a small town where you can walk/drive to the local union to hit the ATM. In NY, that's not exactly plausible. I use big banks because they have branches every 6 blocks and ATMs every 3.

    As to the main question: Yes, I do trust banks. If you're a vigilant consumer, they don't screw you any more than other industries do. If you:

    1) Pay off your CC bills early every month, and
    2) Don't write checks that you don't know that you can cover

    then I don't see what the problem is. I've had accounts with ING, Citibank, and Wamu/Chase for 7-8 years now and have paid probably $100 in fees through that entire time.

    Another thing that often goes unnoticed is how much the banks trust us. Citibank has given me an ungodly amount of money in student loans that allowed me to get an education that I could not have otherwise afforded. No local credit union is going to write checks for students. For that alone, I'm very appreciative of the big banking industry.
    Last edited by RightinNYC; 01-13-10 at 12:47 AM.
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  6. #36
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    Re: Do You Trust Banks?

    Quote Originally Posted by RightinNYC View Post
    Credit unions are great if you live in a small town where you can walk/drive to the local union to hit the ATM. In NY, that's not exactly plausible. I use big banks because they have branches every 6 blocks and ATMs every 3.

    As to the main question: Yes, I do trust banks. If you're a vigilant consumer, they don't screw you any more than other industries do. If you:

    1) Pay off your CC bills early every month, and
    2) Don't write checks that you don't know that you can cover

    then I don't see what the problem is. I've had accounts with ING, Citibank, and Wamu/Chase for 7-8 years now and have paid probably $100 in fees through that entire time.
    It's not as much of a problem for upper-middle class people who can afford to carry a balance, but the banks do a lot of sneaky things to people who live paycheck to paycheck. For example, say you have $100 in your account, and your employer deposits a $2,000 paycheck into your account on payday. Since you know that it's payday, you figure that it's OK to make some purchases. You write a check for $30 and a check for $150.

    When the bank balances the accounts at the end of the day, they'll process your withdrawals BEFORE they process your deposit so that you get hit with overdraft fees...regardless of which transactions were actually made first. And not only that, but they'll process your BIGGEST withdrawal first (the $150 check) so that you get hit with fees for BOTH checks.

    There's really no reason for them to do this OTHER than to screw the consumers out of more money.

    Quote Originally Posted by RightinNYC
    Another thing that often goes unnoticed is how much the banks trust us. Citibank has given me an ungodly amount of money in student loans that allowed me to get an education that I could not have otherwise afforded. No local credit union is going to write checks for students. For that alone, I'm very appreciative of the big banking industry.
    This is true. When I finished grad school I was about $150K in debt, despite having no collateral and (for the most part) no co-signer. However, I'm sure the bank didn't do it out of the goodness of their heart. They know that most college grads are a good credit risk, and that student loans are generally non-bankruptable.
    Last edited by Kandahar; 01-13-10 at 01:03 AM.
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  7. #37
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    Re: Do You Trust Banks?

    Sterling Savings, and probably every other bank, has a bankline number where I can check my balance at anytime. I have the number in my cell, it's easy as pie.

    I can't believe that tech savvy young people, with student loans and iPhones, can't keep track of funds available.

  8. #38
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    Re: Do You Trust Banks?

    Quote Originally Posted by Kandahar View Post
    It's not as much of a problem for upper-middle class people who can afford to carry a balance, but the banks do a lot of sneaky things to people who live paycheck to paycheck. For example, say you have $100 in your account, and your employer deposits a $2,000 paycheck into your account on payday. Since you know that it's payday, you figure that it's OK to make some purchases. You write a check for $30 and a check for $150.

    When the bank balances the accounts at the end of the day, they'll process your withdrawals BEFORE they process your deposit so that you get hit with overdraft fees...regardless of which transactions were actually made first. And not only that, but they'll process your BIGGEST withdrawal first (the $150 check) so that you get hit with fees for BOTH checks.

    There's really no reason for them to do this OTHER than to screw the consumers out of more money.
    The first time this happens, you go to the branch and complain. Every bank that I've ever dealt with had a policy of waiving one overdraft fee per year. After that, with your lesson learned, you wait one day to write your checks in the future.

    While you're right that it's more difficult for people who are living paycheck to paycheck, I don't think it's impossible to follow.

    This is true. When I finished grad school I was about $150K in debt, despite having no collateral and (for the most part) no co-signer. However, I'm sure the bank didn't do it out of the goodness of their heart. They know that most college grads are a good credit risk, and that student loans are generally non-bankruptable.
    Agreed, but it's still an incredibly important service.
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  9. #39
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    Re: Do You Trust Banks?

    No more than federally protected and less than any other institution staffed by people?

  10. #40
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    Re: Do You Trust Banks?

    Something especially important to look out for, that banks often get blamed.

    Businesses that do double charges, I got reminded of this about 3 or 4 months ago but some businesses double charge your debit accounts to make sure they get their money when you buy stuff.

    This specifically happens when you pay at the gas pump or when you purchase high dollar items.

    I bought a $800 computer and the company double charged me to make sure I had the funds, the bank would of processed it and note it to my account if they didn't know me.

    The staff at the bank, which was a part of one of the larger bank, didn't process it because they knew it would have put my account into the negative.

    Large banks aren't always bad and not always good, it's important to get to know the people that run the local branch you go to.
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