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Old 03-08-2014, 08:29 PM   #11 (permalink)
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Quote:
Originally Posted by Cobb View Post
I worked for a bank and never understood how when you screw up its the banks fault.
Interest on $37 was 65 cents.
Interest on the whole amount payable was $77.65, which I was prepared to pay.

To be charged $153 is the act of a blood sucking leach ... or a greedy bank ... it's often hard to tell the difference between the two.

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Old 03-08-2014, 09:34 PM   #12 (permalink)
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I emend my original statement to, "Don't be negligent, and always read the fine print." Those two go together; don't neglect periodically checking that your address is up to date and correct and then blame the bank for not contacting you at your address; don't pay a credit card balance in part and then be surprised when you are charged interest on the remaining balance and applicable fees which you agreed to in the fine print when you applied for credit (my dad did exactly this a few years ago and canceled the card afterward; I didn't have the heart to tell him that his new bank, like every bank, had the same policy). If you aren't ready to swim with sharks, don't jump in the water.
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Old 03-08-2014, 09:50 PM   #13 (permalink)
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Cancelling a credit card that you've had for a few years, especially if it's your oldest card is bad for your credit score. They average how long you've had how many cards you have, the older the better. Learned that the hard way.
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Old 03-09-2014, 03:31 AM   #14 (permalink)
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Quote:
Originally Posted by sheepdog 44 View Post
Cancelling a credit card that you've had for a few years, especially if it's your oldest card is bad for your credit score. They average how long you've had how many cards you have, the older the better. Learned that the hard way.
I read that! When I graduated from college in 2,007, I did not have any idea where I would work, and it was seventeen months before I found anything stable, by joining the Army. I struggled to pay my credit cards that entire time, and largely lost. I was excited when I started work as a substitute teacher, not having any idea that I would prefer going to war, but I opened a checking account with a credit union that was actually supposed to pay me interest! Then I was supposed to get a great deal with a credit card and I had balance transfers set up and everything! My life was turning around!

Except, I never received the credit card, so I could not activate it, therefore, the balances were never transferred. However, through some form of dark magic, my brand-new credit card showed the transfer anyway. Yay! My credit card debt doubled overnight! I was able to point out that it did not go through and drop the $6,000 balance, but they insisted that I needed to pay the interest on a credit card that I never had. I did not realize that the transfer did not go through until after their respective payments were due, so I was hit with late payment fines, which caused over-limit fees.

I loved that. "Oh, you can't pay your bill? I understand. Late fee! Over-limit fee! But wait! There's more! As a bonus, we are also raising your interest rate!" I remember calling and trying to get them to work with me. They just insisted that I needed to pay the bill. When I decided to end the call, I was told that they were putting in my record that I refused to pay my bill. I since heard that if you cannot pay the full amount, just make sure to pay something. Then they cannot fine you for missing a payment. Is there any truth to that?

When they joined the Army, they were offering bonuses, so I chose the job with the largest bonus. I could have had another eighteen thousand, but I would have needed to commit to another two years--I still would have been out there somewhere. When my first bonus installment came I paid off my credit cards. I did not get another one for a year or two because I could not rent a car when I was home on leave. It is basically a pre-paid. I gave them $500 and they gave me a card. I think that it is weird they charge me interest for using my own money, but I just make sure to use my checking account instead. I could totally raise my interest rate anytime and along with average age of your accounts, your debt-to-limit ratio also counts. However, I feel that I need to see if I can convert the account to a real credit card. Even if they do not give me a higher limit, at least I would have my money back!
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Old 03-09-2014, 07:01 AM   #15 (permalink)
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Ecomodder is my second home; Slickdeals is my first. Fatwallet is also a good resource for saving money and learning how to invest.

Quote:
Originally Posted by Vman455 View Post
You're on the right track with making a budget and accounting for all income and expenditures, and I am amazed at the number of people I know who don't do this.
Good advice for most but...

I don't budget, and I don't make tons of money. When you spend as little as possible, budgets aren't necessary. Somehow I developed a personality that dislikes spending money, and especially finding out I could have paid less for something.

Disciplining yourself to take pleasure in delayed gratification pays dividends.

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This is why we need to block all monopolies, something our government has allowed to happen too much lately.
In most cases, that would result in an increase in the price of goods and services. As slimy as big business is, they do deliver what the customer wants at lower prices.
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Old 03-09-2014, 08:11 AM   #16 (permalink)
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Quote:
Originally Posted by Vman455 View Post
don't neglect periodically checking that your address is up to date and correct and then blame the bank for not contacting you at your address; .
Guess they don't know how to use the phone. But I do agree the account was being neglected by the owner.
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Old 03-09-2014, 09:09 AM   #17 (permalink)
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Quote:
Originally Posted by redpoint5 View Post
I don't budget, and I don't make tons of money. When you spend as little as possible, budgets aren't necessary. Somehow I developed a personality that dislikes spending money, and especially finding out I could have paid less for something.

Disciplining yourself to take pleasure in delayed gratification pays dividends.
This is why I don't go outside anymore.

There is too much potential for massive savings by buying on eBay instead of at retail stores.

The only problem is now I'm kinda-sorta impulse buying on eBay, but at least I do some kind of thinking and research before I pull the trigger, instead of taking home some incompatible or incorrect part and then having to do multiple trips back to the store to find out that they haven't got the right part anyway, I've replaced it with waiting 2-3 weeks for the part to arrive on the long boat from china, then getting bored with the original intention of the project and the use for the part.

But at least I'm saving tons of money!

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Old 03-09-2014, 03:54 PM   #18 (permalink)
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Two sides of the monetary coin:

+ Frugality is good ('consumer' motto).

- Greed is good ('Wall Street' motto)
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Old 03-09-2014, 09:04 PM   #19 (permalink)
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Ecomodder is my second home; Slickdeals is my first. Fatwallet is also a good resource for saving money and learning how to invest.
I enjoy the community here. I have seen some great bargains on Slickdeals, but that just resulted in me spending money that I did not need to, like $4 on an electric yard blower!

I am not sure how helpful I ever am here, but this site is more useful to me, even though I never actually ecomod!
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Old 03-09-2014, 09:58 PM   #20 (permalink)
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Working at the bank I did was a fustercluck. You are never in the right and you can always do better. The person you spoke too should of clarified if you wanted a pay off and given a payoff quote vs the current balance or last statement balance.

Now if this was your first fee and wanted a curiosity refund Id given it to you. Over the 5 years I was on the phone the fee refund policy changed weekly. One time it was at our will, then you had to ask as we couldnt volunteer to refund, then we had to check your refund history to see if a previous was issued, then we had to do retension and refund the fee only if you kept the account open.

They tell us to think of the 3 legged stool, the customer, the stock holder and the co worker. Are you being fair to all 3 in your decision? We had share holders call up and test us in regards to security questions and for fee refunds/free checks when it wasnt warrened. I had a customer clal about an atm fee and I denied a refund.He in turn thanked me as he said he was a share holder and wanted to make sure we werent gving away the bank.

Quote:
Originally Posted by D.O.G. View Post
Interest on $37 was 65 cents.
Interest on the whole amount payable was $77.65, which I was prepared to pay.

To be charged $153 is the act of a blood sucking leach ... or a greedy bank ... it's often hard to tell the difference between the two.

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