Shake Yer Money Maker - Just Don’t Take it to the Bank

by Lisa Donovan

So, pardon me while I rant for a moment or two. I have to say that, as two struggling artists who don’t come by money very easily, my husband and I don’t appreciate it being taken from us for something that we didn’t buy or consume. For some reason a certain bank, a bank that claims to be the bank of our country (hint hint), seems to think that our money (and, quite seemingly, the money of everyone else we know that banks with them) is theirs for the taking and/or juggling. I don’t know anyone, maybe except my neighbor who is the granddaughter of Hank Williams, who doesn’t work their tail off for the money they put in the bank. So, my confusion lies in the fact that all these people seem to be fighting tooth and nail to keep it from being bamboozled from them in the form of “late fees” and overdraft fees that were induced because said bank decided that the would hold a deposit for 10 (10!!) business days. They come up with “new policies” all the time - the newest one is this hold that they put on any deposit you make. The funny (hilarious!) thing is that for some reason the money from the deposit won’t be credited to your account for the ten days but it still manages to be taken from the account which the check was written from. Example: My mom wrote me a very sweet and surprising card with a check in it. I deposited the check and, as expected, they put a hold on it. However, the money was gone from my mom’s account the next day. I couldn’t get them to credit it to my account for several days afterward. So, where does the money live during those six or seven days? It couldn’t be gaining interest for this institution that promised to treat me like an individual and protect my financial well being, now could it? Humph. At the risk of sounding like a conspiracy theorist - I feel like there is something fishy about most of their policies.

So, I am off to join a credit union. At the advice of my aunt (who has worked for them for the last twenty years) I think I can find what I am looking for there. They are very co-op-centric and don’t have surprise fees to make the company money. I am just learning about this whole money managment thing, so hit me with whatever adivice you may have to give.

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This entry was posted on Thursday, March 23rd, 2006 at 12:54 am and is filed under Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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