JOHN WASIK: Banks revert to bad habits | APP.com | Asbury Park Press

by Melanie on 27/07/09 at 5:55 pm

“Fees on credit cards and bank accounts will continue to rise as banks try to recoup their losses and shift their risk to you through obnoxious overdraft fees, higher finance rates and lower credit limits.” – John Wasik

JOHN WASIK: Banks revert to bad habits | APP.com | Asbury Park Press.

The banks and financiers caused the meltdown, now we have to take it in the shorts. Here’s the deal: I didn’t get a stupid, balloon mortgage. I knew I couldn’t afford it and it was a dumb idea in the first place. I pay my bills on time and I always have, going back 30 years. It’s unethical for banks like BofA to come after me in a deceptive manner to try to squeeze money out of me, by sudden overdraft fees and rate hikes, limiting credit even though I have an excellent credit rating, and, the latest—blocking my line of credit with absolutely no warning even though I’ve never missed a payment and I was paying off $300 additional principal every month. My payback: No more Ms. Nice Guy. No more paying it off early by giving them cash every month. They will get nothing but the minimum, which they can’t change because an equity loan is like a mortgage—it’s a contract and it’s tied to prime.

There’s something really wrong with a culture that puts up with this crap. Just sayin’ …

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Nevada Writer