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Archive for the ‘Banking’ Category

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Photo credit: NessieNoodle

I got my statement the other night on my car loan. I got the car loan through a local credit union.  To get this loan, I had to open a savings account with a small amount of money. A couple of months ago I notice I had a negative balance on my savings account. Concerned, I called them and they said it was a mistake and they fixed the account.

It happened again, so I called them today. After being put on hold, the customer service representative told me ‘what they would do for me’. They’ll credit my account and then they’ll protect my account from having it withdrawn from with a stoppage.

Oh, goodie. I’m glad that my money will be returned to me for no fee. What a deal. Then again, I’m sure Bank of America can figure a way to make a fee out of that.

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Alan Greenspan releases his memoir today, “The Age of Turbulence: Adventures in a New World” and people seem surprised by some of Mr. Greenspan’s thoughts. The Wall Street Journal reports on the reaction to his book. ag.jpgOne major point in his book that many media outlets picked out is that Greenspan felt that congressional Republicans and the President Bush didn’t heed advice and that the party abandoned its principles.This blog post isn’t meant to be political in nature. The reason this is included is because the actions of the Federal Reserve has an impact on everyone’s personal finance. Wikipedia has general outline of the hierarchy and history of the Reserve. The FAQ of the Fed’s site is very useful. Granted, it’s directed at children, but if you just want a quick explanation of its functions, this is a good resource. Probably the best source of information is howstuffworks.com. The site contains a comprehensive explanation of the system and includes several questions and topics like:

  • Why do we need the Fed?
  • Fed Toolbox: Discount Rates, Open Market, and Reserve Requirements
  • Checks and Balances
  • How does the Fed support itself?
  • Monetary Policy

The book seems like an interesting read, as it includes his perspective on different Presidents and their economic policies.

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Consumerism Commentary picked up on USA Today’s story on Bank of America raising their ATM fees. Being charged $2 is ridiculous, but $3 is outrageous. I’m now glad that we left Bank of America. I don’t take money out of other ATMs, but the principle of charging that much is unacceptable. It’s just another incident in a long string of fee fixation for Bank of America.

Bank of America’s Customer Service:

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Photo Credit: Arthaey

I did a brief survey of other people’ blogs and noticed a trend. Bank of America has managed to mess up people’s accounts and give bad customer service on many occasions.They have no problem charging fees without informing you. Even if your checking account is supposed to have no minimum balance, they still charge you and then add$39 overdrawn fee on top of that.Our personal experience involves them failing to withdraw from the right account and then refusing to acknowledge their mistake. My husband also had some else’s credit card information when he logged on. He reported it, but they him he was mistaken! Some people guy in Massachusetts had his personal information on a stranger’s screen and they didn’t fix it.All this hassle for a low interest rate? I decided to keep my credit union account open for individual expenses and headed over to ING for the joint account. There have been no hassles so far and we already made more in interest than we did at Bank of America for a fraction of the cost. If you want to open account, I can email you a referral and you get$25 when you open an account with $250 or more, bothe savings and checking account. For disclosure purposes, I get $10. If you open it with less, that’s fine too. Get better customer service and 4.5% APY on your savings!Email me at green.panda.treehouse@gmail.com.

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