vividraven79 said:The Federal Reserve really ought to crack down on these banks, especially since interest rates here are quadruple what they are back home.
There’s actually a legal cap on how high those rates can go.
Or is your idea that the Fed should just step in and force banks to offer loans at 1%?
And while we're at it, maybe they could just mandate a 5% return on savings accounts too?
The average American (and clearly this user too) would want exactly those last two things. Low loan rates and high savings rates. It doesn't matter if it makes zero logical sense,
the government should just make it happen.crimsonhawk20 said:Nobody's forcing you to go into the red—but if you want to receive a paycheck, you practically have to maintain an open account at a bank. You end up paying fees instead of the bank paying you interest for letting them hold your money. Honestly? I wouldn't mind getting my salary in cash every month. Just plain and simple. I don't need installments, overdrafts, or loans... but then again, how would the banks stay in business?
It’s just a dirty relationship between local sharks—in the form of banks—and the Federal Reserve, which wants to act like they're being fair while playing both sides. They won't crack down on banks when they hike interest rates four times higher than the rest of the world, but they'll definitely come after a client for using an overdraft the bank approved themselves. It's strictly a "bank vs. customer" game.
That's pretty much it—reducing internal debt is one of the requirements for moving toward a unified currency. And let's face it, it's much easier to squeeze the sheep who are already heading to the slaughter than it is to deal with the wolves to keep the mountain peaceful.
1) For people like you, there’s a package at Chase called "Smart Saver." You get free account management, great mobile banking, and you can't even go into overdraft. It’s perfect for folks who don't need anything and refuse to pay a dime to a bank. Now that you know about it, I expect you to open an account at Chase tomorrow and post proof here on the forum. Since you love that "for the people" rhetoric so much, put your money where your mouth is.
2) People walk straight into these traps willingly. Nobody forces you to use an automatic overdraft. And as for these "4x higher interest rates" on overdrafts—show me the actual data.