Banks are the Biggest Scammers of All

pennypinch · #1 05-29-2011, 03:16 AM

Ya know, I think banks may just well be the biggest scammers of all. I read a story about a woman who took her three young children to the bank to open up savings accounts. She was trying to teach them to save. She told them that if you save your money it will grow.

They each opened an account linked to hers and deposited their little bit of money.

After several years went by the kids had saved up more money and wanted to deposit them into their accounts. They went to the bank only to find out that none of their accounts existed anymore! One year after they had opened their accounts monthly fees kicked in and little by little their money was gone!

The Mom said she was never notified of any such fees.

On a good note, the mom went to a news station and told her story. After that the bank restored all of the kid's money plus gave them $50 each to help with their savings. Now if she hadn't went public with it they would not have ever done that.

dimetime · #2 05-29-2011, 11:34 PM

I am seriously sick of all this fine print shit. People don't have the time to sit down and read every little bit of information about banks, insurance, investments or anything else.

Why can't people be honest and upfront with what is going to happen and what will or could happen. That would be the better way to go.

I know that I am glad this mother took action and was able to get her children's bank accounts restored, however I think I would turn right around and close those accounts and find another bank that is at least a little more honest with its customers.

I wish I could say find an honest bank, but those seem to be nothing but a myth anymore!!

centsgirl · #3 05-31-2011, 01:23 AM

You really have to read the small print when it comes to banks, they will tell you nothing, but put it in real small print on the papers they have you sign.

dimetime · #4 06-02-2011, 04:23 PM

It isn't just banks either. It is everything you need or want these days. Insurances, investments, banking, credit cards and more. Regardless of what you do these days you have got to TAKE YOUR TIME and read that small fine print to make sure that your not going to end up getting into something over your head and regretting it all later when it is pratically to late to do anything about it.