Bullshit profits.

Most of you know that I hate most large corporations, and how it's really hard to avoid them.

I ran into another example today.   My bank, which is a brand name bank, (at least here in Canada) has found a way to pull value out of their asses.... and I'm sure someone was paid very well to do the yanking.

I went to the bank to deposit a HST check, only to find out that I'm nearly $20 over drawn.  I haven't had a job in a while, so I haven't had money.

They charged me $8.00 something to maintain an empty and mostly unused account.  I knew this when I opened my account.    But that's not even the kicker....

Apparently when I use an ATM my bank charges an additional $1.50 on every transaction, on top of the $1.50 the ATM rightfully charges. When I asked if switching to a savings account would help,  the lady quietly said "no, it'll make it worse".  Awesome.
I say the ATM rightfully charges, because that's the only way they make their money... which they have to do to be an automatic teller machine business.... but the banks...

I know for a fact that it does not cost my bank remotely close to $1.50 to make these transactions.    I would like to know how they come up with these numbers. 

I heard the same thing about cellphones.  Our service costs cell phone companies a fraction of a penny per phone call/text... but we obviously get charged much much more than that.  In fact, the last time I heard anything on the subject, most cell phone companies bring in %3000 profit on service charges alone.

And it's not like they are competitive rates or anything... back when I used a small town credit union,  I paid $50 into shares, and didn't pay any fees charged by them, including fees associated with ATM transactions (of course the atm still charged...).  When I left the bank, I got my $50 back, and wasn't charged any additional fees.

So... when I deposited my small check, I paid the theifs, and took out the remainder of whatever I had just deposited.  I asked if what it would take to essentially delete my account, and I was told that there was a fee associated with that... I didn't even ask what that was, I just turned around and walked away.  

Tomorrow, I go to my boyfriend's credit union.... but I still want to know where they get these numbers from, and how the hell do they get off charging them?  It's theft. Plain and simple.  And they will continue to charge me money, and put me into overdraft, on my empty account.  There won't be any transaction fees... but I'll still be paying $8 a month for them to do nothing.

Uploaded 10/14/2010
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