What do you believe are unethical banking practices?
Posted on July 20th, 2009 by admin
Banking
I believe it is wrong for a bank to automatically withdraw funds from a person’s account for a transaction but then wait 5 days for a deposit on ths person’s account to clear before usage of such funds can occur. Does this practice seem a bit unbalanced? what other banking practices do you think are unfair?
I believe it is wrong for a bank to automatically withdraw funds from a person’s account for a transaction but then wait 5 days for a deposit on ths person’s account to clear before usage of such funds can occur. Does this practice seem a bit unbalanced? what other banking practices do you think are unfair?
Filed under: Other - Business & Finance
Dolphin Hosting
It’s not unfair. Check clearance times are set by Federal Law (Check 21 and Reg CC mostly). Ask for a copy at your bank.
some of the overdraft fees and low balance fees are rediculously high. For example, my friend says he had a $30 low balance fee…??? Gimme a break, I’m not even earning that much interest in one year. They take it out when your balance drops AND for each month it remains under the minimum balance!
But honestly, if you keep enough money in your account you should be fine. Also, all you have to do is read the account agreement, or you can call customer service and just ask them. It is boring but you should be able to find out what you need to know. If however, something isn’t mentioned in that book or by the call center rep, then yes that policy or fee is unethical.