Banking Industry hypocrites.

[joeunderdog]

For work, I help disabled people on poverty-level incomes to make sure they meet their basic needs--food, shelter, safety, etc. One client, a mentally ill man with a severe Rheumatoid condition, fell on hard times financially after he got FOUR joint replacements in 2 years (2 shoulders, 2 knees). He could no longer keep up the payments on his used pickup truck because he was unable to take advantage of his only means of making a few extra bucks at his $9/hr part-time job. He defaulted on his vehicle loan, essentially losing his transportation in the process. The client was later ordered by Housing Court to agree to an electronic transfer of funds to his landlord to ensure timely rent payments which he was struggling to pay. So he went to 4 banks, but in each case, he was refused the opportunity to open a savings account so that he could satisfy his obligation to his landlord and the court. He wasn't asking to write checks or borrow, just to let the bank hold his money.

So I called the State Banking Commission and asked if this was legal. The guy (who is not an agent for the banks) says, "The banks have a right to not do business with anyone they choose. They have discretion over this."

I said, "I understand that, but do they have a right to also require a Credit Check and to use that information before opening an account? Wouldn't this be tantamount to blackballing someone from all banks for one bad debt? That sounds harsh and over-reaching, especially in light of the economic crisis so many people are facing right now."

He checked with his legal department before he came back to the phone and said, "Yes. They can require the Credit Check. It's a way to ensure that they have good customers so that they don't expose themselves to the possibility of more bad debts."

"But he wants to open a savings account. They can deny him for that?"

"I'm sorry, sir. It's perfectly legal."

So I said, "Legal, maybe. But more like criminal than "perfect." If we applied the same principles to the banking industry that they do for us, they wouldn't be doing business in the US right now. Us taxpayers would blackball them for representing a risk to our economic stability. These are the institutions who have my bailout money?"

FUCKERS!:mad:

[Hello_Kitty]

1. They refused to open a SAVINGS account? Unbelievable!

This is the new paradox of being poor. The only way to stop being poor is to be able to find work and the ability to pay your bills. But with the credit checking that everyone does you can't get a job with bad credit and now you apparently can't even open an account to save money in. Reegoddamdiculous. I'd laugh if it wasn't so sad.

[killbotfactory]

2. Try a credit union

http://www.creditunion.coop/cu_locator/index.html

[davidwparker]

5. excellent suggestion

[joeunderdog]

6. I'll give that a try. Thanks for the suggestions. nt

[Waiting For Everyman]

3. This happens a LOT. But there is a solution for him...

Believe it or not, Walmart has a debit card which does not require credit checks, will do direct deposit of his income, and has automatic bill payment. Go to www.WalmartMoneyCard.com

Wally's may be SOBs, but they understand the needs of poor people.

[Skittles]

4. joe, thank you for the work you do

while it must be rewarding, it must be stressful and heartbreaking too

[Mike 03]

7. This is disgraceful. All I can say is Thank You, from the bottom of my heart, for what

you do and what you are attempting to do.

This makes you a hero in my book.

Thank god people like you exist.

[DCKit]

8. If only the banks themselves were held to the same standards. n/t