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Banking institutions still fighting off transparency, says report
According to a brand new report, big banks are still utilizing hidden fees to make up for earnings lost to regulatory efforts.
Additional hidden charges regardless of regulation
A ton of banks are still misleading customers about costs and putting in hidden costs, according to a Pew Charitable Trusts report. The report looked at 12 major banks during the last 18 months.
The report looked at practices in Bank of America, Chase bank, Citibank, Wells Fargo, Capital One, Regions Bank, HSBC Bank USA, Branch Banking and Trust Business, TD Bank, PNC Bank, U.S. Bank and SunTrust Bank.
Still charges hidden in pages
There are hidden charges in the confusing language found in bank disclosures, though the average disclosure is only 69 pages this year instead of 111 last year.
It also found, in some cases, that pertinent terms and conditions of some goods were not revealed on the institutions' web sites, requiring consumers to drop by a branch or request mailed documents to get full-disclosure.
Regulations limit debit card charges
There were limits put on debit card swipe fees, which meant banking institutions lost a lot of revenue. Wells Fargo itself lost 32 percent in revenue because of the change.
It is more costly to keep deposits too since getting insurance from the Federal Deposit Insurance Commission costs more now.
Lenders, says Pew, then started applying more hidden charges to customers to make up for the lost revue. Charges for ATM withdrawals and for overdraft protection was among the most widespread ways banking institutions tried to recoup losses on the backs of depositors.
Don’t have some inherent right
However, as President Obama said of banking institutions in an interview with ABC News last year:
You don’t have some inherent right just to get a certain amount of profit if your customers are being mistreated."
The Pew report showed that consumers are getting unfair charges that are inflated to make up for lost revenue from laws which were supposed to make it easier on customers. Banks say they are charging fair costs.
Getting the required legislation
In order to keep banking institutions from hurting consumers to get more cash, the CFPB is encouraged by the report to bring more regulation.
According to the report:
An efficient market requires informed consumers who can make choices based on the product that best meets their needs. This is particularly important for an item as fundamental and significant as a checking account.”
Sources
Pew Trust
Wall Street Cheat Sheet
NBC
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July 30, 2013 at 2:34 pm
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Love vs Money
Love or money which is more important for you, which one you will choose if you only can choose one of them. Why?
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July 12, 2013 at 5:38 pm
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GR : Greece shuts down its national television due to finance crisis
I have never heard of this happening in a EBU country in my lifetime - a few nations didn't do Eurovision this year because they couldn't afford it, but the Govt putting the national TV signal off air is not normal for Europe..
HF broadcasts still continue apparently, I might try and tune in.. also some of the engineers and journos have "pirated" the local transmitters in the regions :wink:
BBC News - ERT closure: Greek parties urge change of course
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June 13, 2013 at 8:29 am
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“Real Estate in Kochi: Major Investment Attraction
plenty of goose duck. very very good.
[yt]IwcX1TPpnPY[/yt]
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May 31, 2013 at 3:38 pm
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Impulse Buying and Buyer’s Remorse
I love gadgets, can't get enough of them. Problem is I rarely use them so it's an impulse buy compulsion and i feel a lot of regret afterward, feeling as if I've wasted my money.
Anyone else feel this?
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May 28, 2013 at 3:22 pm
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Lottery Jackpot – What would you do ?
Lots play & dream of winning, some even dream of winning without playing, not sure the odds are much different TBH lol
But say you won, and not just a bit but all of it, a major jackpot, say £10mill.......... what would you do with it ?
And forget all the obvious stuff, give some to friends & family, quit job & tell boss to fuck off etc etc
Would you............Travel the world ? Be a boring investor to make even more money ? Start something that will out live you, a school, college, art foundation ? Build a dream home ( where / what kind ), piss it away on drugs, sex, fast cars etc ?
What about something unusual..........
Make an single / album and buy so many copies it goes to No1
Buy a place you dont like just to demolish it or close it down
Ask everyone you ever known for help, those that offer to help give money too, those that dont, rub it in that they just blew their chance lol
Would you want to be anonymous, or have everyone know ?
Would it really change you, or just change what your capable of doing ?
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May 20, 2013 at 2:06 pm
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Matched betting – easy and legal £400-800 – featured in the telegraph, FHM
Hi guys,
been a while since i posted on here but some of you should remember me! I am currently promoting a site called fixtheodds around uni and on forums.
It guarantees money through something called match betting (wiki it if you want!).
The amount you can make is limited by the amount of freebets anyone is entitled too but for me i made £700, some have made more most make just under £500.
Money going through the site is risk free as site refunds you if there's a cock up.
It always sounds to good to be true and people think its a scam which is why i've included two articles below from FHM and the telegraph to demonstrate its legit. Currently over 10k people have used it...majority students!
You can sign up via the link below, use referral code 16520.
It works through free bets. We've all seen the offers of £50 free bet ect around towns and the tele. To get these bets you need to place a qualifying bet first. Traditionally you may loose this bet and the free one therefore losing all you money. What this site does is finds odds you you so you can bet for and against a match. When you do this you win on either outcome which pretty much evens out your return (you make a couple quid loss on first bet due to commission). You do this again with the free bet and you win the value of the free bet minus a couple quid commission and the first commission. So may look like: gamble £50, win either way, loose £2. Gamble with free bet, win £48 either way. win £46 overall just have to withdraw it!
If signing up or recommending to people please use referral 16520, if you do this I'll be tied to your account as a fixtheodds ambassador and you can contact me if there are any Qs!
Links below
Articles: Is this a bet you can't lose? - Telegraph
Want to make a load of money with zero risk? Yeah, thought you might
There is a way to earn £1000+ for a days work and it is available to just about anyone. It's risk free, tax free and guaranteed to make money, so why not click here to find out more!
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May 9, 2013 at 11:54 pm
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Cochin apartment: Luxurious and Affordable
Cochin apartment is a great asset which is built on the pristine value of living peacefully in a serene ambience. Expressive nature and eloquence of luxurious living is a factor which differentiates Cochin apartment from their counterparts.
Cochin builders create world class apartments for residents of the city with latest building techniques and design patterns. Customer service wing of Cochin apartments is rooted in prompt response and strong customer satisfaction. Cochin based builders are well experienced in building industry with highly influential contacts in housing arena. The vision of Cochin builders is to build long lasting relationships with their clients based on the foundations of trust and integrity.
Vitrified tile flooring is used for entire building area of Cochin apartments except kitchen and work area. Kitchen of Cochin apartments is operational with granite counter top, stainless steel sink, water purifier point and swivel sink cocks. List of amenities in Cochin apartments include swimming pool, well equipped gymnasium, association hall and separate play area. Round the clock security, waste management plant, landscaped gardens and large lobby are other splendid features available in a Cochin apartment. Cochin builders started their residential projects in locations outside the City like Tripunithura, Aluva, Perumbavoor and Edapally. Cochin apartments are festooned with high end facilities like mini indoor stadium, spacious living room, broadband internet connection and intercom.
High quality teak woods are used for the making of windows and doors of deluxe apartments in Cochin. Entering the exquisite lobby of Cochin apartments will be a delighting experience for the people of Cochin and you can see a plush world inside.
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May 9, 2013 at 3:04 pm
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SPEND YOUR LOOSE CHANGE IN BIT COINS NOW!
Bit coins are up at about £155 per bitcoin atm!!! ... When I last bought them they were about £4-£6 each ... I've just bought something worth about £25 for less then a pound lol (0.18999 bit coins, what I'd assigned to the trash as it was pocket money at the time lol)!
p.s. thanks lev for pointing this out to me :)
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May 3, 2013 at 12:00 am
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Last Item Purchased On Ebay?
What was the last couple of things you bought off ebay?
Light Blue Belt
100 Gelatin Empty Capsules Size 00
Tech Deck (Gotta love em)
1G of Kratom 50X
i bought quite a few more things in the last couple of days but i'll stick to these:love:
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March 12, 2013 at 11:02 pm
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Stealing
What was the last thing you stole?
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March 2, 2013 at 4:27 pm
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JSA/Hardship fund and how to live on benefits indefinately?
Please those who have a (negative) moral emotional reaction to the subject matter don't bother replying. I don't want to get into my ethics here.
I have been living happily on government benefits for almost a year now claiming JSA and housing benefit.
I have to have another interview soon which I believe is my third 'restart' interview. I have had a suspicion for a while in the back of my mind that one day they will want me to go into 'compulsory' schemes to begin encouraging me more sternly back to work. Others say this either never comes or the schemes are a breeze anyhow. I still haven't received or found any definitive information regarding this. What are other's experience on this who have been on JSA for a year or more? Is there any increasing pressure to get you back to work or can I continue this cycle indefinitely without them escalating (at least significantly) in their pressure for me finding a job?
I can almost live on housing benefit alone as I live very frugally, but it's mainly that I have to claim JSA to keep being entitled to HB as they need to see the viable source of my low income.
I have also been reading up on the hardship provision and have heard several homeless looking fellows (not judging just saying) asking for it in the past in my local Job Seekers office. I have only read the same rhetoric online about who is entitled to this- those unwilling or unable to work for whatever reason, but no literature on how it is paid. As I can (almost) live of HB alone then claiming hardship fund may be an alternative to JSA should my circumstances change. My main query is how is it paid and do I have to go in and sign up periodically as with the JSA or is it just transfered straight into my account? Presumably I won't have to do the actively seeking work farce with hardship provision as that is not one of the criteria for hardship fund. So anyone who has info on this also please give me a heads up.
Thanks.
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March 2, 2013 at 11:14 am
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Anyone here volunteer?
I think I am going to start as sitting in all the time is not good for the mind or the CV. Getting a job is turning out to be a bit of a nightmare. Thinking drug and alcohol services as that's what I know about and would like to do something that interests me.
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February 13, 2013 at 9:53 pm
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Robbed by a ‘friend’
Today I found out that a person I believed to be my friend, lied to me saying he was going on holiday to get away from the fact that he had spent the money that I had accidentally left at his flat. I asked for it back a couple of weeks ago as I had various things I needed to pay for and he told me he was in the car on his way to go on holiday and he would pay me when he was back.
In fact, he was at home as I was told by a friend who had just seen him, and he had just spent my money on weed, mandy and parties. I did actually believe he had gone on holiday (despite my past experience with his constant bullshit). He completely fucked me over as I had no money to get to and from college, and a 50 quid phone bill to pay. If he had asked to borrow some I probably would of let him, it was the fact that he was able to lie to me when he knew that I needed it back.
Lost all respect for the untrustworthy bastard. Needs to learn that friends are more important than his bong :crazy:
I know it's only money but in my opinion thats no different to stealing from a friend.
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December 29, 2012 at 2:48 pm
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Condition and expectations for moving into a council flat.
I have been to my new falt again today with the intentions of getting some work done, but I found myself stuck scrubbing bare nicotine patches from the walls, doors and windows. I can no way paint over this stuff cos I wouldn't be able to live knowing that it is under there. The kitching has fatty burn marks all over the celling, the vents are all brown and horrid. There is a plug socket hanging from the wall too exposing bare power cables which I know is a slight health hazard. This place is gonna take me fucking ages to get in order. I really thought that the council would have had to make the flat a certain standard before moving other people in. The kitching is pretty bad too. It had a cling film holder thingy on the wall form the 80'8 and iron holder form the 60's (I think) the kitchen needs a complete overhall man.and that is gonna cost me more money than I have got at the moment and. Obviously there are no carpets and fair enough I wouldn't expect them to put new carpet in and I would rather buy that myself anyway. I have never had a council property before so I don't know what sort of standard I am entitled to. I did say to the woman who showed me the flat "is any work gonna be done" and she said no but once you are in you can start to report things that you think are wrong. I assuemed from all those grimebusters shows that the council are ment to get kim and aggie in to spruce up the place first.
Any advice would be great cos this is causing me a huge amount of head pains ATM
Cheers.
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November 5, 2012 at 7:38 pm
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