Banking Scams: How Banks Are Legally Stealing Your Money and What You Can Do About It
The down economy has hurt more than just general public – banks are feeling the pinch as well. In an effort to generate extra income, they’ve become quite creative and sneaky in their tactics. We refer to these at 720CreditScore.com as banking scams. They are the ways banks “legally steal” from you month after month, most times without you even realizing it.
Whether you want to hear it or not, the truth is that the banks are in bed with the government and although the government tells the banks to “treat people fairly,” they continue to steal your money, while greedily taking money from you (via the government and your tax dollars) at the same time.
To spread the message and help people avoid these banking scams, we’re inviting everyone to share their stories of banking scams that may have happened to you. The goal is to make the public aware of what’s really going on so you can protect your hard-earned money. A few dollars here and there may not seem like much, but when you add up the thousands of accounts they are doing this to, you can see how much banks depend on these banking scams.
This is an important issue that we believe strongly about and we greatly appreciate your time in sharing your scam. If you don’t have a story to share, take a few minutes and read through the scams to make sure you don’t become a victim, or share this page with others who you think will benefit from the information.
To make it easier to find your story, if you’re sharing a scam please start your comment with the words “BANKING SCAM.”
If you have a facebook account, post this via the Facebook Comments below so we can get this message out!
In the spirit of sharing, here is one that happened to me recently.
US Bank: BANKING SCAM
If this isn’t a scam from US Bank, I’m not sure what is.
Last week I was helping my Mother in Law close out her lease with US Bank, she owed the final payment of $395, so I called to pay it.
Before they collected the payment, I told the US Bank Representative that my Mother just moved from California to Arizona eight weeks ago. She gladly took the information and then told me that she will have to charge my credit card $405 instead of $395. I asked, “Why?.”
Well, I found out that it is US Bank’s policy to charge an extra $10 fee for billing addresses in Arizona. Interesting.
Hmmm… I have clients all over the world and it doesn’t cost me extra money to charge a person’s credit card in Arizona vs. California. Even if it did, NO WAY it would be $10. And, even if I were charged extra, I wouldn’t even think about passing that on to the client.
Here I am, five days after this happened blogging about this US Bank Scam… to my entire client base. These companies need to start focusing on building more value to their clients instead of penny pinching all of us.
Here is how I got around the $10 scam. I told her to change my address back to the California address and rerun it. I told her, “If you charge me the $10 fee, I refuse to pay the bill.” She changed the address, I saved $10, and I’m not using US Bank again!
Share your Scam!!
Philip Tirone is a Credit Scoring Expert and Champion for the Human Race
Other Scam Posts:
The Retail Store Credit Card Scam – Click to Read
The Dirty Little Secret that Hurts Credit – Click to Read
Protecting Yourself from Common Bankruptcy Scams – Click to Read