10 Things Your Bank Won't Tell You

Jim Rendon writes in item #3 - "Banks can also change the terms of your agreement, raising rates when they like (though you can opt out and pay off the balance at the old rate as long as you never use the card again)."

An opt out has always been offered with any change in terms, until now. In spite of testifying before the Senate Banking committee that they offer an opt out here's the latest "stick it to the customer" scheme....

Chase recently changed the terms on over 400,000 accounts by increasing the required payment from 2% of the outstanding balance to 5% of the outstanding balance on low-interest promotional loans that were marketed as "fixed until the balance is paid in full". In addition, they slapped on an additional $10/month finance charge (since refunded to some of these accounts after pressure from AG Cuomo of NY state) and provided NO OPT OUT!!!

I am increasingly disappointed that financial journalists confidently assure readers that when te...(Read more of this comment)rms are changed they can opt out by closing the account and paying off the balance under the original terms.

No one in the media has taken issue with Chase's failure to provide an opt out. Yet, this action by Chase is likely to be followed by other credit card companies when they see that the press and law makers are ignoring it.

As a result of this change in terms, my payment went from $416 in Dec, 2008 to $1,025 in Jan, 2009. I had never been late or missed a payment in the three years since I took out the loan. Actually, I have never missed a payment or been late on any account and my husband & I have very high credit scores. When I called to opt out, I was refused any relief - the only alternative to paying the higher amount was to agree to the doubling of my interest rate, guaranteed to be held at that rate for one year only - after which they could raise the rate to anything they decided to. I and 400,000 other account holders were denied an opt out!

Please, Smart Money Magazine - spend some time investigating this and help stop abusive companies from changing the terms they offered, any time for any reason or for no reason. At the same time Chase did this to their best and most reliable customers, they accepted 25 BILLION dollars in Bail-Out funds, wrote off or wrote down debt, lowered interest rates and lengthened repayment terms for their defaulting and high-risk, low credit score customers.

Chase has chosen the wrong group of customers to mess with - check out www.changeinterms.com for more information on this battle. More than a dozen class action lawsuits have been filed against Chase on this issue.




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I have one thing to say, go find yourself a good credit union! BOA is the biggest crook on the street, and they would be bankrupt if not for you, the tax payer!
They are screwing you with your own money!
Ken Lewis should be in jail!
I know other people that are there that have committed far fewer crimes!
If you are so ignorant to stay with BOA then go ahead but stop complaining about the banks.
they must make a profit and stay in business.
some just have higher standards when stealing from its customers, I will never step inside another BOA.

Many banks will never tell you can earn money through reward checking programs. Community banks and credit unions have experienced record deposits in their flee from big banks.

Check out the latest top bank rates from CheckingFinder.com. These are NOT teaser rates.

Rates with a * signifies this bank rate is available nationwide.

First Robinson Savings Bank - Robinson, IL 6.01
Southern Missouri Bank & Trust 6.01
Bank of Ripley - Ripley, TN 5.26
LA DOTD Federal Credit Union - Denham Spring, LA 5.25
Keystone Bank - Auburn, AL *5.15
Connexus Credit Union - Wausau, WI *5.15
Community State Bank - Poteau, OK 5.05
First State Bank - Kansas City, KS 5.03
State Employees Credit Union - Santa Fe, NM 5.02
Grand Bank of Texas - Grand Prairie, TX 5.02
Malvern Federal Savings Bank - Paoli, PA *5.01
Union State Bank - Everest, KS 5.01
United National Bank - Cairo, GA 5.01
First Banking Center - Lake Geneva, WI 5.0...(Read more of this comment)1
Noble Bank & Trust - Anniston, AL 5.01
The Community Bank - Brockton, MA 5.01
Community Bank of Pleasant Hill - Pleasant Hill, MO *5.01
Olmsted National Bank - Rochester, MN *5.01
Texas Citizens Bank - Pasadena, TX 4.76
Harbor Credit Union - Green Bay, WI 4.55
Royal Banks of Missouri - St. Louis, MO *4.55
First-Lockhart National Bank - Lockhart, TX 4.51
Workers Credit Union - Acton, MA 4.51
Finance Center Federal Credit Union - Indianapolis, IN 4.51
Bank of Little Rock - Little Rock, AR 4.51
Focus Bank - Charleston, MO *4.51
Community National Bank of the Lakeway Area - Morristown, TN 4.51
Brookhaven Bank - Atlanta, GA 4.5
Liberty Bank - Alton, IL *4.5
Newport Federal Savings Bank - Newport, RI 4.5
First Arkansas Bank & Trust - Jacksonville, AR *4.44
Jeff Davis Bank & Trust - Lake Charles, LA *4.33

Hope this helps!

Erik (CheckingFinder.com)(Show less of this comment)

I think that banking can be frustrating at times, but it is all about finding a bank that you like and more important trust. I found Coulee Bank to be very reliable. They also offer a Rewards Checking account with 5.01% APY. It is available nationwide at www.CouleeBank.net. Good luck finding a bank that works for you.

I'm getting more than a little sick of how these credit card companies and banks seem to believe that they have some automatic right to our money. I'm starting to believe we have been far too complacent when it comes to the fees and other assorted service charges that they come up with to make us pay. In every article I have been reading there is talk of what the response to increased regulations will be and it feels as though these companies are practically stating that they will make sure it comes out of our pockets in one form or another. The thing that disgusts me about this is that we allow this and even come back asking for more. This money we are so willing to dole out to them and which they are so eager to take from us comes from our time and in most cases, hard work devoted to earning it. How many of us can say that we have enough time with our family and loved ones, let alone enough time to pursue our interests and hobbies? This greed and excess is literally taking away from ...(Read more of this comment)what is truly valuable in our lives here people, and we let them do it. I am neither ignorant of the aptness of the saying that time is money nor unaware of the reasons behind many of the costs and taxes which we pay. I am in complete agreement that there are some prices we should pay, but what I am fed up with is it being acceptable that they are telling us that we must be penalized more for nothing of value in return. Personally I believe that my time, life, and my loved ones are worth far more than what they are demanding in exchange for services never asked for nor received. When are we going to just say no to this wanton corruption and disregard of the value of our lives. Unless I missed the memo, we've only got one life that we can spend...(Show less of this comment)