Banks... those bastards!

Banks are really annoying me lately. For crying out loud, they were bailed out with no restrictions, they paid some of that money out in bonuses, and they still won't loan money (which would get the economy growing, which would let them loan more money to make more income, and so on). On top of that they tightened credit rules to the point where people will face debtors' prison, a stupid idea left over from the 18th and early 19th centuries. As to the latter, here's a personal story.

Talked to a bank on Friday about a late payment. Back in November I made a late payment to a credit card (due date 11/11, actual mail date 11/13 (pay day)). The minimum balance due was $80, and I sent $100. Normally I'd accept the late fee and pay that the next month; after all, it was an honest mistake but rules are rules.

The next month's bill said (I thought) a minimum payment of $80 again, so I sent another $100. Unfortunately I did not read it properly; the $80 requested was the payment of the previous month's late minimum. To make a long story short, instead of a minimum payment for February's bill of $80 - $100 I now have a minimum payment of $344! I called the bank on it, and they gave me some cock-and-bull story about how payments are applied to fees first, then to previous month's late minimum amount due, and only then to this month's minimum.

That's bad enough. What makes matters worse: this is my very first credit card. I've had it since I was 24 years old (more than half my life), and have never before made a late payment. Nice. Just when I'm applying for a home equity loan to build a driveway on my second property this stuff happens.

Hey bank, would you rather get a bounced check or a late payment? All subsequent payments occurred on time; the late payment was a one-time thing. How can I possibly pay off the balance if you keep adding fees and hidden costs like this? But I guess that's the idea: wring as much money as they can from us regular people; their bottom line is far more important than good customer relations.

This is why my primary bank is a credit union. I'd drop the card except, with its long history, it helps my credit rating.

While certainly true for just about any large corporation, from banks this is especially egregious. Lending me money at 18% and paying me .8% on a savings account is beyond greed; I think it borders on usury. Bastards.