Debtor’s Revolt Against Banks and Bankers Is Long Overdue! Loans Networking

Debtor’s Revolt Against Banks and Bankers Is Long Overdue!

Posted by Jordan Blaxcell | Posted in Credit Advice | Posted on 10-02-2011

0

Before I unload the details of Donna’s (and my) shocking (and very costly) discovery, I’d like to share an email I recently received from a guy named Jim Baylord of Mobile, Alabama, thanking me for my no-cost CD 8 Secrets To A 680 Credit Score!

Have you grabbed your copy yet? Click Here Now To Get Your No-Cost CD 8 Secrets To A 680 Credit Score! If not, click here now to discover 8 powerful secrets.

“Son, I want to thank you for giving me tools I could put to use immediately. Me and my wife feel better now that we have some clear help. Your first 3 secrets are kool. Something else, me and my wife didn’t know about debt collectors & paying off those scoundrells. We didn’t know about the bureaus tricks either. Unfortunately, we already knew about your last secret. We wasted $724.56 on those cheats. Your saving other folks alot of money by telling them the truth. Thank you for caring about us country folk….” –Jim Baylord, Mobile, AL

Now, here’s the scoop on how your bank (chances are) is trapping you too.

Donna’s checking account is tied to one of her credit cards…for overdraft protection. It’s common practice for banks to do this to BENEFIT YOU or so they say.

She overdrew her bank account.The bank invoked Donna’s credit card to cover the checks. totaling a couple $100 dollars.
The bank took $500.00 from Donna’s credit card per her overdraft protection agreement

When Donna discovered her mistake, she went to the bank to transfer money from her savings account to her checking account. Here’s the SHOCKING and COSTLY discovery I hope has not trapped you:

The $500 charge on Donna’s credit card was a CASH ADVANCE!
Cash Advance fees accrue DAILY with no grace period on interest charges as well!

But This Is NOT The WORST Part. Here’s the worst part!

You see, Donna tried to pay off this $500.00 cash advance but her credit card company would not allow her to satisfy the cash advance, informing her she had to pay off her balance first before ANY payment could be applied to the cash advance.

WTF! Unfortunately, Donna is carrying a ~$15,000 balance on her cards, needing her credit card to pay medical bills.

Banks call it Overdraft “Protection.” Of course, in a perfect world Donna would have tied overdraft protection to her savings account and she would not have a high credit card balance. Sure, in a perfect world we would have no worries or challenges.

Moral of the story: Your credit card is the most useful BUT most dangerous tool in your toolbox.These credit cards afford us conveniences we cherish (ordering online, booking rentals and airfare or paying at the pump). Ignore the application or any mailing from the card issuer (or not paying the full balance off each month) can be extremely dangerous to your financial health.

Debtor’s revolt requires consumers and debtors to unite against abusive banking theft perpetrated by greedy, out-of-the-control bankers. Okay, what is your latest run-in with a bank. I know you have one. Everyone does. Scroll down now to share your story. Or ask a question. I’ll try to answer it. In the meantime, I can’t wait to tell you about my latest run in, not with Bank of America this time but with PayPal. Let me tell you, PayPal is EVIL! I paid a BIG price for not reading PayPal’s Terms of Service.