By NEMS Daily Journal
Bank procedures burden good clients with costs
As a young boy, I learned that a good bank connection was a necessary evil to get along in the world. I began as a Daily Journal carrier and had to purchase a bicycle for same. I obtained a loan of $35 to be paid back in three months. Luckily, I was able to pay the note in two months.
Over the years I have had a large number of notes with the same bank without a co-signer. I had a house constructed in Lee Acres and went to the bank to obtain a loan of $10,000 for 10 years. The banker refused the loan stating I could not afford the payments.
I left the bank and went to Community Federal where Jack Johnson took the application of a $13,500 loan. I received the loan in less than a week. I reminded Jack of the loan a short time ago and produced evidence of a closing cost of $42.50.
In order to obtain a loan at my original bank you have to complete enough (more than enough) papers for a pedigreed dog. You may get a reply in 30 – 60 days whether you will receive the loan. In any case, you will be billed for the application.
The bank charges a fee for everything they do. Do not overdraw your account as the fees for insufficient checks are outrageous. You may end up paying in excess of $100 for a $5 cup of coffee when you failed to do the math in your checking account.
Recently at this same bank, errors were caused to my account on three different occasions (three months in a row).
Since the bank charges fees for everything they do, I think they should reimburse customers for troubles caused by their errors. After all, my time means just as much as their time as I soon will be 81 years old. In fact, a fee of $100 would not be ample return for my time. After all is said and done, it is our money the bank operates on.