What would you like to see in Financial Reform?

nitro · May 18, 2010

I overheard a person trying to open a savings account at a bank, and he was turned down because of very bad credit.

It should be 100% unconditionally illegal to deny someone to open a savings account for any reason. I don't even understand why a bank would deny a savings account

You can't write bad checks in a savings account. You don't have a credit card in a savings account.

peilthetraveler · May 18, 2010

Quote from nitro:

I overheard a person trying to open a savings account at a bank, and he was turned down because of very bad credit.

It should be 100% unconditionally illegal to deny someone to open a savings account for any reason. I don't even understand why a bank would deny a savings account You can't write bad checks in a savings account. You don't have a credit card in a savings account.

So you think the government should be allowed to tell businesses who they can or cant do business with? Did it ever occur to you that this guy who was looking to get a savings account maybe was one of those people that defaulted on his mortgage because he bought in 2007 and decided to walk away and that the bank is pissed at people like this?

If I give loans, and i hear you screwed another lender out of 100k, I wouldnt do business with you either.

Besides...if these people get bank accounts, they will put check cashing places out of business.

SomeYoungGuy · May 18, 2010

Quote from peilthetraveler:

So you think the government should be allowed to tell businesses who they can or cant do business with?

I'm the most libertarian person I know, and I would say yes in this very limited case. This is an action in restraint of free trade. These people pay a higher transaction cost for cashing a paycheck, cannot send or receive a wire transfer, and cannot safeguard thier liquid wealth.

The direct result of denying a savings account, is someone has to carry all their cash on their person or hidden in their home at all times. Direct result is it becomes more lucrative to bash people over their heads and riffle through their pockets, or smash in their front door and rummage around. I don't want to be mistaken for someone who can't get a saving account.

nitro · May 18, 2010

You can't even cash a fucking paycheck without a savings/checking account without jumping through hoops! What are the millions of people supposed to do that have lost their jobs and their credit rating has been devastated when they couldn't pay their bills?

This guy stormed out when this bank (the check was written with funds at this bank) said that in order to cash the check, they would have to put his fingerprint on the check that was made out to him and charge him six dollars per check!!!!

No wonder these banks are vilified. It is pure hatred.

hoodooman · May 18, 2010

I noticed that the walmart here in raleigh has a bank on board that will give anyone a savings account without a credit rating.

JSSPMK · May 18, 2010

Cash markets will end one day, it's already in the pipeline. King Cash is dead, long live King Card! :mad:

Governments push for transparency, they love that word now. So first banks will be made transparent, then us lot.

peilthetraveler · May 18, 2010

Quote from nitro:

You can't even cash a fucking paycheck without a savings/checking account without jumping through hoops! What are the millions of people supposed to do that have lost their jobs and their credit rating has been devastated when they couldn't pay their bills?

This guy stormed out when this bank (the check was written with funds at this bank) said that in order to cash the check, they would have to put his fingerprint on the check that was made out to him and charge him six dollars per check!!!!

No wonder these banks are vilified. It is pure hatred.

Its not always about your fico score. The banks use these credit agencys called telecheck & chexsystems to find out if they have any banking related negative items. For instance...telecheck will report you if you write a bunch of bad checks which is something that doesnt go on your credit report, but does go on your telecheck credit report. Most people have never heard of telecheck or chexsystems, but just like with the big 3 everyone has a right to see whats on their credit report with these smaller banking credit agencies if they just ask.

Banks are in business to make money, not take risks. Just because 95% of americans have a bank account doesnt mean that the other 5% have a RIGHT to have a bank account anymore than just because 95% of americans have drivers licenses, doesnt mean the other 5% should have a RIGHT to drive.

If you fail your drivers test, you dont get to drive. If you fail in your financial life by writing bad checks and spending money you dont have, you dont get to have a bank account. Its that simple.

I am almost 100% certain now that you were in bank of america which explains alot. I'm pretty sure they are the only ones that charge $6 on checks drawn on their banks. If they guy really didnt want to pay $6 to cash his check, maybe he should submit a bill to his employer for $6 with the bank receipt and see how that pans out, or maybe just ask his employer to cash his check.

LeeD · May 18, 2010

Quote from peilthetraveler:

So you think the government should be allowed to tell businesses who they can or cant do business with?

Apparently, the government thinks so with all the "anti-money-laundering" regulations.

peilthetraveler · May 18, 2010

Quote from LeeD:

Apparently, the government thinks so with all the "anti-money-laundering" regulations.

If there were no anti-money laundering regulation, its very likely that money obtained from illegal gambling or drug deals would possibly go into the stock market or some other legitimate business. But instead, some drug dealer has to sit on millions of dollars of 100 dollar bills waiting to get caught.

Angrycat · May 18, 2010

Quote from nitro:

I overheard a person trying to open a savings account at a bank, and he was turned down because of very bad credit.

It should be 100% unconditionally illegal to deny someone to open a savings account for any reason. I don't even understand why a bank would deny a savings account You can't write bad checks in a savings account. You don't have a credit card in a savings account.

First of all, I think you probably didn't overhear enough information. This sounds bogus and "I overheard" should not be a basis for making judgements since it's very unlikely you have your facts straight.

Secondly, why should it be illegal to refuse to do business with somebody? How would you feel if you were forced to do business with people who would cheat you? If the bank goes under because it's forced to do business with poor credit risks, then guess who is on the hook for all that money lost - you.

So, before you start talking about using force to accomplish something you haven't thought through all the way - THINK.