The leeches are at it again

[one-eyed-fatman]

Houston tries getting more low-income families into banks | Chron.com - Houston Chronicle

Houston hopes to be the second city nationally, after San Francisco, to launch a massive drive to pull "the unbanked" into the mainstream financial community.
The "Bank On Houston" program kicked off today when about 65 local bankers met with city officials to discuss how to reach low-income families who rely on check cashers and pawnshops for their financial transactions.
The goal is to create a "Houston account" and have it ready for the public by mid-September. All participating banks would offer the same terms for the starter checking account, such as no minimum balance requirement and the acceptance of alternative identification cards, such as those from Mexican and Guatemalan consulates.
Cliff Johnson of the National League of Cities decried the high fees charged by predatory lenders and payday lenders.
"We spend so much time trying to boost parents' assets," said Johnson. "We have to pay as much attention to how families hold on to their assets, so their hard-earned dollars don't just go back out the door."
A study of five minority neighborhoods in Houston revealed that as many as 51 percent of the households do not use a regular bank.
Also, seven out of 10 Hurricane Katrina evacuees were "unbanked," so they lost their cash in the flooding, according to the city controller's office.
Controller Annise Parker will coordinate the effort among Houston's bankers. Staff members from the Federal Deposit Insurance Corporation and Federal Reserve also will help.

[cjive134]

I'm confused, are you for this or against this? Seems like people should keep their money in the bank. Use a check card and keep track of your balance. It's the pawn brokers and check cashers that are the leeches. Sure people make a choice to go to them for money, but it doesn't make it right.

[one-eyed-fatman]

Originally Posted by cjive134

I'm confused, are you for this or against this? Seems like people should keep their money in the bank. Use a check card and keep track of your balance. It's the pawn brokers and check cashers that are the leeches. Sure people make a choice to go to them for money, but it doesn't make it right.

That is true but not let any bank be out done by other crooks. Actually there is one check cashing outfit here in Houston that is owned by a mexican bank. Where the banking industry can make lots of their money is off the little people. If you can't pay up 100% every month the interest rates will eat you alive. Once the banks talk you into a ATM or credit/debit card your ass is theirs.

[Delija]

Originally Posted by one-eyed-fatman

. Once the banks talk you into a ATM or credit/debit card your ass is theirs.

I'll agree to a point on the credit card comment..."your ass is theirs" IF you are irresponsible.

But debit/ATM cards? How much trouble can anyone get into with a checking account? Especially one that eliminates any possibility of writing a bad check (using the card).? OEFM...I must be missing something, 'cause you're usually right. So? What is it?


Peace,
D.

[one-eyed-fatman]

Originally Posted by Delija

I'll agree to a point on the credit card comment..."your ass is theirs" IF you are irresponsible.

But debit/ATM cards? How much trouble can anyone get into with a checking account? Especially one that eliminates any possibility of writing a bad check (using the card).? OEFM...I must be missing something, 'cause you're usually right. So? What is it?


Peace,
D.

You ain't missing nothing. I am. No ATM or debit cards in this house. There's usually ATM fee's which means you get charged to use your money and I don't want to find out what debit cards are about. Probably ain't no different than free checking where they hide the free checking fee's. You use a debit card and that gives them instant access to your bank account. Should you get screwed on a product or don't receive a shipment your out of luck cause they already got your money. What it really boils down to is I prefer to play safe. I cashed a check at the bank today and what did I hear "Oh sir did you know your eligible for on line bill pay?" I said ya, big deal. Far as I'm concerned another con job to make money off of you. If you pay a monthly bill early they make money off that. But that's not all, for 14.95 more we will send your next bill earlier. Before long they have you paying all your 08 bills in 07. Not the way I care to do business.

[xds&chevys]

Originally Posted by one-eyed-fatman

Houston tries getting more low-income families into banks | Chron.com - Houston Chronicle

All participating banks would offer the same terms for the starter checking account, such as no minimum balance requirement and the acceptance of alternative identification cards, such as those from Mexican and Guatemalan consulates.

I don't agree with this at all!!!!!! If they don't have indentification issued by some form of US government then they shouldn't get a paycheck.

"We have to pay as much attention to how families hold on to their assets, so their hard-earned dollars don't just go back out the door."

They don't, they go out the back door and back to their native country. even if the banks cash the check for them they will just go to western union and send money back home, only now they will be sending more.

[Delija]

Originally Posted by one-eyed-fatman

You ain't missing nothing. I am. No ATM or debit cards in this house. There's usually ATM fee's which means you get charged to use your money and I don't want to find out what debit cards are about. have you paying all your 08 bills in 07. Not the way I care to do business.

OK...I understand.

I think you may be a bit too suspicious though. AFAIK (and I should know), a "Debit Card" is nothing more or less than writing a check...just using a card that LOOKS like a credit card, but isn't. Use it, the money comes out of your checking acct. End of story. No fee.

Using it at an ATM...yeah, fees if you use it at a convenience store or at another bank's machine....use it at your own bank's machines and no fees.

As for monthly fees.....same deal as with checking accts....different deals at different banks. Some are free, some charge. Some charge if you drop below some predetermined balance, blah, blah....all the same. If you write checks, then using a "debit" or "check-card" (same exact thing) is no different. Worried someone will rip you off by getting the number off your card? Same can happen just by them seeing the number on the bottom of any check you write....has your bank's routing info, your acct. number, and your check number (in two places).

At an ATM machine....no one can use your card without your PIN (code) number. They try more than two numbers and the machine eats the card and cancels the acct......They're pretty safe. Unless they use the machines to count ballots, then all bets are off! LOL

Originally Posted by one-eyed-fatman

Should you get screwed on a product or don't receive a shipment your out of luck cause they already got your money. .

Actually, you're safer in that instance using a "debit" card (or a credit card).....you call Visa or MC, tell them you didn't get what you paid for, and the merchant is screwed, not you. They DON"T have your money....even if they do, it doesn't matter since you get it back and the "Card Company" does the work for you. If you cancel a check, you might get hit with a heavy fee, but with a card....smoother sailing.

Nothing's perfect though. Everything is a matter of personal comfort level.

Peace,
D.

[trik396]

One of the first things a bank does when you apply for a checking account is to check your credit. No credit or bad credit and no checking account for you. Probably explains why certain people use currency exchanges and the like for their "banking".

[robinsre]

Originally Posted by Delija

I'll agree to a point on the credit card comment..."your ass is theirs" IF you are irresponsible.

But debit/ATM cards? How much trouble can anyone get into with a checking account? Especially one that eliminates any possibility of writing a bad check (using the card).? OEFM...I must be missing something, 'cause you're usually right. So? What is it?


Peace,
D.

Precisely D,

Finally a point you and I agree on.

A few years ago there was this big push and protest on campus where folks were complaining because credit card companies were "pushing" credit cards on "poor students" who would run up huge amounts of debt on beer, clothes, computers, and ski equipment and then be stuck with noone to bail them out from the unbearably high interest rates.

I hate to say it, but if you're too dumb to read the terms of the paper you sign your name too, and too dumb to realize if you spend it you'll have to pay it back with interest....maybe you're just not college material.

- Ryan

[Delija]

Originally Posted by robinsre

Precisely D,

Finally a point you and I agree on.

Hey Ryan.....good thing you were savvy enough to put in the word "finally"....

Saying you agree with me on just about anything here in general drops your popularity rating. Everyone knows "Delija" is a bad guy! LOL

Funny thing is that the portrait so often painted of me here is by the same small handful who have been representing me as some kind of ....(trying to remember the better stuff here...)...yeah, that would be "liberal extremist Bush hater, anti-gun, commie, socialist, baby murdering, left wing, elitist, anti-military, obnoxious big city "blue stater" Democrat.

Truth is, as I've stated previously....I'd rather say something provocative than be boring or see a potentially good thread that turned boring die of neglect.

I am NOT anti-gun...in fact I've been a gun owner for longer than most here have been alive. Carry every day. Am not a Democrat, but a registered Independent. Never murdered one child, served in the US Army (as did my dad-Army Air Corp officer - and my grandfathers - WWI "doughboys"), encouraged my son to enlist in the military in 2003 (he did - Navy), don't "hate" Bush or anyone, am perhaps the most blatant "capitalist" that's ever posted on this forum (almost embarrassing that I have spent the last 24 years providing no goods or services - just making money for myself and others in the equities and derivatives markets). I think that would cover the "socialist" and "commie" stuff as well. Elitist? Yeah, I'm a food snob..

Big City? Yup, we don't choose where or to whom we are born. Born in NYC, spent more than 35 years living in small Colorado towns.

"Blue stater"? I look outside and I see earth tones. But consider myself an American, not an element of any segment of America.

Obnoxious? Guilty as charged! (Nobody is perfect).



Peace,
D.