Fuck A Fucking Bank

It’s no secret that I hate financial institutions. Today, I am reminded again.

Eight days prior to the due date, I mailed a check to pay off one of my credit cards. To ensure that the minimum payment was received on time and no late fee incurred, I also scheduled an electronic payment in the amount of the minimum payment for the due date. Yesterday was said due date. The electronic payment went through fine, but the payment by physical check still hasn’t posted. So, while I avoided a late fee, I will incur a month’s worth of finance charge on roughly two and a half thousand dollars at an annual interest rate of well over twenty percent.

Tonight, I called the bank to verify that I mailed the payment to the correct address. I did. During the call, I was informed that it can take up to ten business days for a payment to be received and processed.

Two.

Fucking.

Weeks.

So, had I mailed the check on the day that the statement came out, maybe it would have posted by the due date.

I know that this is intentional. They got me once before when they didn’t post an electronic payment until a day later than they were supposed to have. They reversed the late fee but still hit me with sixty dollars worth of finance charges, which they wouldn’t refund.

Banks are businesses, and as such, have to make money. I understand and support that, being the greedy, capitalist pig that I am. But they charge fees to merchants for every transaction. That, plus near loanshark interest rates that they collect from those who don’t pay off their balance every month should be enough.

I fully admit to working the system and limiting the amount of money that they make off of me by not carrying a balance from month to month. But to resort to sitting on payments in order to collect additional interest? That’s just dirty.

Merrick Bank. Avoid them.  Or find a way to fuck them.

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2 Responses to Fuck A Fucking Bank

  1. Larry says:

    It’s not just that they are trying to collect more interest, but deposits over (IIRC) 1K have to be held so as to prove you are not “structuring” (cheating the Fed 10K reporting system). Another benefit brought to you by the War On Some Drugs.

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