The more journalists did into bank charges, the more outrageous the information gets.
As an owner of several bank stocks and a believer in the free market, I believe that responsible banks have a right for a return on their investments and to charge customers to recoup their costs.
However, the latest disclosure even stunned me.
At least four major banks and one large credit union have small print in their checking account disclosures that make the customer liable for all of the financial institutions legal expenses over any dispute even if the bank LOSES.?If you win the lawsuit, you shouldn?t have to pay the other side?s costs and fees. It?s the other way around, William Shernoff, a Claremont lawyer who specializes in representing consumers against insurance companies, told the LA Times? Jim Puzzanghera.In more than 40 years of practice, he said he had never heard of a contract having such a provision.
?It?s offensive to consumers, to the legal system, to a sense of fairness,? said Pamela Banks, senior policy counsel at Consumers Union. ?It?s outrageous.?According to the LA Times article staff? the Safe Checking in the Electronic Age Project of the Pew Charitable Trusts made that discovery of? HSBC Bank, TD Bank, PNC Bank, Branch Banking & Trust Co. and America First Credit Union.
Click here to read the complete article.? Thanks to our friends at ConsumerWorld.Org for pointing out the article.