Big banks to get a tongue-lashing from Obama on clarkhoward.com

The credit card portfolios in our country are controlled overwhelmingly by a handful of big banks: Bank of America, JP Morgan Chase, Wells Fargo and Citibank.

These also happen to be the banks that received bailout funds to stay in business. They owe their survival to we the taxpayers. And they're also the same clowns who are trying to retroactively gouge customers on existing balances, a practice which will be illegal come summer 2010.

President Obama is summoning the leaders of the banks for a tongue-lashing later this week. Of course, they laid themselves open for scrutiny because they took our money!

The consumer champ can't wait for the next photo-op of the perp walk when the President talks to the banks. He can just see them lining up now in their dark navy suits, with their initials monogrammed on their sleeves because they're too dumb to remember them and their red power ties as they drive a stake through the heart of the American economy day-by-day.

Yes, the banking sector required a bailout. But individual banks should have collapsed and been taken over through the FDIC system.

Meanwhile, we should never permit them to become so large again that they put the sovereign wealth of our nation at risk. The head of the Federal Reserve Bank of Atlanta recently spoke out against busting up the big banks. Clark would love to debate him on this point anytime, anywhere.

Isn't it ironic that we've become a beggar nation pleading with communist China to keep our economy afloat, all because of the actions of our giant monster mega-banks?

What others are saying

On Point Credit Union/Bank
We actually enjoyed our credit union, On Point Bank/credit union, but they are pulling a few stunts on customers now too.

1. Canceling Pay Day advance loans on customers with out notice.

2. Web site being down to often, like over the 2009 Labor Day weekend!

3. Not allowing customers to put stop payments on un-authorized charges from businessness.

4. Falling short of treating the customer right.
By Cautious Cat @ 09/11/09 11:59:45 AMreport abuse
Chase credit card
I have been with this card service for along time I close this account out a while back because they where going to raise my rate on it they told me if i did this i could pay this of and things would not change. Put this week they took my ARP up to 5% from 2.5 so you know what that did to my payment. Ihave always pay my bill and always on time and more then what they ask for. I'm layed of and workink a temp job right now and i don't know how they think people can keep up with what there doing to us they need to be stopped dead in there tracks.This is just wrong and someone needs to help us out of this if anyone cares.
By Holly worster @ 08/31/09 10:14:38 AMreport abuse
Great Quote
Here's a great quote by Henry Ford from back in 1919. It about sums it up ....
"Its well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning"

What's going on now is a repeat of what the banks and Wall Street did during the great depression. They survived while the rest of the world suffered through along and painful depression. If the Fed doesn't do anything more for us, small business and the economy other than throwing billions of our money at the banks, the whole system is going to fail. Of course, somehow, it will be spun (By Washington and the Financial Powers) that it was all because of us consumers mis-manageing our personal finances.
By JS @ 04/29/09 08:00:30 AMreport abuse
It needs to stop NOW
It's going to be too late for all us consumers if Congress wait's until "next summer" to make these criminal acts by the banks finally be illegal. Which they already should of been. When the laws were change late last year, Congress gave the banks almost 18 months until the new laws went into effect. What they did was give the banks an 18 month window to stick it to us. By next summer, cc interest rates will be 30% for all of us good credit and bad and with the decreased lines of credit, our FICO scores will drop like the stock makret through no fault of our own. Congress and the Presdient need to make the laws effective immediately. Just like the CC companies make interest rate changes effective immediately. What's going on is criminal. They all need to be in prision.
By John @ 04/24/09 07:17:33 AMreport abuse
credit card abuse
see the website: changeinterms.com.
If I or my family get a credit card application, I enclose the sign from that website: "We are coming after YOU"
By steve @ 04/21/09 02:55:08 PMreport abuse
ARP Increase
Big banks are simply greedy. One of the major banks has several of my credit cards, checking & savings accounts, and my mortgage. I have banked with them since I was a teenager. I have 800+ credit score, never missed or been late on a payment, and most often pay my balances in full. In showing their gratitude for my years of being a loyal customer--they are raising my interest rates three-fold. Thank you so much for using our tax money and then continuing to "stick it to us".
By Melissa @ 04/21/09 01:54:25 PMreport abuse
Big Banks & credit card fees
Big banks are greedy, greedy, greedy with dreaming up all kinds of fees for checking & credit cards. They should be paying us for using their cards not the other way around. Is this the American way? I'm sick of it! Maybe I should stash my money in Mason jars like my grandparents did in the good ole days. Once I get my cc paid off Chase will no longer be able to stick it to me.
Just wanted to get this off my chest.
By Babbs @ 04/21/09 01:12:24 PMreport abuse
Banks
Right On Clark - esp. your last paragraph. It is nothing but the result of unmitigated greed and corruption! Big ego's want to take the short cut instead of actually rolling up their sleeves, taking their own advice an working for a living.
By Dana @ 04/21/09 01:00:20 PMreport abuse
Why doesn't our Congress Act?
I don't understand why our Congress doesn't fast-track legislation for credit card reform? Many credit card providers are exploiting consumers during the worst economic downturn that we have experienced in years? Many of us have had a credit lines decreased; our fees increased and have been caught in their ever-chaning, confusing and vague payment policies! And to add insult, to injury, our FICO scores have been adversly affected through no actions of our own? Would a credit-card tea party help bring attention to these unfair business practices? Where are our congressional representatives? Regulations do have a purpose to support free-trade as well as consumer protection?
By JannyB @ 04/21/09 12:41:12 PMreport abuse
Get even with CC companies
Get even. Since last month, every time I have gotten a credit card application in the mail, I have sent back their return envelope sans application with this note:
Why would I want a CC from you vultures who prey on the American Public?

1. So you can take Tarp Money out of my tax money.
2. So you can arbitrarily raise interest rates "just because you can".
3. So you can lower the line of credit "to protect yourselves"
4. Charge insane fees that hit economically challenged people the most.

This may not mean much in the grand scheme of things, but it makes me feel better.

Get even people...stop using your credit cards..even if you pay it off every month! This will hurt them even more when they don't get those merchant fees any more!

Don't use that fake Visa either..they earn fees off that too. Try to use cash as much as possible.

I have had enough and I am not going to take it anymore!
By Mother @ 04/21/09 08:48:01 AMreport abuse
cause of this recession
The recession could be over in a few weeks. The banks are getting Fed dollars at 0%. Establish mortgage loans at 4%, and hold down credit card rates to5%. The economy would take off, starting with housing, then employment, then consumer spending. It is a simple solution, and the only one that will work. Spend the billions on retraining and building new industry, not pouring money into banks so they can play with it. Unfortunately, our politicians are on the bank payrols.
By steve @ 04/21/09 07:40:34 AMreport abuse
Wall Street vs. Washington
They are locked in a power struggle and we are getting hurt by it. The depression would be over if the Republicans had not gutted the recovery bill. It should be clear by now that layoffs, foreclosures, and consumer abuse translate to more voter rage and less Republicans in office.
By General Public @ 04/21/09 05:34:54 AMreport abuse
Big, powerful and expensive
The only thing bigger, more powerful and more costly to the consumer than these mega-banks, is a mega federal government. Obama and the democrats are growing the government so fast that the are crowding out capital for the private sector.
By Buzz G @ 04/20/09 05:12:51 PMreport abuse
Bank of America Line of Credit Decrease
So I had $64K as for my credit limit until March, on my April statement it showed only $14K. I called and they said that $14K is still high limit, I do not have any balance on my card, in fact i have $2 credit as I send them $1 every month, I have not used my card in over 8-9 months. I asked her if it will effect my FICO and she said it will not as my credit was decreased but since I do not have any balance my credit should be good.

I am not sure if I should trust her or not, I disputed and added a line with my explanation on my credit files just to be on the safe side.

On the same note, if I dispute and have remove all my older past paid/closed accounts from my credit files, will it reflect negative on my credit or it won't do anything? It is too late since I already have them remove several of my old past paid/closed accounts and my credit file started to look good, I have few open accounts but they are in very good shape and I pay my bills on time, they only things I have is my my Mortgage and my 5 auto loans, 2 of them are under $900 (Yeahhhhh).

Thanks
By Another Sucker @ 04/20/09 04:54:08 PMreport abuse
Bank of America rate increase
I just got off the phone with Bank of America who decided to raise my credit card rate by 6% for no reason. I have no late payments, not close to tye credit limit, etc. The phone call started out with the person answering the phone thanking me for being a loyal customer for the last 11 years. I told him that you are not thanking me as you just raised my rate and he became quiet for a few seconds! As to the reason they are raising my rate - the overall economy! Bank of America gets a bailout of my money and now they are getting even more of it when they are raising their rates. This is plain criminal and unfortunately we the people have allowed it to happen. I understand this practice will become illegal in 2010 so I am sure lots of credit card companies will rasie rates between now and then.
By Fred @ 04/20/09 04:39:13 PMreport abuse

On Point Credit Union/Bank

We actually enjoyed our credit union, On Point Bank/credit union, but they are pulling a few stunts on customers now too.

1. Canceling Pay Day advance loans on customers with out notice.

2. Web site being down to often, like over the 2009 Labor Day weekend!

3. Not allowing customers to put stop payments on un-authorized charges from businessness.

4. Falling short of treating the customer right.

By Cautious Cat @ 09/11/09 11:59:45 AMreport abuse

Chase credit card

I have been with this card service for along time I close this account out a while back because they where going to raise my rate on it they told me if i did this i could pay this of and things would not change. Put this week they took my ARP up to 5% from 2.5 so you know what that did to my payment. Ihave always pay my bill and always on time and more then what they ask for. I'm layed of and workink a temp job right now and i don't know how they think people can keep up with what there doing to us they need to be stopped dead in there tracks.This is just wrong and someone needs to help us out of this if anyone cares.

By Holly worster @ 08/31/09 10:14:38 AMreport abuse

Great Quote

Here's a great quote by Henry Ford from back in 1919. It about sums it up ....
"Its well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning"

What's going on now is a repeat of what the banks and Wall Street did during the great depression. They survived while the rest of the world suffered through along and painful depression. If the Fed doesn't do anything more for us, small business and the economy other than throwing billions of our money at the banks, the whole system is going to fail. Of course, somehow, it will be spun (By Washington and the Financial Powers) that it was all because of us consumers mis-manageing our personal finances.

By JS @ 04/29/09 08:00:30 AMreport abuse

It needs to stop NOW

It's going to be too late for all us consumers if Congress wait's until "next summer" to make these criminal acts by the banks finally be illegal. Which they already should of been. When the laws were change late last year, Congress gave the banks almost 18 months until the new laws went into effect. What they did was give the banks an 18 month window to stick it to us. By next summer, cc interest rates will be 30% for all of us good credit and bad and with the decreased lines of credit, our FICO scores will drop like the stock makret through no fault of our own. Congress and the Presdient need to make the laws effective immediately. Just like the CC companies make interest rate changes effective immediately. What's going on is criminal. They all need to be in prision.

By John @ 04/24/09 07:17:33 AMreport abuse

credit card abuse

see the website: changeinterms.com.
If I or my family get a credit card application, I enclose the sign from that website: "We are coming after YOU"

By steve @ 04/21/09 02:55:08 PMreport abuse

ARP Increase

Big banks are simply greedy. One of the major banks has several of my credit cards, checking & savings accounts, and my mortgage. I have banked with them since I was a teenager. I have 800+ credit score, never missed or been late on a payment, and most often pay my balances in full. In showing their gratitude for my years of being a loyal customer--they are raising my interest rates three-fold. Thank you so much for using our tax money and then continuing to "stick it to us".

By Melissa @ 04/21/09 01:54:25 PMreport abuse

Big Banks & credit card fees

Big banks are greedy, greedy, greedy with dreaming up all kinds of fees for checking & credit cards. They should be paying us for using their cards not the other way around. Is this the American way? I'm sick of it! Maybe I should stash my money in Mason jars like my grandparents did in the good ole days. Once I get my cc paid off Chase will no longer be able to stick it to me.
Just wanted to get this off my chest.

By Babbs @ 04/21/09 01:12:24 PMreport abuse

Banks

Right On Clark - esp. your last paragraph. It is nothing but the result of unmitigated greed and corruption! Big ego's want to take the short cut instead of actually rolling up their sleeves, taking their own advice an working for a living.

By Dana @ 04/21/09 01:00:20 PMreport abuse

Why doesn't our Congress Act?

I don't understand why our Congress doesn't fast-track legislation for credit card reform? Many credit card providers are exploiting consumers during the worst economic downturn that we have experienced in years? Many of us have had a credit lines decreased; our fees increased and have been caught in their ever-chaning, confusing and vague payment policies! And to add insult, to injury, our FICO scores have been adversly affected through no actions of our own? Would a credit-card tea party help bring attention to these unfair business practices? Where are our congressional representatives? Regulations do have a purpose to support free-trade as well as consumer protection?

By JannyB @ 04/21/09 12:41:12 PMreport abuse

Get even with CC companies

Get even. Since last month, every time I have gotten a credit card application in the mail, I have sent back their return envelope sans application with this note:
Why would I want a CC from you vultures who prey on the American Public?

1. So you can take Tarp Money out of my tax money.
2. So you can arbitrarily raise interest rates "just because you can".
3. So you can lower the line of credit "to protect yourselves"
4. Charge insane fees that hit economically challenged people the most.

This may not mean much in the grand scheme of things, but it makes me feel better.

Get even people...stop using your credit cards..even if you pay it off every month! This will hurt them even more when they don't get those merchant fees any more!

Don't use that fake Visa either..they earn fees off that too. Try to use cash as much as possible.

I have had enough and I am not going to take it anymore!

By Mother @ 04/21/09 08:48:01 AMreport abuse

cause of this recession

The recession could be over in a few weeks. The banks are getting Fed dollars at 0%. Establish mortgage loans at 4%, and hold down credit card rates to5%. The economy would take off, starting with housing, then employment, then consumer spending. It is a simple solution, and the only one that will work. Spend the billions on retraining and building new industry, not pouring money into banks so they can play with it. Unfortunately, our politicians are on the bank payrols.

By steve @ 04/21/09 07:40:34 AMreport abuse

Wall Street vs. Washington

They are locked in a power struggle and we are getting hurt by it. The depression would be over if the Republicans had not gutted the recovery bill. It should be clear by now that layoffs, foreclosures, and consumer abuse translate to more voter rage and less Republicans in office.

By General Public @ 04/21/09 05:34:54 AMreport abuse

Big, powerful and expensive

The only thing bigger, more powerful and more costly to the consumer than these mega-banks, is a mega federal government. Obama and the democrats are growing the government so fast that the are crowding out capital for the private sector.

By Buzz G @ 04/20/09 05:12:51 PMreport abuse

Bank of America Line of Credit Decrease

So I had $64K as for my credit limit until March, on my April statement it showed only $14K. I called and they said that $14K is still high limit, I do not have any balance on my card, in fact i have $2 credit as I send them $1 every month, I have not used my card in over 8-9 months. I asked her if it will effect my FICO and she said it will not as my credit was decreased but since I do not have any balance my credit should be good.

I am not sure if I should trust her or not, I disputed and added a line with my explanation on my credit files just to be on the safe side.

On the same note, if I dispute and have remove all my older past paid/closed accounts from my credit files, will it reflect negative on my credit or it won't do anything? It is too late since I already have them remove several of my old past paid/closed accounts and my credit file started to look good, I have few open accounts but they are in very good shape and I pay my bills on time, they only things I have is my my Mortgage and my 5 auto loans, 2 of them are under $900 (Yeahhhhh).

Thanks

By Another Sucker @ 04/20/09 04:54:08 PMreport abuse

Bank of America rate increase

I just got off the phone with Bank of America who decided to raise my credit card rate by 6% for no reason. I have no late payments, not close to tye credit limit, etc. The phone call started out with the person answering the phone thanking me for being a loyal customer for the last 11 years. I told him that you are not thanking me as you just raised my rate and he became quiet for a few seconds! As to the reason they are raising my rate - the overall economy! Bank of America gets a bailout of my money and now they are getting even more of it when they are raising their rates. This is plain criminal and unfortunately we the people have allowed it to happen. I understand this practice will become illegal in 2010 so I am sure lots of credit card companies will rasie rates between now and then.

By Fred @ 04/20/09 04:39:13 PMreport abuse

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Apr 20, 2009 -- Big banks to get a tongue-lashing from Obama

What others are saying