Wainwright Bank Stole My Grocery Money

[redheadedmuse.livejournal.com]

After almost 10 years of doing business with Wainwright, I finally jumped ship this week after they charged me almost $100 in overdraft fees - even though my statement shows no overdraft at all.

As I said in my open letter to them, this is not just my issue. Banks are poised to rake in over $38 billion in overdraft fees this year, and Congress has just approved new regulations making the kind of sneaky accounting and overdraft "protection" racket Wainwright is using illegal. Those regulations haven't gone into effect yet, but I would have hoped our neighborhood "progressive" bank would be ahead of the curve in this important social justice issue.

I'm disappointed that a local bank that advertises itself as "banking on values" would treat its customers this way. It's a deceptive and predatory practice that traps financially marginalized people in a painful cycle of debt they can't get out of. Shame on you, Wainwright.

Comments

Re: Bottom line....

[turil.livejournal.com]

In cases like that, I don't really consider it a non-profit. The laws are kind of random when it comes to classifying different kinds of organizations/businesses.

Re: Bottom line....

[nvidia99999.livejournal.com]

Harvard is non-profit... Which is ridiculous.

Yeah, in many ways. But it's also got a lot of good stuff too.

[turil.livejournal.com]

Some organizations just get too big for anyone's good. But even the best organizations who really do care and are truly non-profit for the benefit of the world have imperfections. And even the worst corporate businesses that really don't care and are truly trying to make the most profit possible to the detriment of the world have their good qualities.