I ended up stuck in a line, unprepared with an entertaining diversion, and so resorted to reading the pamphlet enclosed with my bank statement.
No wonder the financial industry is collapsing. Its rules are counterlogic.
“Avoid a service charge by maintaining a minimum balance of $1000 in your checking account.” How do they figure someone with $14 in the bank can AFFORD a service charge?
“There will be an insufficient funds fee of $40.” In other words, if you have NO MONEY, we’re going to charge you MORE MONEY, of which we have already established you have NONE.
And qualifying for a loan, while not addressed in said pamphlet, has never made sense to me. If you have collateral in the amount of the loan requested, you can get the loan. You could also sell the collateral, get the amount of the loan requested, and skip the horrifying experience of dealing with the lender and forking over interest for the rest of your life. But if you own nothing of value, you can’t get a loan… with which to buy anything of value to present as collateral so you can get a loan you don’t really need.
