- Posted August 17, 2010 by
Des Moines, Iowa
This iReport is part of an assignment:
Wells Fargo banking complaint and a bit of ranting about the current credit system
A while ago we started getting insufficient funds notices in my email, got Wells Fargo on the phone to find out a couple loan companies were constantly trying to run through charges and our bank account was just going more and more into the red. We've asked them to file a dispute charge, we've told them several times to close the account. I am still getting insufficient funds notices.
This also went back to before my partner lost his job and we were still using the account, we would get money taken out automatically when he got paid, sometimes more than $75 and it was all fees for this erroneous charge. Unfortunately my partner was too stressed out with the job situation and didn't keep a better tab of every charge going in and out. When things got bad he did look into loan companies, even putting in his info but backed out because the interest was too much. He thinks that's where the whole mess happened.
With the recent ruling in California against Wells Fargo for $203 million filed by angry customers demanding banking reform, I think it's high time people start getting grassroots about the banking institution as a whole in America and get some changes for the future and a better economy! Wells Fargo has been mentioned many many times and though it tries to sell a friendly image many people can attest to their bordering on criminal tactics to make sure they rob you of every dime, not to mention further ruin your credit.
The same credit system that punishes the poor and rewards the wealthy or those lucky enough to have the abily to pay on time with free rent, lower car payments and the ability to live where they want. Those are basic needs, and all controlled by the credit system. Another facet to the US ecomony that needs a gigantic rehaul.
I know all the arguments about responsible bill paying, but keep in mind most people who are homeless or in severe poverty are in that mess because of job loss or other financial troubles. Many started off dependent and financially responsible but hard times can quickly bring you crashing to the ground and everyone knows that. So because of that people should have to live in broken down apartments instead of the one they want that they can afford and is safe for their family?
With our credit we aren't able to live at the nice apartment complexes and if they do accept us we have to pay a deposit equal to our rent. We have the money to pay rent and almost always pay on time. Should we be barred from renting there because of problems in the past? You can get denied jobs because of a low credit score, how is that right? People qualified and serious about the job entailed but aren't even considered because of their credit. What's wrong with this picture? Why do we allow this system to run our lives?
I'm sure the second I post this people will start their online muttering, I understand people have their opinions but I'm just trying to make a point. The banking and credit system work for some and fail to do so with others. I would love to imagine life as it is in Star Trek, god knows how they made it past a money system but it seems much more peaceful and productive to life in general than the sociological nightmare we are immersed in at this time.
People are living on the streets, entire families and no one seems to care. The gap between the rich and the poor is wider than ever and people are getting more and more heartless about the debate. Anyone who raises a finger of protest against this whole thing is branded a communist or socialist and then the political jargon about the republican/democrat argument is drug in as well. Technology has separated us, because we see each other now only as this or that way online and not as the couple across the street who really like camping together or the guy in Oregon who goes to sci fi conventions in his spare time.
I know I'm rambling at this point but how I would solve the credit problem at this time? Wipe the slate clean. Give everyone a fresh start. Yes I know some people have bad credit for a reason and it would have it's drawbacks but imagine, everyone having another chance at it. No need for bankruptcy or taking huge amounts of money from the economy (that the US doesn't have) to pay for stimulus checks that just act as a band-aid solution. That would at least be a start in the right direction!