What the bleep is wrong with banks!?

[aurora]

I've had my accounts with the Royal Bank for a long time. In 2004 I got and paid off a loan with them in a short period of time. Then they gave me a Visa, which they seem to be happy about - they keep upping my limit. Then I got a line of credit, thats up to $30,000, an I never have it even close to the limit. Then they pre-approved me for a mortgage.

So I get a letter saying they are upping my interest rate on the LOC from 4.5 to 5.5, no reflection on me... just a blanket increase.
I know people who called to complain and got it reduced, but they just gave me the run around! Only way they'd drop it is if I raised the limit to 50,000...fine, raise it. But he wants pay stubs from Decemer? I took December off.. my truck broke down then it was Christmas. Take Sept, Oct, Nov. Nope, has to be December and it'll be based on that.
WHAT A DUMB ASS! I ended up telling him forget it, I'll got to a different bank!

 

[aurora]

Then, thennnn he uses my call to try and give me more Visa products. None with a lower interest rate of course and my rate is high. NO I don't want your damn Visa that I have let alone another. I don't use the one I have! And NO.. giving me one with a points system isn't going to make me use it! grrrr

 

[Sarahkka]

They're greedy and they want your money.
It's as simple as that.
And they keep changing the rules so that they can take more of it, which they are allowed to do according to the very very fine print that comes with credit cards and lines of credit.
Unless you are in a much higher income bracket than the average Canadian, our banking system is set up to nickel and dime you up one side and down the other.
We just switched to PC Financial. It's online, but the banking is free, so at least you can avoid the added sting of ridiculous service charges every month to have access to your own money.
The other way to stay ahead of them is to get out of debt as soon as you can. The interest bump won't bother you if you clear the entire balance every month. Make that a goal so you can keep more of your cash out of their grasp.

 

[aurora]

I think thats what pisses them off... they like my income but they want me to borrow more. I'm not like the average customer. All my toys are paid for, I like to have the line of credit but not really use it. Grr... I'm switching banks anyway.

 

[Sarahkka]

Do it.
I was with BMO forever, but they had incredibly bad service and were really expensive to bank with. They were total assholes to me more than once. The final straw came when they tried to charge me $26.95 for a refill of cheques. I was so gone.
We had a fabulous online credit union for ages, then they shut down and we went to PC Financial. They are okay. Service has been a bit irregular, but I'm not getting charged for the account. That saves a lot of money right there.
We're the same with the credit products. We pay off the whole balance of any CC every month and we did the same with a line of credit we took out. It's like they don't know what to do with you when they can't screw you with 18% interest. Or offer you a "high interest" savings account at 0.75%. wow. What a deal. Or I could put the money in a hole in my backyard and it might grow faster.
Banks are a racket. I despise them. But there doesn't seem to be much of an alternative, unfortunately.