The vice president of one of the country’s largest banks discusses what banks do behind-the-scenes.
On Loan Modifications and helping homeowners:
It’s just not happening.
[Loan Modifications] Fully completed? Zero.
They have them call the 1-800 number and they get the complete run around.
They have been pleading. They’ve come to me crying, in tears.
On obscene banking fees:
I’ve seen $1.40 escalate to over $1000 in overdraft fees. It just snowballs.
I’ve seen customers over a four month period have ten to twenty checking accounts opened and closed.
On Treatment of Customers:
I’m in the middle of this disaster and no one’s listening at the top. And no one’s listening to the customer.
If we lived in a free market, where failing institutions were required to deal with their problems without government intervention, then most of these banks would already be out of business.
The only solution for taxpayers and customers is letting these sociopathic corporations take the pain and fail.
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