Banking Scam!

**HolyMoly** · 11-13-2014, 09:23 AM

So I'm a member of a credit union, and have been super happy with how they operate. Loans are easy when you want them. All the online tools are there. Tons of free ATMs as the unions network together.

But I got an email on a "credit booster" program. They loan you X amount and put it into a non interest bearing savings account - but it is NOT available to you. You make fixed payments at 5.75% and when you have paid off the "loan", they release the money to you. What the fuck? Pay them interest to save money? Why not just open an interest savings account and save money? Oh...you want them to ding your credit if you can't actually save one month or your income changes and you can no longer participate?

While the interest seems low, it is interest you pay on money you are saving! I know some people want ways to build their credit, but this "credit builder" will have little to no affect on your ability to borrow, except from maybe the credit union. I could see someone like CashCall or other payday loan types of places offering this plan...they are experts in legally scamming people out of money, but my credit union? I think I'm going to write them a strongly worded letter/email. LOL

**HB Vic** · 11-13-2014, 09:39 AM

Everyone needs to make a buck here and there.

LOL

Run!

**YoPengo** · 11-13-2014, 09:41 AM

Speaking of banks... I am about done with mine (Chase). They want to charge my Business $20.00 a month so I have the "option" to do International wire transfers. They charge $40.00 per transfer and I usually do two a month. By my math... I am paying them $1200 a year for a simple (we do all the routing on line) transaction. I have four Chase accounts and they are about to loose all of them.

Anybody know if Credit Unions do Intl. wire transfers?

Any small business banks you love?

**HolyMoly** · 11-13-2014, 09:42 AM

Originally Posted by Hotboat

Everyone needs to make a buck here and there.

LOL

Run!

Let's start our own HotBoat bank and "loan" people money for a boat. When they pay off the loan, we can release the money for them to buy the boat.

**HolyMoly** · 11-13-2014, 09:55 AM

Originally Posted by YoPengo

Speaking of banks... I am about done with mine (Chase). They want to charge my Business $20.00 a month so I have the "option" to do International wire transfers. They charge $40.00 per transfer and I usually do two a month. By my math... I am paying them $1200 a year for a simple (we do all the routing on line) transaction. I have four Chase accounts and they are about to loose all of them.

Anybody know if Credit Unions do Intl. wire transfers?

Any small business banks you love?

I don't know if my credit union does international wire transfers. My credit union has fairly limited services for businesses. I wanted a credit line for financing short term inventory as I didn't have credit with my suppliers and I had a few days between when my customers credit card payments cleared and when I paid my suppliers. But they did work with me, and give me a personal line of credit, and a great interest rate (7%) and I could transfer the money to my personal checking account, then transfer to my business checking account. All done online. And because money would be paid back in 4-5 days, the % on the money moving around was about .05%...that is 5 100ths of a percent. My fricken merchant services got me with 2.75% per transaction. And if I paid my suppliers with a credit card, they hit me for 2.75% per transaction, where if I could use CHAX/Electronic payment, it was free.

**YoPengo** · 11-13-2014, 10:00 AM

Originally Posted by HolyMoly

I don't know if my credit union does international wire transfers. My credit union has fairly limited services for businesses. I wanted a credit line for financing short term inventory as I didn't have credit with my suppliers and I had a few days between when my customers credit card payments cleared and when I paid my suppliers. But they did work with me, and give me a personal line of credit, and a great interest rate (7%) and I could transfer the money to my personal checking account, then transfer to my business checking account. All done online. And because money would be paid back in 4-5 days, the % on the money moving around was about .05%...that is 5 100ths of a percent. My fricken merchant services got me with 2.75% per transaction. And if I paid my suppliers with a credit card, they hit me for 2.75% per transaction, where if I could use CHAX/Electronic payment, it was free.

I am going to look into charging 3% for all my CC transactions. I don't do many but when I do they are 15-20k and getting hit with that 2. whatever charge sucks.

**HB Vic** · 11-13-2014, 10:06 AM

Originally Posted by HolyMoly

Let's start our own HotBoat bank and "loan" people money for a boat. When they pay off the loan, we can release the money for them to buy the boat.

Hotbank.com? Nah, GN7 wouldn't approve

**Paul65K** · 11-13-2014, 10:30 AM

I gotta say that I opened up an account with Schwab Bank a number of years ago, mostly to use with my Brokerage account and I now do all my banking with them. No ATM fees at ANY ATM anywhere in the world, deposits made through my iPhone and wire transfers for free.............anytime I've any questions or issues there is someone there on the phone 24/7.........IMO they are 100X better than the business account my wife has with WF and the personal account we have with BofA for our rentals

**C-2** · 11-13-2014, 11:10 AM

Yopengo

Schools First (formerly Teachers credit union) doesn't do International wires - we tried getting a bill paid in Germany and they couldn't do it.

You might look at PenFed, they are one of the largest, and most respected, credit unions in the country. You have to be accepted, which is not hard if you work at the Pentagon, lol. But, you can join the National Miltitary Families Association or something like that, then you can join. I like the fact you can transfer money from say, Wells Fargo, into the PenFed account.

**C-2** · 11-13-2014, 11:14 AM

Originally Posted by Paul65K

I gotta say that I opened up an account with Schwab Bank a number of years ago, mostly to use with my Brokerage account and I now do all my banking with them. No ATM fees at ANY ATM anywhere in the world, deposits made through my iPhone and wire transfers for free.............anytime I've any questions or issues there is someone there on the phone 24/7.........IMO they are 100X better than the business account my wife has with WF and the personal account we have with BofA for our rentals

This thread was a social engineering ploy by HM to find out where you bank. Watch out for the follow-up scam email.

Sneaky little bastard.