I appreciate the extra comments 🙂 Since I am the target of the original email I would like to point out that the person choosing to use the product unwisely is where the problem is, not necessarily The Evil Empire.
There were many times that I talked to people at length trying to convince them that I was really doing them a favor by closing their checking account and opening a savings account. Getting charged several hundred dollars a month in overdraft charges really impacts a budget. But is that really the fault of The Evil Empire, or the person who knows full well they have $20 in their account as they write out their rent, grocery, car payment and credit card checks because they feel they have to send a payment even though the money isn’t in their account.
If folks without self restraint would just close their checking and open a savings account, even the most expensive money orders out there are less expensive than bounced check fees!
I’m one of those folks that isn’t very disciplined about a checking and I prefer a savings. I’m fortunate that my credit union offers a bill payment service through the savings which is rare, but it works amazingly well and I never worry about a returned check, or even balancing my account.
Although I am using a checking account as the product for my example, any type of loan, unsecured credit such as a credit card, as well as a home loan can get you into trouble if you aren’t careful and use it wisely and sparingly.
Well, so if the car finance people are in the Evil Empire what does that make me? I work in home finance (A paper: Construction lending and Purchase, Subprime: Refi and Purchase). Several times a day I speak with people looking to take out several hundred thousand (sometimes millions) dollar loans.