The down economy has hurt more than just general public – banks are feeling the pinch as well. In an effort to generate extra income, they’ve become quite creative and sneaky in their tactics. We refer to these at as banking scams. They are the ways banks “legally steal” from you month after month, most times without you even realizing it.

Whether you want to hear it or not, the truth is that the banks are in bed with the government and although the government tells the banks to “treat people fairly,” they continue to steal your money, while greedily taking money from you (via the government and your tax dollars) at the same time.

To spread the message and help people avoid these banking scams, we’re inviting everyone to share their stories of banking scams that may have happened to you. The goal is to make the public aware of what’s really going on so you can protect your hard-earned money. A few dollars here and there may not seem like much, but when you add up the thousands of accounts they are doing this to, you can see how much banks depend on these banking scams.

This is an important issue that we believe strongly about and we greatly appreciate your time in sharing your scam. If you don’t have a story to share, take a few minutes and read through the scams to make sure you don’t become a victim, or share this page with others who you think will benefit from the information.

To make it easier to find your story, if you’re sharing a scam please start your comment with the words “BANKING SCAM.”

If you have a facebook account, post this via the Facebook Comments below so we can get this message out!

In the spirit of sharing, here is one that happened to me recently.


If this isn’t a scam from US Bank, I’m not sure what is.

Last week I was helping my Mother in Law close out her lease with US Bank, she owed the final payment of $395, so I called to pay it.

Before they collected the payment, I told the US Bank Representative that my Mother just moved from California to Arizona eight weeks ago. She gladly took the information and then told me that she will have to charge my credit card $405 instead of $395. I asked,


Well, I found out that it is US Bank’s policy to charge an extra $10 fee for billing addresses in Arizona. Interesting.

Hmmm… I have clients all over the world and it doesn’t cost me extra money to charge a person’s credit card in Arizona vs. California. Even if it did, NO WAY it would be $10. And, even if I were charged extra, I wouldn’t even think about passing that on to the client.

Here I am, five days after this happened blogging about this US Bank Scam… to my entire client base. These companies need to start focusing on building more value to their clients instead of penny pinching all of us.

Here is how I got around the $10 scam. I told her to change my address back to the California address and rerun it. I told her,

“If you charge me the $10 fee, I refuse to pay the bill.”

She changed the address, I saved $10, and I’m not using US Bank again!

Share your Scam!!

Philip Tirone is a Credit Scoring Expert and Champion for the Human Race

Other Scam Posts:

The Retail Store Credit Card Scam
The Dirty Little Secret that Hurts Credit
Protecting Yourself from Common Bankruptcy Scams

This guest post was submitted by Philip Tirone who is a credit expert and teaches consumers about credit and avoiding scams.


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Comments | 4 Responses

  1. says

    Ah, just another one of the many surcharges that are popping up everywhere. Banks know these types of charges are bogus and are profiting on the people that are too shy or nervous or uninformed to say anything about them. It’s the same with overdraft fees. There’s no way that an overdraft costs the bank $35. It’s up to the end user to speak up and save themselves some cash.

  2. Valene says

    Washington Mutual: Banking Scam

    About 5 years ago I opened an account at Washington Mutual. The teller I spoke to told me that for a limited time when I open a new account I get a savings account for free. I told him I didn’t need it yet he insisted in fact I literally argued with him on the matter for a good 5 minutes or so. In the end I gave up and told him “fine, but it will never be used”. About 5 months later I went to make a purchase and my debit card declined though I KNEW I had money in my account. It ended up being a two week long issue with the bank. $100 had mysteriously disappeared and even Washington Mutual couldn’t tell me what happened to it. In the end we found that the money had been put into my savings account without my knowledge or consent. They apologized and admitted the fault was on them. So I asked if they were going to drop the $90 in overdraft fee’s since it was their mistake. They told me no. At that point I wanted to end my services with them but was forced to pay the $90 in overdraft fees just to close the account.

    • says

      Valene – thanks for sharing your Washington mutual banking scam. It amazes me that for $90 they would let an unhappy client walk away – basically, losing you and your friends for life.

      Make sure you check your credit to make sure that nothing was reported by them erroneously. Keep in mind, 79% of American’s have an error on their credit report, many of them are reported by our banks.

      Keep us posted.

  3. Crystal says

    Last week I deposited a check at BBand T. They put a hold on my account, allowing different amounts to be credited at different days. I waited a few days and then used my card at a cafe for a small amount. It went through just fine, and went through fine each time after that. Then all of the sudden it was declined. When I signed on to my account, they had held the check for a WEEK, yet allowed me to use the card, and yet charged me a fee each time I did, until the day they had decided they would credit the full deposit, then it was declined, even though the full amount was credited that day as of five oclock. CRIMINAL THIEVES. I have a friend who works in the bank industry who tells me this is how the bank makes money. I will get this money back or I will guarandamntee you I will make sure it costs them well more than what they have stolen, one way or another. This is CRIMINAL.

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