Saturday, March 14, 2009

Dear Bank of Hypocrisy, You're Fired!

I was going through our files today in order to purge the paperwork we don't need anymore when I got a laugh out of the following letter from Brandon's former bank:
"As you requested, we have regrettably closed your "Bank of Hypocrisy" credit card account. We hope you will reconsider your decision and make your "Bank of Hypocrisy" credit card your card of choice.... We have enjoyed having the opportunity to serve you. If you would like to re-open your account, please contact our Customer Service Center..."
No thanks!

I know it's weird in this day and age but I never bought into the concept of a credit card. 4 years ago I convinced Brandon to close the credit card he was "persuaded" to open as "overdraft protection" for his checking account during college. When he called to close the account they resorted to all manner of desperate tactics as I sat there jokingly, cheering him on to "stay strong." It was quite comical. And then we received their heart-felt letter.

Please, what they regret is they couldn't continue to charge him all those ridiculous fees and high interest rates. They wanted him to reconsider being screwed out of hard earned money month after month. What they enjoyed was the opportunity to take our money. No thank you.

We have since made drastic changes to our finances. One of those is the decision to never use credit again. We've never had a problem since and it works for us.

So banks, no thank you, we choose not to be your slaves.


  1. We have 1 credit card, but it gets paid off every month. We use it for online purchases, reservations, and such because they have a little more fraud protection than our debit cards has. Banks do that though, they want us to remain in their debt. We had to be careful to wait until May to pay off my car rather than April so we wouldn't get a penalty for paying it off in less than a year. Actually it took almost two years to pay it off, but we refinanced for a better rate after about seven months.

    Anyway, the point is, we would have incurred penalty fees had we paid it off any earlier because the bank would prefer our interest.

  2. I don't have a credit card either. Hubz has one that he uses for business and pays it off every month then when he does his expenses we get paid back. credit cards are such a scam. If you can't afford it don't buy it. simple.