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Wednesday, February 13, 2013

This Is a Surprise

Posted by on Wed, Feb 13, 2013 at 7:44 AM

CNN:

Banks are holding more than $200 million in insurance payments meant for victims of Superstorm Sandy, nearly four months after the storm made landfall, New York Gov. Andrew Cuomo said Tuesday.
The Cuomo administration said it has delivered letters to various banks and mortgage service providers asking they "use maximum discretion and effort to speed the release of funds."
I've always thought this to be one of the most pronounced asymmetries between banks and consumers: If a bank is late paying what it owes you, it's not punished with fees; but, of course, if it's the other way around, if it's you or I who is late, the fees descend on us like a cloud of big-eyed flies.

 

Comments (4) RSS

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1
Not just banks but any service that costs money: cable, internet, electrical service... It's not as though you get comped for the downtime when something you need is unavailable.
Posted by NateMan on February 13, 2013 at 8:23 AM · Report this
Pope Peabrain 2
If they are holding that money, they could be stealing interest on that money. What's up with that?
Posted by Pope Peabrain on February 13, 2013 at 8:52 AM · Report this
3
When I moved my meager funds over to a credit union a while back I was amazed not only at the number of fees that Wells Fargo was nickel and dimeing me to death with, that the CU didn't charge but most of all by the attitude difference between the two institutions. The credit union seems to think for some reason that their job is to help me, to make my life easier and to save me money. If you still have your money in a bank - move it now.
Posted by PaulBarwick on February 13, 2013 at 9:32 AM · Report this
fletc3her 4
What's the return on $200,000 million over a couple months?
Posted by fletc3her on February 13, 2013 at 10:29 AM · Report this

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