IS IT TRUE? August 14, 2011

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IS IT TRUE? August 14, 2011

IS IT TRUE that the latest SNEGAL trick that the banking industry has implemented is called the “direct deposit loan”?…that the “direct deposit loan” works like a fee based practice known as “payday” loans that have been documented to have fees and interest that can yield effective interest rates in the hundreds of percent?…that this latest little SNEGAL scam plays on loyal customers who happen to have checking accounts with direct deposit?…that the fees for calling or going on line to access this SERVICING are typically between 5% and 10% of the “direct deposit loan”?…that this SNEGAL trick was recently exposed by the Wall Street Journal with Wells Fargo Bank, US Bank, and Fifth Third Bank used as prime examples of businesses that are working hard to grow “direct deposit loans”?…that in the case of Wells Fargo the fee for such a transaction is $1.50 for every $20 advanced?…that for a person that is paid weekly and chooses to be SERVICED on a Monday to the tune of $37.50 to get a “direct deposit loan against Friday’s $500 paycheck that the effective interest rate is 7.5% per week?…that a person with a weekly need for being SERVICED in this SNEGAL manner would pay $1,950 per year to keep $500 in front of the payday for an effective interest rate of 290%?…that this excludes day to day interest charges and assumes a duration of a week for each loan?…that we encourage our readers to reject even the option to choose to be SERVICED by USURY and PREDATORY practices like “direct deposit loans”?

IS IT TRUE that our very own AK STEEL has been featured in a national publication as an undervalued company that may provide higher than expected returns when and if a recovery ever happens?…that no one smart enough to be interested in an investment like AK STEEL would ever consider allowing themselves to be SERVICED by a bank with a “direct deposit loan” with its exorbitant fee?

IS IT TRUE that in all of the celebratory mood surrounding the contract that has finally been signed by the Evansville IceMen that the reported agreement between the City of Evansville and VenuWorks has been overlooked?…that the IceMen’s agreement was for 5 years and thus needed the voting approval of the Evansville Redevelopment Commission to be valid?…that now that VenuWorks is under a not yet released contract that the sale of multiyear contracts for premium seating and sponsorships can begin in earnest?…that there are no minutes to any public meetings that contain references to the approval of any contracts for premium seating or sponsorships by the ERC, therefore there can be no valid contracts executed?

IS IT TRUE that we stand beside our opinion that much of the build up by Mr. Kish about sold out seats that mainstream media has swallowed like a pitcher of Kool-Aid is thus far hype?…that we expect in the very near future that these sweetheart deals with cronies will come forward for approval by the ERC and that the people of Evansville may never ever be offered the opportunity to purchase premium seating in the Arena that they borrowed money to pay for?…that this kind of cronyism is part of the legacy of the “OLD BOY POLITICS” that has substantially contributed to the arrested development of the City of Evansville?…that the premium seating should have and still should be exposed to public markets before approving even one private contract that was acquired by back room political tactics?

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5 COMMENTS

  1. Fifth/Third Bank–and Snegal,–Just a few years ago, After completing a small job for a local company I was paid that same day by check in the amount of $200 dollars. The Check was written on a business account of a company that had been in business for almost 100yrs in Evansville.

    After Telling my wife I would take her out to dinner, I stopped by a 5/3 Bank branch to cash the check,—I was told that I would have to pay the 5/3 Bank $5.00 and provide a thumbprint for their computer records to obtain the remaining $195 dolllars.
    I then went to the Main office to find out if they would honor the check,—needless to say I was told the same thing,—
    Lets just jump from there, and say they DID cash that check for the full amount before I left.

    I told the story to my fiends, family, peers, the mailman etc. and anyone else when the opportunity arose,—I still do.

    That company closed their account with 5/3, after hearing my story and the snegal impact on their employees.

    Fifth/Third? All you will get from them, is take that check to your bank for deposit. I have bought and sold Antiques, for many years,–still do occasionally.
    I have taken Great Pleasure in refusing 5/3 checks as they are as Worthless.

    • crash, I have the same story re: 1 2/3 Bank, except the fee was $ 8.00. Some reimbursement check for a few hundred from my sister-in-law in KY, she was totally unaware that recipients of her checks drawn on 5/3 had to pony up $ 8.00. I would rather be waterboarded than bank at 5/3.

  2. Remember when 5/3 was Citizens?
    Remember how nice it was?
    Ah well.

    At least now we have mayoral candidates that are both on record as being against Meth.
    That’s a good thing,but golly look how long it took for both of them to say anything.
    Now they need to clarify their positions on Mom and Apple Pie.
    Has anyone heard?

    • Do you mean the Citizens that got a $2,000,000 loan from the City of Evansville’s “small business” loan fund at 2% interest when the interest rate was 16%?

      Now Fifth Third has the loan and has no reason to pay it off so that money is available for businesses that need it. Borrowing at 2% to loan out at a rate of 290% is not the mark of a good corporate citizen.

      Come on Fifth Third, pay the loan back.

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