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1/ My grandfather needed to go to the TD bank to do some business when I was visiting this summer. He’s 84.
I needed a ride to the coffee shop for a meeting, so I asked if I could tag along.
He’s been a customer at the branch since his 20s. They all know him by name.
I needed a ride to the coffee shop for a meeting, so I asked if I could tag along.
He’s been a customer at the branch since his 20s. They all know him by name.
2/ Most of my family have TD bank accounts thanks to my grandfather. He’s earned them a lot of business during the last 40 years.
I asked my poppy what he had to do & he said he was making a payment on a loan he took out.
Since I distrust banks, my scam bells started ringing.
I asked my poppy what he had to do & he said he was making a payment on a loan he took out.
Since I distrust banks, my scam bells started ringing.
3/ I looked at his loan paperwork & it turns out they didn’t give him a bank loan, they signed him up for a high interest credit card.
He was paying 15%. He didn’t even know he had a credit card & didn’t know where it was.
I asked the teller to lower the interest rate.
He was paying 15%. He didn’t even know he had a credit card & didn’t know where it was.
I asked the teller to lower the interest rate.
4/ She said they “couldn’t” lower the interest rate, nor could they explain why they signed him up for a credit card.
(This is predatory behavior, banks are committing usury.)
We asked to switch to a proper low interest loan, so they sent us to a loan specialist at the branch.
(This is predatory behavior, banks are committing usury.)
We asked to switch to a proper low interest loan, so they sent us to a loan specialist at the branch.
5/ The specialist looked at his income.
He’s on old age benefits + a small pension, basically below the poverty line as most elderly retirees in Canada are.
She said he was unable to get an unsecured line of credit for $2500.
(50+ years of good credit with the bank is worth 0)
He’s on old age benefits + a small pension, basically below the poverty line as most elderly retirees in Canada are.
She said he was unable to get an unsecured line of credit for $2500.
(50+ years of good credit with the bank is worth 0)
6/ I ended up paying the loan off for him & told him not to borrow money from the banks anymore. All this over replacing a furnace in his house.
We setup a monthly 0% interest repayment plan.
(Big banks disgust me honestly. They don’t care about you. You are just profit meat.)
We setup a monthly 0% interest repayment plan.
(Big banks disgust me honestly. They don’t care about you. You are just profit meat.)
7/ My grandfather was an entrepreneurial milk man until 68.
Unfortunately for him, times changed & he was unable to adapt quick enough.
When the coal miners were laid off & the dairy took all of his grocery store business from him at 65, he spent the next 3 years losing $.
Unfortunately for him, times changed & he was unable to adapt quick enough.
When the coal miners were laid off & the dairy took all of his grocery store business from him at 65, he spent the next 3 years losing $.
8/ He was hoping to sell his milk run & his 2 trucks back to the diary for a nice sum. In ~1998 he had to take a TD loan on his house for $26k to keep the business afloat.
In ~99 the dairy took all of his corp clients , in ~01 they paid him a measly $10k w/no pension to retire.
In ~99 the dairy took all of his corp clients , in ~01 they paid him a measly $10k w/no pension to retire.
9/ My grandfather was a milkman for 45 years and a TD business customer for at least 50.
For the next TWENTY years, my grandparents were living off of just their minuscule old age benefits & my grandfather’s tiny CPP.
They could only afford to pay the minimum monthly payment.
For the next TWENTY years, my grandparents were living off of just their minuscule old age benefits & my grandfather’s tiny CPP.
They could only afford to pay the minimum monthly payment.
10/ I calculated that my grandparents paid $22,684.80 on their line of credit.
So for 20 years of paying the minimum payment on a loan of $26,000, what do you suppose the principal should be?
It was $25894.52. I felt furious with the bank. Predators.
So for 20 years of paying the minimum payment on a loan of $26,000, what do you suppose the principal should be?
It was $25894.52. I felt furious with the bank. Predators.
11/ Bitcoin paid off their house loan. The bank teller was shocked, she started to cry when my nan told her what we were doing.
To be clear, I’m not mad at bank employees. I’m just fed up with the way big banks create money from thin air, charge high interest & abuse the elderly
To be clear, I’m not mad at bank employees. I’m just fed up with the way big banks create money from thin air, charge high interest & abuse the elderly
12/ To banks everywhere:
. 🖕 🖕
🖕🖕🖕🖕🖕🖕
🖕 🖕 🖕 🖕
🖕 🖕 🖕 🖕
🖕 🖕 🖕 🖕
🖕🖕🖕🖕🖕🖕
🖕 🖕 🖕 🖕
🖕 🖕 🖕🖕
🖕 🖕 🖕🖕
🖕🖕🖕🖕🖕🖕
🖕 🖕
. 🖕 🖕
🖕🖕🖕🖕🖕🖕
🖕 🖕 🖕 🖕
🖕 🖕 🖕 🖕
🖕 🖕 🖕 🖕
🖕🖕🖕🖕🖕🖕
🖕 🖕 🖕 🖕
🖕 🖕 🖕🖕
🖕 🖕 🖕🖕
🖕🖕🖕🖕🖕🖕
🖕 🖕
(emoji middle finger h/t @lopp)
This thread is partly context for my thread last week:
