Your Bank Is Ripping You Off: How to Fight Back and Save a Fortune (Paperback)

by Edward F. Mrkvicka Jr. (Author) "To understand how your own bank is ripping you off, you need a minimal, working knowledge of how the banking industry is ripping off America..." (more)
Key Phrases: financial discrimination, credit life insurance, interest computation, Federal Reserve, Five Cs of Credit, Penn Square (more...)

Editorial Reviews

From Publishers Weekly
Your bank is your enemy, charges former Illinois banker Mrkvicka in this well-documented, convincing expose. He begins by pointing out that the Federal Reserve Act of 1913 violates the Constitution by giving "the power to regulate money to a handful of unelected private bankers." He excoriates the so-called prime rate as price fixing, and he labels bank deregulation a sham. As currently configured, he argues, banks exist principally to extract as much money as possible from their customers, with exorbitant interest rates on loans, pressure to encourage credit-card borrowing, outlandishly prolonged holds on checks deposited in checking and savings accounts and inflated charges for overdrafts. Worst of all, according to Mrkvicka, banks are shielded from lawsuits by federal regulations. Lest it be thought that the author is a radical, he stresses that he is a free-market conservative who believes there is nothing free-market about the banking business.
Copyright 1996 Reed Business Information, Inc.

From Library Journal
Mrkvicka draws on his experience as CEO of a national bank to reveal the increasing number of ways that banks are adding charges for services provided to individuals. He also points to a widespread practice of discrimination against minorities and women in spite of provisions of the federal Equal Credit Opportunity Act. He asserts that a bank's lending activity creates an adversarial relation with customers; loan rates are negotiable only if the consumer is knowledgeable and creditworthy. Mortgage loans are attractive to banks because most consumers fail to shop intelligently and neglect to accelerate principle payments. Mrkvicka counsels against have a bank checking account because of the high cost, and credit cards also come under scrutiny. All of his cautions suggest a strategy of shopping intelligently for financial services rather than an alarmist notion that all banks are run by thieves. As such, his work offers excellent, authoritative consumer awareness advice.?Joseph Barth, U.S. Military Acad. Lib., West Point, N.Y.
Copyright 1997 Reed Business Information, Inc.

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Product Details

• Paperback: 224 pages
• Publisher: St. Martin's Griffin (February 15, 1997)
• Language: English
• ISBN-10: 0312152469
• ISBN-13: 978-0312152468
• Product Dimensions: 8.2 x 5.5 x 0.6 inches
• Shipping Weight: 9 ounces
• Average Customer Review: 4.4 out of 5 stars See all reviews (7 customer reviews)
• Amazon.com Sales Rank: #1,456,628 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

7 of 7 people found the following review helpful:

5.0 out of 5 stars IF YOU'RE A BANK CUSTOMER , YOU MUST READ THIS BOOK., July 4, 2001

By A Customer

This review is from: Your Bank Is Ripping You Off, Revised and Updated Edition (Paperback)

This has to be the best book ever written on the subject of consumer banking. It deserves more than five stars. It was given to me as a present from my father with a note that read, "This should be read by every bank customer in America and taught in every school." With that grandiose prelude I was expecting to be disappointed - I wasn't. No matter what the service, it's covered in detail. And most importantly, it's not just what I call a "gripe book." In addition to explaining how we're being ripped off, the author shows us how to fight back. Since I read it I now receive virtually all my banking needs for free instead of being nickel and dimed to death. Last month I purchased a new car. Following the advice in the book I saved over $1,000 on the bank finance and product charges that were first offered to me. I realize now, after reading this book, that banks depend on us (the consumer) not knowing how they play the game - and because we don't understand, and are often intimidated, we are grossly overcharged for services. That's not going to happen to anyone who reads this book. One last thought - this is the first financial book I've ever read that I enjoyed and could completely and totally understand and put into immediate use. As I said, this book deserves more than five stars.

6 of 6 people found the following review helpful:

5.0 out of 5 stars Banks want you to over draw your account!, August 17, 2002

By	"hugthecat" (United States) - See all my reviews

Great Book!

My favorite, is the fact that the banks invented ATM and debit
cards so that you would accidently overdraw your account. The banks accutually love it when you do that. They get to charge
you for this little error.
Actual cost of overdraft of a check:

Computer Cost: 0.25
Employee's Processing cost: 0.50
Mailing cost of OD notice: 0.32 (not current rate)

Total 1.07

Now is that what they charge you no, they make a tidy profit
about $24.00 if the charge was $25.

He tells you ways to find the best mortgage, how to find an alternative checking account, and better ways to save that just letting the bank hold it for you.

He states how to negotiate with the bank IF you choose to get a loan there. He tells you how points on a loan are like addiditional dealer profit that car dealers charge you for doing nothing!

He also says how most banks' safety deposits can be jimmed with a screw driver and other reasons not to use them.

He gives a few phone numbers on where to purchase mail order checks at half of what the bank charges.

He also gives ways to find out if your bank is safe. But what about the FDIC. He gives reasons why that little FDIC sign at the bank should not be helping you to sleep at night.

IT is a must read for anyone that uses a bank!

There is so much more in the book, this is just the tip of the
iceberg!

3 of 3 people found the following review helpful:

5.0 out of 5 stars Perfect introduction to financial institutions, April 3, 2001

By A Customer

I understand that financial analysts or banking professionals may disagree, but the information in this book is priceless to someone who knows little about how banks *really* operate and view the banking customer. After reading this book, I never want to use the "services" of a bank again.

True, i'm often highly suspicious of any institution with ties to the government, but with this book I was finally vindicated of my concerns.

It is safe to say that, to the layperson - someone who isn't biased(works for a bank) - they'll never see the banking system the same again after reading this book. It is a MUST HAVE if you have ever wondered why YOU have to pay (in some cases) THEM for a checking account. After reading this book, my thoughts changed from "$10 is cheap" to "they should be paying ME to let them hold my paychecks." It is also a must is you have ever wondered why you feel submissive to THEM, in dealings with your bank.

I had many "run-ins" with a bank last year, and although it didn't save me the pain from dealing with them (too late, unfortunately), it was an awakening and explanation to their banking practices.

I'll never open a checking or savings account again. It paid for itself in the first few pages.

This book is liberating!!!

Leo - out of the system now.