CGI's Lady_Liberty: Banking in 2013
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Have you noticed that banks are getting creative finding ways to charge for services. If you have insufficient funds, even if you quickly deposit the money or transfer it from your savings account, the bank will charge you anywhere from $28.00-$35.00 depending on where you live. Overdraft fees are lucrative for banks since feeling the pinch of the 2008 financial disaster. They are now required to keep more money on reserve. That takes a bite out of fractional banking. Interest rates have been kept artificially low for so long now thanks to Bernanke that banks aren't making much off of interest either. Can I hear a loud chorus of, "Awww". Another creative windfall is charging you for the bank transferring YOUR money from savings to checking if you don't have quite enough in your checking account and if you signed up for that 'protection'. Oh, they didn't tell you that you would be charged for that keystroke? Well, yes they did. It was in the fine print they were hoping you wouldn't bother to read. My bank actually charged me ten dollars when I did an online transfer of funds from my savings to checking account. I'm pretty sure I cracked the ceiling when I went in and confronted them about it. They took it off. It was just an oversight, an error. It wasn't even to cover an overdraft. I just wanted to put a little extra money in my checking account for a cushion. Oh, but someone did that by mistake. It is a mistake they won't make with me again. But I had to wonder as I left the bank, how many people don't bother to look at their statement? Or if they do, know what to do about it? So, can you opt out and decide not to deal with banks? Well, you can withdraw your money and put it in a credit union which is generally more user friendly than banks. You can also buy a safe, keep your money at home and pay your bills with money orders. It's actually cheaper than banking if your bank stiffs you like this. But some companies require auto-pay out of an institution. And it seems like no one sends your money via checks in the mail these days. Social Security, pensions, annuities are all direct deposited,and most employers demand direct deposit of your pay whether you want to do business that way or not. So, you are still tethered to an institution whether you like it or not. My question is: If the economy crashes and you are no longer receiving your money via direct deposit does that mean that your auto pay also stops-or are you going to be charged an overdraft for each one that is still being taken out? I guess that will depend on how widespread the crash is. But it's definitely something to think about. By the way, the six largest banks in the U.S. just reported $23 billion in profits- that's for one quarter-three months! In the Senate there is a move to restore the Glass-Steagall Act that prevented market crashes after the 1929 crash. This is led by Senator Elizabeth Warren, Democrat from Massachusetts. The Senate seems to be aware that they work for the people. Too bad the House isn't that bright. Last month the House passed a law that would reverse the Dodd-Frank Wall Street Reform and Financial Protection Act of 2010. You remember the 2008 financial crash? This law was enacted to regulate derivatives, to keep Wall Sreet and the Big Banks from gambling with your money. I like what Senator Warren had to say about it. "Bankers are free to gamble on Wall Street, but not with the federally insured money in Main Street American checking and savings accounts." I hope Warren is well protected. The elite have a history of assassinating pesky opposition. Read the full story at http://www.nationofchange.org/money-rules-congress-people-are-supposed-rule-1375021475 Article by Leo Gerard. |
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