Bank Scams, is the US Government that stupid!

OMG, where do I start LOL. Well, the fact of the matter is that the banks earn about forty (40) billion dollars each year in overdraft fees. The banks have been trusted, by the federal government, to create their own set of rules when it comes to overdrive and NSF procedures, which have been raping the American people for the past twenty years. It’s important to understand that these practices have been public knowledge and Congress, the politicians we have elected and trusted to protect us, have allowed the greedy, self-serving banking executives to bankrupt America.

So, after twenty years of raping their own customers, US banks will be required to allow customers to opt out of automatic overdraft fees for debit card use, starting July of 2010. See, the banks have created a policy that pays debit card charges when you don’t have money in your checking account, charging you a $35 per transaction fee for doing so. For example, if you buy a $10 happy meal, and you only have $5 in the bank, the bank will pay the $5 you don’t have and charge you $35 for doing so. Well, starting July 2010, bank customers can opt out of this wonderful service, and only use the money they actually have in the bank to buy stuff.

Well, this may seem like the feds hand-slapping the banks for being bad guys, but the reality of the matter is that, this scenario is so miner compared to the games banks play with our money and fees, and this hand-slap does nothing to the banks and how much they rip us off. Let me explain…….

The real cause of excessive fees is how the banks pay checks and debit transactions in the middle of the night. The policy is to pay the largest amounts first and the lowest amounts last. In cases where you don’t have enough money to cover all the transactions, the bank gets to charge overdrive or NSF fees to more transactions then they really should be charging.

For example: You purchase 20 items over the weekend for lets say $10 each, and you had $200 in your account to cover all the transactions, at the time of purchase. That leaves you with a zero balance. Then you make a $100 payment, which gives you a -$100 balance. Over night, the bank pays the $100 charge first, and then pays the smaller amounts last, meaning that 10 $10 transactions become NSF. The bank pays the transactions and charges you $35 for each of the 10 transactions, costing you $350. You end up paying the bank $35 for each $10 item they pay. As I recall, people went to jail for loan sharking!

Well, in the real world, the bank should have returned the $100 transaction NSF and charged you $35, or paid the transaction with a $35 overdraft fee.

US banks have these policies in place and handled automatically in the middle of the night. Branch managers and telephone agents are prohibited from reversing these charges. If you refuse to pay the charges, the bank has the legal right to close your account and report you to credit agencies, which all the banks use to deny service. If you don’t pay the fees, you’ll never have a banking account again, from any other bank.

In an interview with a Wells Fargo Bank customer service agent, they stated that these rules are the rules, there are no exceptions. Well, I remember watching the hearings after WWII when German officers, who killed thousands and thousands of human souls, would say “I was just following orders” when asked why they killed people. Because a company (or bank) makes a rule or policy, that doesn’t mean that, it’s right or even legal. The US government has had the authority to control these rules far back as 1978.

I could in no way live with myself, knowing that the bank I owned, or operated, robbed hard working Americans as described above. The banking executives that created these rules earn tens of millions of dollars a year in salaries. They sit in their big houses, eating filet and lobster with smiles on their faces. People, please understand one thing – these are not nice guys and they have scammed the system to allow excessive charging of fees to the American people.

To make it all so much worse, the people we elect to protect us against criminals like this, have done NOTHING to protect us. This tells a regular guy on the street, like me, that either our elected officials are retarded or in bed with the bankers. There can be no other explanation.

Banks must be ordered to pay transactions as they hit the bank, and return transactions that are truly NSF, with a fee. Checks should be processed to pay as many as they can, with the available funds. Banking executives should be charged with crimes against the American people.

This issue should make the American people made enough to form lynch mobs that door kick the homes of these criminals. We should be firing all in-service members of Congress. To say it lightly, boys, we’re been getting fucked and without a condom, at a cost to the American people of 40,000,000,000 a year.