I don’t know about you, but I am extremely upset with the banking system in this country. First they take government money allegedly to lend it to homeowners and it sits on their balance sheets so they can present a “new and improved” personna for their own personal agendas. We all thought that with the bailouts, the consumer would have some benefit, the housing market would be stimulated and we would exit this recession quickly.  We should have know better. It is greed that got us into this recession and it is greed that is prolonging it.

I received a notice from my bank that I was overdrawn. I was so surprised, as I had opted out (you have to opt out) of letting the bank pay any checks for which there were not sufficient funds.  How does this happen?? I spoke with a very nice young man behind the counter who suggested I call the number on the back of my ATM card and that I should record the call. He had had a similar problem (he works for the bank), so I heeded his advice.

When I called the banking number, I told them I was recording the call and the gentleman on the other end  of the phone said he would not speak with me and he would be calling his supervisor. When the supervisor came on the line I explained the situation.  What I learned next just irritated me so much I am writing this blog to warn others of the “Shadow Greed” that lies in wait for you.

Once you tell the bank (opt out) that you do not want them to pay any checks for which there are not sufficient funds, they are happy to accommodate. Why?  Now they are going to charge you for Non Sufficient Funds up to $140/day and you will probably be charged by the institution to whom you authored the check. I got their game immediately.  Basically you have a choice.  Pay an overdraft fee or pay a NSF fee plus any other costs.  How could I have been so naive as to think we consumers were actually getting a break?

There is no limit to which the banks will go to squeeze us dry with their fees.  I, for one, am sick of  it.  When they are paying 0.5% on CD’s, we might as well keep our cash in a safe at home.  We give the bank $100 and for letting them use our money, we are rewarded with a $.50 return after a year. What a joke!! That is less than one cent per week on a $100 deposit.

Of course the banks spin this debacle, so the consumer thinks these crazy fees will be banned or reduced. Don’t kid yourself. We are only going to see more and more of this kind of egregious business practice, but it will not only be by the banks, but any large industries that can get away with it.

I have always so believed in my country, but, as of late, I am disillusioned. The American people are great people. We have a sense of community that is the envy of the world, but those in charge seem to have forgotten.  We need to come together to restore the greatness that America once represented. I’d love to hear from any of you out there. I don’t think I am a minority in my thinking. As many hands make “light work”, many minds coming together can create greatness. Let’s begin today.