Community View: Banking industry’s integrity quickly deteriorating

By Doug Hackett
Doug Hackett is a La Jolla resident whose father and grandfather were lifelong bankers.

The banking spectacle of 2008 was not the beginning of poor bank integrity. Just prior to the Internet’s popularity in the mid-1990s, bankers everywhere started “helping themselves.”

With some creative accounting, banks found that they could rapidly increase their bottom line by taking advantage of hard-working Americans.

With the Internet, now you actually watch the banks and see their low integrity in action.

Here is how it works. My bank account was $7 overdrawn earlier this year. I thought myself lucky when I had looked up my account online that day. I rushed over to the bank and put 10 of my last dollars in my checking account – lucky because there were two or three $1 and $2 authorizations that would have caused HUGE overdraft fees.

So I made a mistake, a human error, and forgot I had one check still out.

My bad!

But the bank says (now) that the last check ($65) arrived “first.”

Obviously it did not. I was watching online. When I made my deposit, I had the balance at the time stamped on the backside of the deposit receipt as proof. The bank charged my account for all four items, saying every single item was overdrawn, not just one!

Bankers like to use a long, drawn-out sentence here about “funds available … the entire day.”

Ladies and gentleman, bankers have been helping themselves for quite some time. And it is actions and practices like this that are now leading our Federal Reserve to make “requests” to China and other leading countries – instead of Americans themselves – to fund investments in America due to our bank industry shortfalls. Banks wrongly take our dollars and then invest it in make-believe derivatives, (more) profit that never existed.

Related posts:

  1. Safe or sorry?
  2. City Council agrees to bank loan to prevent Shores default
  3. SDFD reacts quickly to CV house fire
  4. Gaming industry weathers the global recession
  5. Web view

Short URL: http://www.delmartimes.net/?p=2707

Posted by on Mar 12, 2009. Filed under Archives. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Leave a Reply

Archives

Facebook

Bottom Buttons 1

Bottom Buttons 2

Bottom Buttons 3

Bottom Buttons 4

Bottom Buttons 5

Bottom Buttons 6

LA JOLLA NEWS

RANCHO SANTA FE NEWS

RANCHO SANTA FE NEWS

RSS RANCHO SANTA FE NEWS

  • RSF Association Board Biz: It’s fire season: Be prepared
    The Rancho Santa Fe Fire Protection District (RSFFPD) was officially formed in 1946, in the aftermath of a devastating fire that took place in 1943 and destroyed brush, farmland and homes from Rancho Bernardo through Rancho Santa Fe, all the way to Solana Beach and Del Mar. Today the Fire District spans 38 square miles and protects nearly 30,000 residents. W […]
  • Rancho Santa Fe couple lead way in helping those with thyroid disorders
    Few people may know that Graves’ disease is one of the most common autoimmune diseases afflicting Americans today. Fewer still may know that the only national non-profit dedicated to its patients is headquartered in Rancho Santa Fe. The Graves’ Disease and Thyroid Foundation, co-chaired by Rancho Santa Fe residents Kathleen Bell Flynn and Steve Flynn, has be […]
  • Candidates seek election to three Rancho Santa Fe special district boards
    Seats on the boards of directors of three special districts that provide such services as water, fire protection, sewage treatment and landscape maintenance are on the ballot in the Nov. 4 election. The three special districts are the Santa Fe Irrigation District, the Rancho Santa Fe Fire Protection District and the Rancho Santa Fe Community Services Distric […]