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.
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.