Let’s examine a Consumers View of Predatory (greedy) Banking
There was a time when credit cards were meant for only ‘the rich and powerful.’ In due course the infrastructure and correlation of the banking system improved with many financial machines; as a result, the concept of debit cards was conceived. Check cards were distributed like candies and prepaid debit cards were made available off the shelf at the dollar store. By itself it is not bad. Nowadays, to have Credit cards and bank cards are not only handy but mandatory as well. McDonalds for instance had no policy (for reasons best known to them) of accepting credit cards for decades are now in cognizance with this concept.
You may wonder what this has to do with the corruption and dreadful conditions of our banking system. Well victims are easily available. You end up signing for much more than you could imagine when you have a bank account. The more sophisticated your account the more you will be robbed. How do they get away with it? Though these rules and policies affect all customers, the more consistent your income the lesser its visibility.
Here is a bona fide example of what many banks do. A few years ago a young woman was released from Service with a 60% disability for injuries she sustained during her service to the country. She was granted a small amount of disability payment every month, to pay her bills because she is unable to work anymore. Her payment is directly deposited into her checking account every month. She has a very tight budget and is left with less than $100 a month after her basics re taken care of. . She has tough time maintaining a minimum balance too. She is bestowed with some mental impairment along with her physical tribulations. Any kind of mistake made in marinating her account she gets the dreaded overdraft notice. Many banks charge more than thirty dollars as overdraft fees for the initial offense and seven or more per day if the borrowed money is not deposited instantly.
© Decey
