Banking

What’s new?  I was looking at BofA to see how to send money to someones account. Since it has to go in their account I was hoping that I could drive over, with a check on a local bank, and simply deposit the money. Seems less costly than a wire transfer, but I do not know that yet.

What I mainly want to say is that the comment and probably others is missing the real problem.  I just read in interesting article in Smart Money magazine where the author tried to do everyday business without having a bank account or a credit card. He found out that in today’s financial world that is nearly impossible. Business after business balked at accepting cash.

Having a business that everyone must have is a great thing, if you own that business.

Also, on PBS, today, a story ran that banks are going to try hard to offset their profit losses, after the consumer financial act passed in the US Congress and was signed by the President in 2010. Among the changes, they are planning to cut back or charge more for services inside the bank to force customers to use their ATM.

 You might think that dealing with the same teller or bank for the last twenty or thirty years helps you when cashing a check or obtaining some other service, the bank thinks otherwise. They really want your money and want it the easiest way for them to make money. No longer does a bank in the USA consider your checking account, with thousands of dollars in it, or your long tenure as a customer, enough to give you the service you thought you would have.

Beware, the current Republican strategy is  to either repeal or drastically revise all the laws passed by the last Congress and signed into law by the President. That includes the consumer laws designed to help us in our personal financial dealings.

I am also a member of two large Federal Credit Unions. Sometimes they have been more helpful than banks and other financials institutions. Since the financial crisis began, this is no longer true. Credit Unions like to make money too. Although we hope they plow earnings back into saving us some money, the Boards of Directors can and do enact policies that are not always good for members.

My comments are based on my experience as a consumer of bank and credit union services and products. I have the degrees and experience to be able to report on these experiences. My hope is that our concerns will eventually turn those policies around to favor customers who are the real stockholders and owners of these institutions, even though we obtain fewer and fewer benefits.

An immediate need for us is to be sure to contact our Senators and Representatives, of whatever party, to make known what we think needs to be done now and in the near future to really reform the US financial systme.  

Writing a letter, not a email, to a Senator or Member of Congress does much more than any petition or email will ever do. One thing they know is that if you can take the time to write, you most likely will take the time to keep up on issues and will vote when when election days roll around. YOU control who is in Congress and who will stay in Congress.

Lately, people who have very strange agendas for our Nation, have had some success in milking the electoral process for their own profit and made inroads into government.  We need to counter with our own rights and responsibilities to make sure this country and government is around for the next couple of centuries, at least.

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