It is a crime to Overdraft

by on August 10, 2009

That should be the title of a major awareness campaign for people that don’t want to end up in jail by committing bank overdraft. Bank Overdraft should be put on the same list with drunken driving campaigns and the schedule one narcotics. In addition posters and signs should be placed in subways and train stations because it is already treated like a crime.

This morning on my way to work I saw in the elevator that the US banks are going to make approximately 35 billion dollars on bank overdraft fees.

It is news like these that make me believe that the whole economy and recession was just a scam designed or just advertised by the few so they can become wealthier. It seems that the overdraft fees alone in US can rebuild an entire small country. Seeing this little news made me more inquisitive to the matter and I found out some stats from FDIC about the overdraft programs. Browsing through the FDIC literature I figured out that bank overdraft programs are in place just to make a load more money for the banks. No one really explains why the overdraft programs are in place.

I can speculate that the reason for bank overdraft fees and fines is the cold hard cash. Is not that the bank has to go to so much trouble because of us overdrafting our accounts. There is no extra burden on the bank or the software that makes the transaction. The software just has to trap the error and return a message. The other party then has to accept the fact that there is no money and they can slap a late fee. But the thing that is outrageous is the fact that your own bank also slaps you a fine.

Another ironic thing is that all these institutions are doing all their business with machines designed to remember everything, and not miss a thing. We ARE HUMANS not machines, our life is supposed to be fun and the machines are there to support us not to compete against us. All these institutions are using these machines or the technology to control us like we are some kind of outlaws. We are not outlaws, and it should be outlawed for any institution to use technology in competition with human beings, especially when this technology was designed and built for automations, tasks that humans weren’t designed for. Our brains are not designed trough their nature to be automatic and never forget about things or chores. It is understandable to use anything to compete against some form of outlaws but not against civilians.

My bank is supposed to be my friend, not slap me with a bank overdraft fee because I forgot about my money. If someone asks what will happen if everyone will overdraft? Nothing, I say. Because they already know that they will be making money out of it and there will NOT be some cataclysmic system meltdown like they are trying to sell it as. No wonder that we see all these nice fat bonuses to all these CEOs CFOs and whatever other acronyms are out there for all these sleepwalkers of the mighty stockholder system. Bank overdraft needs to be outlawed.

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