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Roanoke Times, 3-4-12, Pg 6: Obama’s Consumer Financial Protection Bureau to get a handle on bank overdraft fees (article by Washington Post -- why are we not surprised)
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Obama and associates, unable to handle the economic recession, unemployment, high energy prices, a Middle East on the brink of major war, among other minor distractions: has focused on “fixing” the bank overdraft fee “problem”.
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So, what’s this big problem they want to fix with great fanfare?
Bank checking customers choose the option (for a fee) to have their savings account cover any bad checks they write. Some banks even extend an unsecured loan to cover the bad check. Why do they do that? It’s because “kiting” bad checks is a crime!
New young army officer's are told that passing (one) bad check is the basis for a Court-Martial.
In Virginia it’s a major crime (felony above $200) per laws:
• Va. Code §18.2-181 - Issuing bad checks, etc., larceny
• Va. Code §18.2-181.1 - Issuance of bad checks
• Va. Code §18.2-182 - Issuing bad checks on behalf of business firm or corporation in payment of wages
• Va. Code §18.2-182.1 - Issuing bad checks in payment of taxes
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Customers who sign-up for the Overdraft option offered for a fee by banks view it is a good thing. So let’s harass the banks about this customer service so that they no longer offer it. That way the customers can find out first hand just how sympathetic and helpful their government justice system can be. The legal fees (thousands of dollars) for defending against a bad check (Uttering) charge will certainly make the bank fees look like a good deal at a very affordable price!
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Do we need Obama and a governmental agency to select the bank with the best service, options and fees for us? Can’t we do that for ourselves? Apparently Obama thinks not! How sad that “we” have reached this level of government-dependency and mediocrity!
If we can’t do this simple task for ourselves, what can we do?
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http://roanokeslant.blogspot.com/2012/02/times-they-are-changin.html
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