Comment: Money Matters
Robbery (so what's new)
Why keeping your money under the mattress may be safer
has come to my attention that many banks, brokers and other financial
institutions are robbing their clients with erroneously wangled charges.
If an account has been dormant for a period of time (the time factor
varies from institution to institution) or has a low deposit and thus
not used (average under $2,000) the institution takes an amount (average
$50:00) every three or six months to cover their expenses (what expense
can there be in a dormant account?) In other words, they will drain
the account of all its funds over a period of a few years.
The unsuspecting victims may be too elderly to read their statements
or may have a debilitating disease. In most cases they certainly did
not have the clause that the institution would make charges against
an inactive account, when they opened the account many years ago. The
original contract between client and financial institution probably
did not state they can take out the clients money without permission.
Of course, the financial institution will say they sent out a letter
informing that charges will be implemented from a given date on dormant
accounts......BUT, since there is no proof their clients got the letter
... Then these charges may not conform with a citizens rights. It is
certainly morally incorrect, but when did that ever stop villains from
robbing simple folks? No person with all their faculties would allow
a bank or broker to take funds out of their accounts just to keep it
open.......So, the banks, brokers etc must have realized that many people
are not capable of checking their own dormant accounts...
With this fairly new method, they believe they have found a way to legally
(or may not be legal) to take money from people accounts....It needs
If you know of any elderly folks (or even your own older, unused account)
who may have accounts with unscrupulous financial institutions, ask
them to check their accounts or get someone to check it for them.
I f you find dormant account charges....Then demand a Refund!
Millions of dollars are being taken from peoples accounts. In my opinion,
that surmounts to day-light robbery. I award them the...... Dick Turpin
PS Maybe they should give black masks to their financial advisers and
fly the skull and crossbones from their tall fancy buildings?
On another note; many insurance companies are refusing to live up to
the commitments to pay up after a claim....... so they should have a
new Insurance motto "You are fully insured with us... until you
have a claim"
© Michael Levy Dec 2003
"No matter where you travel, with a positive outlook you will never
lose your way."
all rights reserved - all views are the writer's own