Tuesday, November 11, 2008

Your Bank Is Defrauding You

I think the vast majority of people in the world have learned no longer to trust banks.
Here, they have cocked up more than often and had to repay money to customers.
One bank was even advising its customers to tax dodge - and one of the people doing that is now, astonishingly, an elected member of the Dáil. Third World behaviour or what?
Anyway, I am trying at present to expose, through the newspaper in which I work, the current fraud being perpetrated by Irish banks on their customers.

You see daily, how banks and stockbrokers and financial institutions of all sorts and kinds, trade shares and currencies on the worlds exchanges.
They can move billions in nanoseconds. Shares can rise and fall by huge percentages in the blink of an eye.
And yet, and yet....
If you use the banks’ online services, something they encourage you to do, you will find that things there aren’t the same at all.
Because if you wish to transfer money from an account in one bank to an account in another, it takes an incredible, unbelievable and frankly farcical three days.
Well, some of it does.
Because the account from which the money is being transferred, is debited immediately. In one of those nanoseconds.
And for three days, the bank holds onto that money or, rather, probably invests it at the inter bank rate along with the tens of thousands of other sums, large and small, which are being transferred from an account in one bank to an account in another.
Look at this nonsense explanation from what is laughingly called Ireland’s ‘Financial Regulator.”
“All online transactions would have to go through the clearing system for security and fraud prevention purposes. Online transactions consist of a matching of a debit and credit. The debit is paid immediately and the credit is normally paid immediately if it is destined for an account in the same bank. However, the credit might take several working days if it is destined for another bank.”
Nonsense. Rubbish.
And if it was true, we could all cripple the banking system by asking them, under the Data Protection Act, what they did, how they did it and what they found.
Am I really expected to believe, that when my partner transferred €200 to me - and it was taken from her account in one of those nanoseconds - that someone or something spent three days checking for security and fraud prevention?
And even if they did - which I can assure you they didn’t - why was it necessary to take the money from her account until the procedure was finished?
Because they snaffle the money, that’s why. Because they steal it for three days, that’s why.
And we’re the mugs.
We’re the fools as usual.
And I think something should be done about it.
Bad enough what the banks have done to the world.
No reason to let them away with this.

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