Let’s talk about enablers…
What I’ve never known and have come to learn is that the Banks and Credit Card Companies of America are perhaps the greatest enablers in all of society.
I’m helping a friend out who has a flourishing plumbing company with her books. I am floored and flabbergasted by what I’m learning in the process. Because they are financially dysfunctional as a majority of the population are today, the credit card companies and banks have created in her one of the most profitable cash cows ever contrived. And it’s all legal!!!!
What her company pays in fees and service charges and over the limit, insufficient funds and returned check items as well as late payment charges is mind boggling. It’s in the thousands. I am prompted to write this because of the latest item I have just come across. Her well known bank has charged her One Thousand One Hundred and Eighty-five dollars to send her a copy of her checks. They charged her $23 for making deposits into their bank, and $554 for immediate verification of the cash portion. And the gall of it all is at the end of their statement they indicated Maintenance fees waived for daily balance of $40,000.….for a total savings of a whopping $20. Are they kidding???
It’s staggering the power they have to garner all of our money in late fees and over the limit fees and interest rates of 29.99%. They force us by lack of cash (because they taken most of it) to use the resources they provide via credit cards and then impose huge interest and fees leaving us cash strapped forever.
So, getting back to the original thought, CC companies and Banks as enablers, why would a bank authorize a $59 debit when the money is not in the account and then sock you with $105 in fees? If they would simply deny the charge, we would save $105 in fees and eventually will come to learn we cannot debit what we don’t have.
Why would a credit card company authorize you to charge above your limit and then sock you with a $45 over the limit fee? Deny my charge and I will eventually learn I cannot charge what I cannot afford.
Why do the credit card companies change your due date from month to month when most people have a heck of a time these days trying to maintain and keep their lives organize? It simply puts a glitch into our peace of mind. Especially for someone like my friend who has as many as 30 active credit cards to help keep her business up and running. But, $45 in late fees is why.
It’s truly appalling what a complete lack of ethics present in our financial institutions and credit card companies. I understand they are businesses and should make a profit for supplying a service. But I hope someday they come to realize their legal thievery will be a huge contributing factor to the demise of the Country as a whole, financially speaking, and when they take us down, there will be no more Country because we the people are the Country. So in essence they are cutting their noses to spite their faces as all enablers do but in the process we are being punished for living in the dysfunctional system they created.
And, just as an afterthought, where is the Government in all of this. “Of the people, for the people, by the people”. Where did that go???? And exactly when did we lose it?