Still Have Your Money In A Bank? Are You Freakin’ Kidding Me?
‘Banks’ were sold to the average human being as reliable institutions where one would keep one’s money to protect it, have immediate access to it, and make a modest return on it. Do you feel that the above statement is true, or is getting your money out of your bank like pulling teeth on a wet cat?
On July 15, 2010, the FrankenDodd Financial Regulatory Reform bill was passed opening the door to even more looting of the middle and poorer classes in America. Everything in this law that was passed to ‘protect Mainstreet’ from Wall Street goes far beyond ‘unintentional consequences‘ when one adds up the amounts of money being drained from average Americans’ wallets through additional fees and fines.
Case in point:
Debit cards: $50 spending limit coming?
By Blake Ellis, staff reporterMarch 10, 2011: 9:34 PM ET
NEW YORK (CNNMoney) — Declined! Your debit card may soon be denied for purchases greater than $100 — or even as little as $50.
JPMorgan Chase, one of the nation’s largest banks, is considering capping debit card transactions at either $50 or $100, according to a source with knowledge of the proposal. And the cap would apply even if you run your debit card as credit.
Why? Because of a tricky thing called interchange fees.
Right now, every time you swipe your debit card your bank charges the retailer an average fee of 44 cents, which it shares with its partners. Those little fees, however, add up to about $16 billion per year, according to 2009 data from the Federal Reserve.
But as part of the Wall Street reform legislation that was passed last year, these fees are being slashed. The Fed is currently proposing rules that would go into effect in July and would cap interchange fees at 12 cents.
That’s a big enough cut to cost Chase (JPM, Fortune 500) more than $1 billion a year. And Chase may not be alone. Other major issuers are also projecting huge losses from the interchange fee cap.
Joe Price, president of consumer banking for Bank of America (BAC, Fortune 500), said in an e-mailed statement that the lower fee wouldn’t fairly compensate the bank for the infrastructure and services it provides to retailers.
And consumers would end up feeling the pain when Bank of America is forced to recoup costs “by increasing the cost of their everyday debit card transactions, limiting their payment choices, and impacting industry innovation,” according to the email.
So can you tell me why: A.) you still have your money tied up in Federal Reserve Notes, and B.) why you still have them in a bank account?
Have you not been paying attention? If you want some type of control over what is happening, you have to make proactive decisions about where to keep your money, how to spend it, and how to ‘store’ your wealth (and at this point, goods (i.e. FOOD) instead of Federal Reserve notes makes more sense due to Ben Bernanke’s hyper-inflation.)
Catherine Austin Fitts on Goldseek Radio, 3.11.2011, 60 minute mark about Libya, Middle East unrest, destabilization, rising oil prices, federal accounting procedures, and the continued looting of America.
Catherine Austin Fitts: The Looting Of America
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