The Politics of Personal Finance…
My iPhone is a wonder of glory for an individual with some distraction and organization challenges in life. The phone is centric to my experience and needs. The cafeteria style applications for free and a charge upon my decision to purchase the application. This morning was a great example of what capabilities my iPhone could handle for 95% of my tasks, but one task was unable to handle the request via the iPhone. I was able to legally signed documents to send to two different contractors, completed two abstracts on future stories and e-mailed to the appropriate parties, began two posts with final completion on the laptop, used the remote to control all the office gadgets, and used the iPhone for dictation of another future post for later today.
However, I could not access my bank account on the iPhone this morning to make instant transfers between accounts, and I was able to access my account only two days ago. I was not informed that all smartphone transactions must go through the new app on the iPhone store(new to this organization). I had the updated app, and I could not gain access to my account because I needed a desktop to verify my identity via customer service as I proceeded to call. However, the accounts via the app and mobile web address have been accessed from my iPhone multiple times. I knew my password, and I used the correct password three times. However, the identification on my laptop was not complete, and I am now locked out of my account. I am not naming the institution, nor I am not giving myself credit of being the victim. I am a former banker, but my passion is banking. I know that every bank has a way to traverse their universe, and their roadmap makes it a difficult path for the consumer……
What does this have to do with personal finance, banking, or politics? My legal documents were signed, sealed, and delivered via the iPhone, and those documents were worth way more in monetary value than the funds in my bank account. I could not access my account because of a bank change that happened overnight. In addition, I went out of town on travel, and I could not used my card because I was outside the normal service area of Washington, DC. After my ego was slightly bruised, the problem was corrected until the following morning. My card was declined again, and I felt like a loser to the seventh power.I called the bank, and my card was accessed internationally, and purchases were made in Europe against my account. The bank did stop the wayward criminals from taking all my funds, that may take up to ten days to have refunded to me after I fill out some God knows form at my closest branch 500 miles away. Someone in Europe could access my funds, and I could not gain access to my own account in the United States . These “Europeans” are enjoying their weekend with my money. I have access to funds in an emergency, but I do not have access to this card or any of the accounts tied to the card. I have to wait ten days for a new card.
This is absolute madness. I want a banking system that makes it easy for me to conduct banking business not on your model, but my model. I rather be tortured than to hear the representative on the phone blaming me for a bank error. The language never changes as it is our policy, but we can’t, I am sorry those are bank rules. Rules? I played by the rules, but your system, your security, your technology, your end-user testing, and your careless attitude about the consumer was the factors that cause all this grief for me….I can imagine the person with very little knowledge about the banking world. The banks are suppose to be our partners, counselors, and shows us a better to become personally responsible….
Republicans and Democrats take notice. The banking system vacuum in our communities is the most unethical and immoral behavior to the future generations to live or aspire for the American Dream. As consumers, I can tell you that our financial system must be given back to the people of the United States. The right candidate must fix our foundation and middle class for America to be a free and prosperous society. That foundation is our banking system, and we want it back….
Attention Banking Institutions who do not value the consumer business of the bank:
BANKS SHOULD BE ABLE TO OPERATE IN MULTIPLE BUSINESS SEGMENTS AND ALLOWED TO BE ENTITIES OF PROFITABILITY….
HOWEVER, BANKS ARE OPERATING UNDER THE FEDERAL RESERVE BANK AND THE SAFETY OF THE FEDERAL DEPOSIT INSURANCE CORPORATION….THEY MUST MEET TRADITIONAL BANKING DEPOSITS AND LOAN GOALS IN THE COMMUNITY BEFORE RECOGNITION OF PROFITS…..THEY MUST REACH A BENCHMARK OR FORFEIT ALL PROFITS FROM EXTERNAL BUSINESS SEGMENTS FOR THE QUARTER….THEY CAN BECOME A NON BANK ENTITY AS THE ALTERNATIVE OR OPT OUT OF THE BENCHMARK PROGRAM….THEY REQUIRE THE SAME FROM THEIR EMPLOYEES TO RECEIVE BONUS AFTER REACHING A BENCHMARK…….
My former experience as a former banker has enlighten me that we can do better. The politician making bold statements with bold actions to bring the banking back to the consumer; will capture my vote. This election is not about being politically correct or being party specific.I will not be rude or derogatory to anyone. However, talk is not fixing ourAmerican way of life. The community banking industry was the post WWII driver of wealth and opportunity for all communities large and small. The relationship of company, community, and consumer was reliant on the success and sustainable of all parties involved. I did not say perfect, but we did survive the long and brutal decade of the 1970′s. This time is much different as the consumer’s loss of the community banking system is the loss of prosperity and freedom for us all. The moral candidate will begin any fix in our financial system or the foundation. Without the foundation of the financial system, everything built will fall in a collapse.
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