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Any suggestions on how to eliminate using financial institutions?


By Robert Melaccio, sr(28,936) Robert Melaccio, sr



Now we all understand the realization that we are forced, obligated and must do business with a financial institution to conduct everyday business. No matter which way you turn you must. Our pay checks are deposited and if not we must have an account to cash them, otherwise we must pay a fee at a check cashing agency. We are in my opinion and for all intents subjugated to comply.
 
Now the loan officers, Vice Presidents and other high ranking people and officials, supervisors, managers and workers are our in many cases our very neighbors, friends, family members, fellow parishioners. Yes and even though In many cases they are professed believers and you also may have been banking with them for decades, if you miss a payment you might just become an outcast, low life, high risk. Try to get them to help you at a time if you need it. You get the word of this century "unfortunately", which in average American terms means get lost, buzz off, get out, NO.
 
Yes your debt to income ratio is too high, your beacon score is terrible and even though we are charging you 35% on your credit card debt you are just not a good investment anymore. Oh and yes, will I see you at church this week. There is a new minister talking on Love of Neighbor and you really do not want to miss him.

So in my opinion banks for average Americans banks and financial institutions serve no useful purposes any longer other then to hold onto our money. The interest they give on their offerings, well they and we all know you are going backwards not making money. The ones who know understand, the others will never understand.

Now they at one time were necessary for loans and other financial transactions. However, that was history. Try them now and see what you get. So what we have as I stated above is a forced relationship which serves their interests not yours.
 
Go and try to withdraw your money in amounts over $500.00 and see what you have to go through. That is if you have $500.00 and that is if you are Mr or Mrs average American. However, if you Mr or Mrs have, well it is a little different story. Yes those types get all the lower rates the loans and whatever else they can give them. That is until they miss a payment or two and they like us know what I am talking about.
 
Just yesterday at a car dealer one of the sales people was saying he is tired of getting all these applicants with lousy credit. Why don't they go and work and get a real job?Hey, after after all he has one. Yes and when asked he was one of those "retired" types taking a job from someone who needs it while he sits on his fat city or state or government pension and complains about everyone else. He has no problem with his friendly banker and I agree, that is for now. Will a surprise be in store for him somewhere up the line?
 
So here below in my opinion is what  I consider is the best way to handle this. I can say it is for each of you to decide if you care to implement it or not, this is just my way of approaching it.

1- Maintain a checking account of the smallest allowable amount to enable you to cash checks and remain in good status and conduct other business as required.

2- Eliminate all direct deposits.

3- Stop using all debit or credit cards.

4- Switch banks as required to maintain free account status with no minimums or get zero interest offers on your credit card balances..

5- Make cash purchases whenever possible by placing aside a fixed percentage of your pay each pay day. Your going to over draw anyway if you leave it in the bank and be subject to their exorbitant fees so you might as well take it out of your shoe.

6- Cancel or withdraw all your CD’s or other accounts and invest where you can get a good return.

7- Use none of their "special offers".

In other words minimize all your activities with your bank to bare bones necessities.

What do we gain?

1- No more overdrafts fees due to someone else’s problem.

2- No more ATM / Credit Card theft.

3- No more 31.9% interest, late charges and fees.

4- You control your own money, not them.

5- Once you buy with cash you own it, not them.

6- Your personal information availability is minimized.

8- Your contact information is minimized to avoid theft and misuse and the ever popular bill collectors.

9- No more new check charges. 

However, the most significant is that you can take what you want to of your money when you want to because they do not have it under lock and key. You send a very clear and definitive message you are no longer just cattle and that my friends they hear when their total $$$$ goes down.

Ok, worried about theft. Well a prudent concern. It really is simple because people have been doing it for years, keep your business to yourself. It has been done well before banks were ever envisioned. Don’t be flamboyant and flaunt and keep your mouth shut. A simple solution maybe but it works. Rhetorically could it also say big brother doesn't know what you have or where it is?

Need I go on? I am sure you can name a few more steps? So any other idea’s? Many more are open to suggestion. Perhaps, just perhaps these bankers, financial people and especially our, ok I like to say that 'our" politicians may wake up?  They also just might get the message when those funds they invest for a profit are no longer there to invest?  That is what little we have. Perhaps when those credit card balances drop and you cancel and they will get the hint? Perhaps just perhaps when they start to feel the pinch because those credit purchases are no longer paid for by plastic and fees are reduced they will get the message?

Will it even happen, no never. Why, well the answer my friends as the song says "is a blowing in the wind".

Robert T. Melaccio Sr. 2008 Copyright ©2008 Robert Melaccio




This Blog Post has been read 226 times.
Posted to ProBlogs.com on Monday, May 12, 2008
View other posts by Robert Melaccio, sr

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