Bank robbery happens in banks!
Today the Senate Banking Committee spent time asking questions about fraud and theft of client money. The Wells Fargo Bank president and chairman John G Stumpf had to explain how the bank management knew of fraudulent credit card accounts created out of thin air without client permission. 5,300 employees were fired for fraud involving 2,000,000 bank accounts. Good news for the bank management that their bonus money is safe and secure.
It has been my life experience that most bank robberies happen when I am in the bank. I do not deny any business a profit in the proper conduct of a transaction. I had the problem of getting massive bank overdraft fees! In the worst of times the bank accounting system held deposits for 3 days and immediately paid largest checks first out of sequence of chronology, so the most checks of smaller amounts would bounce for $35 fee each. Years later, a class action lawsuit got me a minor refund as one of the many victims of a rigged record system enjoyed by a major bank in Wisconsin.
The hearing had pointed questions with little in the way of answers from Wells Fargo Bank. Why is major investor Warren Buffett of Berkshire Hathaway deaf, dumb, and blind on this crime wave? As a major stake holder he is just not a bystander watching. Will the Senate invite Warren with his ukulele for entertaining testimony?
I know too well that banks in the USA are expensive, inefficient and feel more like a prison than a business. Your money is held hostage and subject to release by your bank. With the invisible interest rate on money deposited, there is little benefit in going through the trouble of a bank account. Of course our government wants all money handled through banks to stop mailing checks from IRS or Social Security. We are forced into banks by government.
Why not start stacking dollar coins in coffee cans in your garden? You can enjoy the flowers and know your money is earning the same as a bank account without bank fraud.