Comment: Money Matters

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Financial Robbery (so what's new) • Michael Levy Why keeping your money under the mattress may be safer

It has come to my attention that many banks, brokers and other financial institutions are robbing their clients with erroneously wangled charges. If an account has been dormant for a period of time (the time factor varies from institution to institution) or has a low deposit and thus not used (average under $2,000) the institution takes an amount (average $50:00) every three or six months to cover their expenses (what expense can there be in a dormant account?) In other words, they will drain the account of all its funds over a period of a few years.

The unsuspecting victims may be too elderly to read their statements or may have a debilitating disease. In most cases they certainly did not have the clause that the institution would make charges against an inactive account, when they opened the account many years ago. The original contract between client and financial institution probably did not state they can take out the clients money without permission.

Of course, the financial institution will say they sent out a letter informing that charges will be implemented from a given date on dormant accounts......BUT, since there is no proof their clients got the letter ... Then these charges may not conform with a citizens rights. It is certainly morally incorrect, but when did that ever stop villains from robbing simple folks? No person with all their faculties would allow a bank or broker to take funds out of their accounts just to keep it open.......So, the banks, brokers etc must have realized that many people are not capable of checking their own dormant accounts...

With this fairly new method, they believe they have found a way to legally (or may not be legal) to take money from people accounts....It needs exposing.
If you know of any elderly folks (or even your own older, unused account) who may have accounts with unscrupulous financial institutions, ask them to check their accounts or get someone to check it for them.
I f you find dormant account charges....Then demand a Refund!
Millions of dollars are being taken from peoples accounts. In my opinion, that surmounts to day-light robbery. I award them the...... Dick Turpin trophy.
PS Maybe they should give black masks to their financial advisers and fly the skull and crossbones from their tall fancy buildings?

On another note; many insurance companies are refusing to live up to the commitments to pay up after a claim....... so they should have a new Insurance motto "You are fully insured with us... until you have a claim"
© Michael Levy Dec 2003
MIKMIKL@aol.com
http://www.pointoflife.com
"No matter where you travel, with a positive outlook you will never lose your way."

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