Skip to main content

How Banking Practices Create Unemployment


According to Associated Press finance writers Eileen Aj Connelly, and Dave Carpenter of Associated Press (et. al September 30, 2011) “38.7 million people carry Bank of America debit cards. However, the recently instated $5.00 will apply to various services that are offered by Bank of America not just debit cards.” The problem with Bank of America’s new service charge is that it will adversely affect its’ disabled and elderly customers. Nearly $ 4.5 billion of unauthorized overdraft fees are taken from people who are heavily dependent on Social Security.  Debit cards are the most frequent overdraft trigger for individuals existing on fixed incomes.

Bank practices intentionally maximize overdrafts by automatically approving debit purchases, debiting the highest dollar amount first then artificially increasing the number of fees that can charge. Although Bank of America has stated that it will not charge an overdraft fee for a client those account is overdrawn by an amount less than $10.00 at the end of the business day; depending upon the number of items purchased by a customer, the taxes on 2 – 3 items purchased by a customers can collectively exceed the $10.00 limit easily without the customers knowledge. Thus; if a customer is engaged in regular shopping habits they could exceed the $10.00 limit by the end of a normal business week.
 
Since a number of individuals living on fixed incomes are either: PWAs (People living with AIDS), HIV positive or possess other disabilities that have black balled them from the job market such as RMIs (recurring mental illness, which requires medications to maintain their high level of functioning and stability), see NEI’s March 08 issue of Socio-Economic Corner with J.R. Allen; overdraft fees can eat away from 1/10 to 1/5 of their monthly income – from $100.00 – $200.00 dollars of their SSI, SSDI checks leaving them with $700.00 to $600.00 dollars per month for living expenses in a climate of rising taxes, high unemployment and credit biased employers. Overdrafts can actually affect your credit score which in turn can decrease your chances of being hired by an employer.

Thus; Bank of America’s increased service fees could actually prevent those on fixed incomes from obtaining employment due to unintentional poor banking practices. According to Elias Westnedge, eHow Contributor, “Over drafting your bank account puts your account into a delinquent status. If the overdraft is not reversed or paid off, your account will be closed and sent to collections. Although over drafting your account does not directly affect your credit score, if not quickly resolved, it can damage your credit history by showing up on your credit report as a collection account, thus lowering your credit rating significantly.” For those on fixed incomes, it one bad month can create a series of bad months in a row. In short, for an individual on a fixed income one bad month can lead to closed accounts, bad credits ratings and even greater difficulty in obtaining employment.  

Comments

Popular posts from this blog

Yishay Garbasz identity, agency, human rights, and the construction of gender

"Right or wrong -- you must step out of the way and allow the picture to enter the camera," a trans lesbian woman of British-Israeli descent; Garbasz is a Berlin-based visual artist born in the 1970's. Garbasz studied photography at Bard College in New York. Garbasz's work delves deeply into sociopolitical issues of: identity, agency, human rights, and the construction of gender. Her latest show a solo exhibition "Severed Connection: Do what I say or they will kill you" appeared at the Ronald Feldman Gallery where it ran from May 9 - June 13 in NYC, which chronicles three sites of hot conflict and resounding trauma produced by fear of the other.

In an interview with Tobaron Waxman on March 3, 2013 Yishay was quoted as saying "I’m an artist; not a trans-artist, or a Jewish artist, just an artist. A lot of people struggle with gender as something that shapes their lives. There’s a lot more to life than gender. If not for the socially enforced constraints…

The Intersection of Self and Humanity: LGBTQ Political Identity

The SelfAre opinions of the self or the self of "others" is derived from our interpersonal relationships: the family home, the home of friends and relatives; society due to its ability to determine the child's path of success and development outside their family home, or the influence of relatives based upon its readiness to provide the child with: protection, resources, cooperation, belonging, and interactions . The Lev Vygotskys' theory of sociocultural, cognitive and social learning theories establish the importance of both parents and society in individual development. Two of these principles bare a direct relationship to the formation of identity 1 ( development cannot be separated from its social context, 2 ( language plays a central role in development. These two principles of Vygotskys serves to undermine the use of the Bell Curve to prove  white male or Asian intellectual superiority over women, and other people of color particularly black Americans. 
Webliog…

Summary of the Cellouid Closet

The 'Celluloid Closet', movies teach us what to think about the world, the movies opening line as voiced by academy award winner and costar of 'Some Like It Hot' Tony Curtis. This statement is akin to what psychology refers to as predictive programming.  What is mentioned when we are introduced to the sissy as created by Hollywood is that Hollywood's projection of homosexuality into the mind of American audiences could be said to create the pre-conscious and unconscious framework for society's interpretation of those identifying as other than heterosexual.However, within the various scences are unsubtle hints of how Hollywood viewed all those it considered other: the white male painted up to resemble an African slave, a young woman, possibly lesbian,  being passed about by demons, during a scene in which a young, white female virgin is assaulted by a villainous lesbian the camera is suddenly shifted towards an African mask.  It is during this time that the Cath…