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  • Tyranny of the Banking System

    Tyranny of the Banking System

    Clarence William Page

    Maintaining Your Sanity in the Face of Possible Financial Discrimination

    (May 28, 2018) - - Are you a "financial misfit"? Are you a "financial incompetent? Are you "incapable of good financial management"? Are you "unable to manage finances"? Are you "unable to manage a checking account"?

    Before you answer the questions posed above, take a look at how the American banking system works. You may be "considered" to be all of the above and may not know it. Here's why:

    The American banking system can arbitrarily report you to an organization that you have probably never heard about. Once you are listed, you are deemed by many banks to be ineligible to open a checking account. Apparently, all it takes is for ONE bank or financial institution to make such a report and you are AUTOMATICALLY considered (by some banks) ineligible to open a checking account. In essence, you are deemed a "financial misfit", a "financial incompetent" and/or "incapable of good financial management". (The foregoing terms may not be included in the codification of the system [actually they use the term "account mishandling"] but, in my opinion, the result of the report tacitly communicates to the banking system each one of them.) I view this as possible "tyranny of the Banking System".

    In the first place, it appears to be discriminatory. In other words, it appears to me that they don't report everyone. It appears that they just report some people. That (if it is indeed the case) is blatant discrimination. Furthermore, it appears to me that some banks do it just to cast a person in a negative light.

    Here is the scenario: You have a checking account with a certain bank. For some reason (maybe an automatic payment comes in early or after you inadvertently withdrew more than you intended) a check bounces and/or your checking account is closed. You cover the check. There is NO financial loss to the bank. The bank (apparently) DECIDES to REPORT you to that negative financial bureau. The result: You are considered by many banks to be ineligible to open a checking account.

    Once you are on the negative list, much work is required to have your name removed. So, you are apparently arbitrarily and summarily CONVICTED (by the banking system) of a FINANCIAL OFFENCE (all because of a minor checking account issue that resulted in NO FINANCIAL LOSS TO THE FINANCIAL INSTITUTION. What's more, it appears that you are ARBITRARILY convicted by some person or institution (because it appears that they DO NOT REPORT EVERYONE that "committed" the same error). That, in my opinion, is tyranny of the banking system and blatant and arbitrary discrimination.

    Are you in disbelief? Almost any sound-minded person would be. Before you decide that this is "fake news", do a little research.

    There is an organization called Chex Systems, Inc. (ChexSystems). - -Website - -. Certain banks make their negative reports to that organization. That organization apparently places the name of the reported person (or entity?) on the negative list. Being on such list can cause the person to be denied the privilege of opening and managing a checking account. (Getting one's name off that list requires much work and time.)

    Beware of what I call the "tyranny" of the American banking system. Maintain your sanity in the face of financial discrimination. Have sense enough to recognize blatant financial discrimination. Don't be "down on yourself" just because the financial system makes an arbitrary and (in my opinion) discriminatory report to some organization that places your name on a "negatives" list.

    Banks have a lot of power. (I often hear people arguing with banking personnel.) Beware. Maintain your sanity. Don't let situations knock you out of the box mentally. Just because people "say" you are unworthy does not actually make you unworthy. Do not let other people determine your value. Use wisdom. Be resilient. Maintain confidence in yourself. Don't go into a "shell". Don't allow yourself to become depressed.

    The age of technology will present many situations that may appear to you to be unfair (and they may indeed be unfair). Settle it in your mind that you are not going to let such situations get you down. RESOLVE to be positive. Other people are nothing but people (even though, when in power, some of them act as if they are God).

    Do all you can to stay off the "crutch" of drugs (especially opiates). Opiates are taking a devastating toll on Americans. One problem or issue after another can lead some people to seek such a "crutch". Avoid that mistake.

    As for (what I call) the "tyranny of the banking system", conduct research. Only do business with those banking systems that do not make arbitrary and discriminatory negative reports. (It appears that not all of them make such reports - - or at least they do not appear to all use the same "standard".)

    The world is getting more complicated. As it gets more complicated, we must use more wisdom.

    More about Chex Systems, Inc. may be found HERE

    Reporter: Clarence William Page (cwmpage@gmail.com)