The banking industry is a giant racket to make money. Here is my experience of the wrong.
I had no credit rating at all. So I went off to Bank of Boston (which became Bank of America). With me was all of my verifiable paperwork that I had with me, I proved that I had 120 to 130 thousands of dollars to purchase a modest home.
That didn’t matter. I had to take out a 5 thousand dollar loan and pay interest on it to get a bank credit rating.
So I did so. So I am paying a bank to gets credit rating by paying the bank when my funds are on their own sufficient to prove a rating.
Then I went to a friend, who was a bank president in Pennsylvania. He knew my integrity and gave me a credit card so that I could get the damned rating.
Yet his bank sold all of their credit cards to Chase Manhattan Bank and I made people at the Chase bank angry because the bank made no money in interest off of me. It was because I always put money in my account to pay bills that I would accrue on my card.
So the bank people took bad care of me. They declared me dead and I had a way out. I could go to my bank, Bank of America, to prove my existence and send my proof to Chase Manhattan Bank. So I went through this rigamarole at my bank and sent my paperwork to Chase,
It was to no avail, although I followed instructions devised by Chase. In short I was declared dead and the $250 in my account at Chase was sent to the Massachusetts government by Chase. How dare they!?
I am now a nonperson in terms of credit and credit cards. So is a friend messed over whose house greatly devalued in the 2008 global financial crash. Her house was devalued, but she still had to pay mortgage payments at the former rate of worth for her home. Yup, the banks keep slopping up that money one way or another. And we, the people, are messed over on account. The banks, after all, have to keep getting their profits at all costs.
- The article first appeared in CounterCurrents