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Optimizing Your Bank Account: How to Protect Yourself Against Greedy Analysts

Written by: Herb Gilliland

Article Overview: UPDATES, October 9th, 2009: You may wish to review what opting out means - it has CHANGED since this article was written. They made it basically worthless! In fact, Opting Out does not really opt you out anymore!!!

Optimizing Your Bank Account: How to Protect Yourself Against Greedy Analysts

Reprinted with permission from the book "A Universe of Interactions", by H. Elwood Gilliland III, edited by Ziva Borlja

Individual rights, user-centrism, and the common goal of a better life that crosses almost all socio-economic levels is only aptly implemented in systems that effect everyone's life when those systems are examined from the view of the lowest and highest order, with lowest order taking precedence over the highest order. This means, in other terms, that the capitalist's bottom line is irrelevant to the improvement of community. The capitalist fundamentally is not interested in improving the community: the capitalist is fundamentally interested in capital. For this reason, systems designed by capitalists or influenced by capitalists are inherently problematic and create instability. The idea that capital encourages competition is an incorrect one: government permits competition, but capital seeks to eliminate it.

It is for this reason that feuds occur in industry, which cost community an untold amount of damage. For a historic example, examine the egotism in the relationship of Steve Jobs and Bill Gates. In the example of overdraft fees, the lack of concern for balancing one's own checkbook is an example of the reason behind overdraft. For the first time, capital can be secured without capitalizing. The adoption of fee structure serves only the simplest gains in capital, and in turn serves only to exacerbate the existing and fundamental issues in the capitalistic society. Without responsibility for stabilizing the community, capital institutions will only seek to destabilize it in the name of profit. To eliminate the issue altogether can never be solved by adopting penalty fee structures. The justification banks have used to maintain control over the issues of overdraft has ranged from a draconian punishment system, to a justifiable argument based on the necessity for processing of the overdrafts. However, in this advanced computational world of banking systems, processing of such fees is merely the devision of business analysts seeking to draw blood from a stone, instead of relying on their own ability to sell loans, CDs and other fiscally prudent items in their branches. The ongoing issue of fraud is one place where capital touches government. This is where debit systems have overridden the traditional sense of loss experienced when doing business as a consumer. So the justification for expensive overdraft is merely an oversight.

The debit card opt-out feature is important: most banks have it off by default because it is better to pay out beyond the balance and make small amounts of money for a capitalistic reason, but the socially responsible transaction is opted-out. This way, no overdrafts can occur, and the consumer is turned away from the purchase at the register. This makes more logical sense, and is kinder to the individual who exists in a world of ChexSystems and credit reporting agencies. This is what I call the "snitch factor" of modern businesses; a factor which is prudent, but which is not the kindest or most humane way of handling customers who don't balance their checkbooks.

The implementation of the Citizen's Bank POS system is an example of a tuned system which has the greatest possible implementations, some of which were complex and never before suggested. Of those suggestions, two still remain unanswered: how to manage credit card transaction holds over a period while awaiting merchant response. This requires a new banking object to be implemented and is beyond the current framework of the banking system. However, the experience of requesting such features has been met with much resistance. For some reason, most banking analysts are extremely lazy in their implementations and discussions with the technical people.

Most likely, this is due to the fact that departments are segmented and interdisciplinary work, such as is important for innovating banking systems, rarely takes place inside the stuffy, bottomline world of finance. It is easy to become hypnotized with the longer term goals and the daily grind: but if you worship disruption and chaos, it will only lead to change and, in most cases, change is freeing.

UPDATES, October 9th, 2009: I don't want this to sound like a commercial, but the PNC Virtual Wallet at PNC Bank, N.A. is a great way to stop overdraft protection issues! Additionally, you may wish to review what opting out means - it has CHANGED since this article was written. They made it basically worthless! In fact, Opting Out does not really opt you out!!!

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Article Tags: analysts, bank account, greed, small business



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