Over the past few years many changes in our financial industries, most of them bad, have caused a great deal of harm to us ordinary individuals. Many of these changes have brought about calls for more government regulation of these institutions.

While some new regulations or the overhaul of some existing rules may be needed I am not a fan of big government. Mostly because government doesn’t get it right when they get involved. Yes, the government had their hands in what has happened over the past few years as well. They do the bidding of lobbyists, whether it’s health care or financial reform and most of the rules and regulations are written for them by these same lobbyists.  Most of our representatives don’t even read what they sign.

One of the things that’s always frosted me is the fees financial institutions charge – such as check fees. These days most of them seem to be in the range of $30 to $50 dollars or more. Of course the banks try to convince us they are doing us a favor by paying a financial instrument they shouldn’t and then turning around and charging us a ‘fee’ for doing this – fees which are a source of Pure Profit for banking institutions.

One bank officer told me the banking fees are charged “…in order to teach the customer a lesson…“! Another told me “…we only follow ‘industry standards’ in setting our fees…“, which is bank-speak for ‘a little price fixing’.

I’ve had overdraft protection in the past by tying a second checking or a savings account to my main account. That is legitimate. What’s not is when I don’t ask for or give permission for overdraft protection.

If the bank wants to do me favors like paying a check even though there is no money there, hey, more power to me! Just don’t turn around and charge me for something I never asked for! This year some new government regulations regarding fees/overdraft protection are supposed to go into effect. I want less government not more.

The financial industries brought new banking regulations upon themselves with their treatment of ordinary folks over the last few years, as though the people are their own personal ATM machines! These industries took government money and stuffed their pockets with it and did nothing to help the people who needed it most. Never fear though, the financial industries Will find a way around any regulations – they are good at that.

The industry’s recent “..we’re sorry for the damage we caused…”, to congress aside, ‘Changes Need To Come Not From Government But From the Industries Themselves‘, getting back to the reasons banks were formed in the first place – to help people build and rebuild their lives not to stuff the financial industries pockets with money. What kind of lesson are we teaching the future generations? Greed is never a good thing.

Plenty of greed has fueled what has happened to this country over the last few years! Mom used to say “…money is the root of all evil”. When Money Becomes Your God, it is!

The financial industries should take the medical profession credo to heart – ‘Do No Harm‘!

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