Don’t miss the mark. Proceed as if you are really going to make a difference.

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How come no one ever comes out on “Real Time Banking”? Real Time Banking is a concept currently employed by the Chinese banks; Bank of China being the main principle. What happens here is that with Real Time Banking, one can deposit money into their account that becomes available nationwide (and even worldwide) within minutes. This prevents overdraft charges in that if money is not there, you can’t spend it in a lag period while ATMs and other banking resources catch up. Ever wire money to someone? On average, Western Union charges a fee per amount to wire money to someone for you that isn’t available for four hours or more. Real Time Banking does away with this making money transfers available worldwide within minutes without a fee. It also prevents overdraft charges from debits being posted BEFORE credits and deposits as American banks do to glean (or rob) money from consumers. This works quite well with the Chinese banks in that I have never equally seen a poor Chinese banker.

Additional factors to consider are interest payments to consumers. While the deposits are in limbo, no interest is paid to anyone by the banks causing another loss for consumers. Who then gets the interest on money in limbo? The answer lies in the difference then between banking interest and consumer interest. They have millions and perhaps billions of dollars they collect interest on daily while the consumer only has a few hundred or a few thousand. Who’s getting more out of consumer money with such a basketball effect?

The American banking system doesn’t just need reform, it needs to be scrapped as a select few who run banking in this country do so to steal money from hard working consumers. Legislators who support the current kind of mainframe banking need to be scrapped also as lobbyists contribute to campaigns so that legislators support undesired banking laws. We are literally paying the bill for someone else to steal from us. And if this isn’t bad enough, we equally end up paying the bill for banking bailouts with our tax dollars.

Is it just me? By contrast here, I am just not seeing how Real Time Banking is a worse alternative over our own system.

Real Time Banking is an idea that works and it works so well that an entire continent of nearly two billion people on the other side of the planet use it. That’s almost a third of the world population. Why do we use it? In this “government by the people and for the people”, Americans should not be duped into believing that this type of scheme is for them. It isn’t. And it certainly isn’t for the people. It is for greed, deception and to make some fat cat even fatter, not to reflect the American people’s desires.

If the American public knew about “Real Time Banking”, there would most likely be the same uproar as there was with ATM and stealth fees recently, which are virtually non existent in real time banking.

“We the people” are starting to realize, in forums such as this, that we have a collective voice and we should be using it to make our great country “by the people and for the people” once again. Only our collective voices can ever make a difference against the micro managed string pulling that dubiously tries to make us believe we are in control.

M. Douglas Hoss
American Poet and Artist

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