How Banks Cheat on Government Oversight
Banks are still cheating on regulators and inspectors sent by the government.
For example, a business acquaintance of mine has an checking account that allows him to write 3 check a quarter.
He says that allows him to earn .125% on his money instead of .1%. 🙂
But once a year, he has the need to write 20 checks in one quarter. In the past, the banker always looked the other way and didn’t charge him any fees for the extra checks.
Now the bank is cheating because the government overseers are watching.
The bank said he couldn’t cheat for my friend anymore and waive the fees for those 17 checks that were over the limit because “they” were watching that type of activity.
The banker told the businessman, if it was okay with him, they would issue cashier’s checks on that same account –
wait for it –
not charge him for cashier’s check.
That would be okay he said because the regulators aren’t watching that part of the business.
Okay, I get it that some banks offer cashier’s checks free for depositors. But the bank shouldn’t cheat their way around some federal watchdog.
And that is how banks cheat while the government is watching.