Jim
Mission Viejo,#2Consumer Comment
Mon, September 20, 2004
I appreciate your very astute response regarding the use of Regulation E. It is good advice. It will work, most of the time. However, in my experience with Citibank in litigation, I have found that banks know ways around regulations, when it comes down to litigation. They may respond to actions like you suggest, based on the judgment of the individuals you speak with. Banks have a LOT of power in the government, and the banking commission will appear to be helping you, but if there is any question as to the validity of your request - whether it is true or not - they will just give you the run around. Their true loyalty is to the government, who is heavily influenced by the banks. If you press to litigation, you will lose. It doesn't matter if you are right. Bottom line is that it is more expensive to fight for your legal rights with the banks, than it is to walk away and let them get away with their injustice. They know that, and will go to lengths to make sure you don't set a precedent. Even judges in courts are concerned about the type of rulings that are made against banks. Justice is no longer blind. (see September 27, 2004 issue of Business Week.) A collegue of mine was litigating a dispute with Citibank, and actually was about to corner a judge into making a decision against the bank. His argument was that he didn't owe the money because the bank had already credited his account. When the bank's attorneys were able to sidestep producing the account records, he made a strong argument based on general banking practices. The judge called them into his chambers and told my collegue that he could not allow him to win his case based on this argument because it would create a precedent that would cause mass lawsuits against the banking system and result in severe economic consequences. He admitted that his argument was solid, and if he allowed it to be admitted, he would win his case. So the end result is that the banks, regardless of what the law says, can continue their practices because the judicial system won't enforce the law against them. The Federal Reserve Bank the core of our CENTRAL banking system, founded in 1913, is the biggest scam ever implemented in the history of the world. The ONLY way to minimize it's effect on your life is to stay away from the banks. As silly as that may sound, if you seriously think about the alternatives and deal with each challenge that creates on an individual basis, you can eventually figure out how to end your ADDICTION to the banking system. It's not easy, but it can be done. If we don't do this a citizens of this country, we will eventually lose our freedom and liberty, and be under the "governing" of the banks, as a country. If we can educate the citizens of this country of the danger our current banking system presents to our way of life, we can make a difference. One way to start that education is to read "The Creature From Jekyl Island" which is a book written by Ed Griffin, who has done the most extensive honest research I've seen. There are many other books out on the subject, but again, they are shills written by people in the banking system to convince us that there is no other way. Please, think about what I've said, and take whatever action you feel is appropriate.