NetNews Usenet Archive 1993 #3/NN_1993_3.iso/spool/dc/general/3560

Internet Message Format | 1993-01-23 | 3.9 KB

Path: sparky!uunet!digex.com!adric
From: [e-mail] (William Johnson)
Newsgroups: dc.general
Subject: Re: Banks in Northern Va.
Date: 23 Jan 1993 04:53:43 GMT
Organization: Express Access Online Communications, Greenbelt, MD USA
Lines: 62
Distribution: usa
Message-ID: <[e-mail]>
References: <[e-mail]> <[e-mail]> <[e-mail]>
NNTP-Posting-Host: access.digex.com

In article <[e-mail]> [e-mail] (Doug Humphrey) writes:
>Actually, the case that you cite happens all the time even today;
>when backend processing on a mainframe breaks down, and an ATM is not
>able to get account ballance data, many ATMs will have a set maximum
>limit that they will issue in cash without verification.  There are
>safeguards in place to prevent you from running from machine to machine
>though; the proof is left to the reader as an exercise ;-)

Safeguards?  How?  If the mainframe keeps track, and the ATMs are allowed
to dispense cash without direct communication with the mainframe?

And anyway, I just assume that when the ATM says "This terminal is not
currently in service" that it either means the machine is out of money,
or that the mainframe is down/not connected.  I know my particular bank,
Crestar, has told me on occasion that they can't process a certain transation
for me because their computer is down.

>>Oh well, it's not of major importance.  I've worked in the computer business
>>long enough to know that with proper handling, the ATM's should only cost
>>what a teller does, if that, and therefore I'm not going to patronize a
>>bank which wants to charge me money for access to my own money.
>
>I will note that a bank ALWAYS charges you money for access to your
>own money, in one form or another; That is what banks do.

Not exactly.  What banks do is make money using your money.  You give them
your money, under pre-set conditions, and they go out and try to make more
money with it.  But just because they are able to invest it and get 10%
return while they are paying you 5% does not mean they are charging you
money for access to your money.  They are simply making an arrangement
such that they can take opportunities to make more cash that probably
wouldn't be available to you anyway.  For instance, how many people have
enough disposable income to be able to afford to finance someone's
mortgage?  Few, I would imagine.  And yet at the interest rates charged
(usually a good bit higher than what the banks pay out) it can be pretty
lucrative, particularly since there is a much smaller risk than there
is with, say, the stock market.

One thing which DOES tick me off is the relatively recent moving away from
accepting non-standard checks.  There was once a time when you could write
a check on anything, and as long as you included your signature, the
account number, the bank name, and made it obvious that this was a check
(say, the words Pay To The Order Of), you could write it all on a pair of
underpants if you wanted, it was still a valid check.

Now most banks require pre-printed checks, which must conform to certain
specifications, meaning that they get to charge you for checks, which IS
charging you for access to your money.

(How's that, I'm arguing your case for you.)

>Doug Humphrey    Express Access Public Access Internet   Voice [phone]
>[e-mail]   Dialup: [phone] Login as "new"   Email [e-mail]
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>"I say it again, in the land of the free; use your freedom of choice." - DEVO

Will.
--
Copyright (C) 1993 by William Johnson  All rights wronged, all lefts made
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Will Johnson, 307 S. Reynolds St Box P-216, Alexandria, VA  22304
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