(ed. note) Having contacted this blogger as to what they meant by “ETF”, it means “Electronic Funds Transfer” usually abbreviated by “EFT.”
—————————————————————————————–
Thanks for your posts. Your posts left out one way banks make money in unethical ways – particularly in businesses which have many ETF transactions because of taking MasterCard, Visa, etc. charges from their customers.
Those charges are settled by the bank putting money into the businesses checking account. That money is supposed to be treated as cash when it arrives – immediately available. That does not happen.
On the weekends, if you receive an ETF transaction from the credit card companies, it is not recorded in your checking account until Tuesday morning. When you call the bank to find out why – you discover their claim is that things don’t happen over the weekend because banks are closed. When you ask about Monday, you hear them say – Monday is a part of the weekend because no work is done on Sundays and this business is not recorded until overnight Monday showing up in your account on Tuesday morning.
What’s wrong with this? If a charge comes in over the weekend from whoever, as an ETF charge, the banks somehow do work for those very large institutions over the weekend and the charge is posted against your account. On Monday, you will only have charges posted onto your account, possibly creating an overdraft situation even though there are credit card deposits which would cure that overdraft, because banks don’t work for the little people over the weekend and your deposits must wait until overnight on Monday showing up on Tuesday. For the large companies, banks do work over the weekend and their charges are posted overnight on Sunday showing up in your account on Monday morning. It helps the large institutions cash flow, it creates the possibility for unearned income for the banks (by charging overdraft charges even though there is money at the banks window to make that not true) and screws over the small entrepreneur.
Thanks for your blogs. This needs to be aired and I don’t know where else to find such information or to post the information I have. Imagine finding this on a blog about bed & breakfast.
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Ed. Note: Members of the Bettina Network Lifestyle Community can contribute to the Bettina Network Blog whenever they have anything they want to say and be heard by this fantastic group of people. Send your blog to bettinanetwork@comcast.net or mail it to us at P. O. Box 380585 Cambridge, MA. 02238 or call us on the telephone at 617-497-9166 to tell us what you want to say and we will write it for you.
Volunteer with Bettina Network Foundation, inc. to work estate sales; to help move items from one home to another; to contribute your ideas on how we can better use our resources in this effort to relieve and eliminate homelessness and poverty. We also need photographers; designers; and more. However much or little time you have, we are grateful.
Send your event information to be included in Bettina Network’s Menu of Events to: bettina-network@comcast.net
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on Wednesday, October 21st, 2009 at 3:28 pm and is filed under Guest comments.
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From A Reader on the Banks
(ed. note) Having contacted this blogger as to what they meant by “ETF”, it means “Electronic Funds Transfer” usually abbreviated by “EFT.”
—————————————————————————————–
Thanks for your posts. Your posts left out one way banks make money in unethical ways – particularly in businesses which have many ETF transactions because of taking MasterCard, Visa, etc. charges from their customers.
Those charges are settled by the bank putting money into the businesses checking account. That money is supposed to be treated as cash when it arrives – immediately available. That does not happen.
On the weekends, if you receive an ETF transaction from the credit card companies, it is not recorded in your checking account until Tuesday morning. When you call the bank to find out why – you discover their claim is that things don’t happen over the weekend because banks are closed. When you ask about Monday, you hear them say – Monday is a part of the weekend because no work is done on Sundays and this business is not recorded until overnight Monday showing up in your account on Tuesday morning.
What’s wrong with this? If a charge comes in over the weekend from whoever, as an ETF charge, the banks somehow do work for those very large institutions over the weekend and the charge is posted against your account. On Monday, you will only have charges posted onto your account, possibly creating an overdraft situation even though there are credit card deposits which would cure that overdraft, because banks don’t work for the little people over the weekend and your deposits must wait until overnight on Monday showing up on Tuesday. For the large companies, banks do work over the weekend and their charges are posted overnight on Sunday showing up in your account on Monday morning. It helps the large institutions cash flow, it creates the possibility for unearned income for the banks (by charging overdraft charges even though there is money at the banks window to make that not true) and screws over the small entrepreneur.
Thanks for your blogs. This needs to be aired and I don’t know where else to find such information or to post the information I have. Imagine finding this on a blog about bed & breakfast.
________________________________________________________________
Learn More About How We Use Your Donation!
[give_form id=”3763″]
______________________________________________________________
Want to join us? Have a home that you want to open to become one of Bettina Network’s Hedge Schools? Call us and lets talk – or email us.
Ed. Note: Members of the Bettina Network Lifestyle Community can contribute to the Bettina Network Blog whenever they have anything they want to say and be heard by this fantastic group of people. Send your blog to bettinanetwork@comcast.net or mail it to us at P. O. Box 380585 Cambridge, MA. 02238 or call us on the telephone at 617-497-9166 to tell us what you want to say and we will write it for you.
Volunteer with Bettina Network Foundation, inc. to work estate sales; to help move items from one home to another; to contribute your ideas on how we can better use our resources in this effort to relieve and eliminate homelessness and poverty. We also need photographers; designers; and more. However much or little time you have, we are grateful.
Send your event information to be included in Bettina Network’s Menu of Events to: bettina-network@comcast.net
This is a curated blog so you cannot write your responses at the end of each entry. TO RESPOND TO THIS BLOG email bettina-network@comcast.net or info@bettina-network.com
TO LEARN MORE try www.bettina-network.com
This entry was posted on Wednesday, October 21st, 2009 at 3:28 pm and is filed under Guest comments. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.