{"id":75,"date":"2009-10-21T15:28:00","date_gmt":"2009-10-21T15:28:00","guid":{"rendered":"https:\/\/www.bettina-network.com\/blog\/?p=75"},"modified":"2018-10-07T14:36:34","modified_gmt":"2018-10-07T14:36:34","slug":"from-a-reader-on-the-banks","status":"publish","type":"post","link":"https:\/\/bettinanetwork.com\/blog\/archives\/75","title":{"rendered":"From A Reader on the Banks"},"content":{"rendered":"

(ed. note) Having contacted this blogger as to what they meant by “ETF”, it means “Electronic Funds Transfer” usually abbreviated by “EFT.”
\n—————————————————————————————–
\nThanks for your posts. \u00a0Your 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.<\/p>\n

Those charges are settled \u00a0by the bank putting money into the businesses checking account. \u00a0That money is supposed to be treated as cash when it arrives – immediately available. \u00a0That does not happen.<\/p>\n

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. \u00a0When 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. \u00a0When 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.<\/p>\n

What’s wrong with this? \u00a0If 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. \u00a0On 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. \u00a0For 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. \u00a0It 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.<\/p>\n

Thanks for your blogs. \u00a0This needs to be aired and I don’t know where else to find such information or to post the information I have. \u00a0Imagine finding this on a blog about bed & breakfast.<\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

(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. \u00a0Your 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 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[13],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/bettinanetwork.com\/blog\/wp-json\/wp\/v2\/posts\/75"}],"collection":[{"href":"https:\/\/bettinanetwork.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bettinanetwork.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bettinanetwork.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/bettinanetwork.com\/blog\/wp-json\/wp\/v2\/comments?post=75"}],"version-history":[{"count":1,"href":"https:\/\/bettinanetwork.com\/blog\/wp-json\/wp\/v2\/posts\/75\/revisions"}],"predecessor-version":[{"id":4445,"href":"https:\/\/bettinanetwork.com\/blog\/wp-json\/wp\/v2\/posts\/75\/revisions\/4445"}],"wp:attachment":[{"href":"https:\/\/bettinanetwork.com\/blog\/wp-json\/wp\/v2\/media?parent=75"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bettinanetwork.com\/blog\/wp-json\/wp\/v2\/categories?post=75"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bettinanetwork.com\/blog\/wp-json\/wp\/v2\/tags?post=75"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}