Deadfyre_Deadsoul's Journal: Virtual Money and a story Legal Finacial Terrorism

Long time /. reader, I even post now and again, never a journal though. This frustrating issue puzzles me greatly. On to the journal. How do banks allows companies to withdraw money that isn't actually there? A debit by a company on an account with no money, is actually virtual currency. But technically, since the money isn't in the bank, how is it allowed to be used as a withdrawal? This form of e-currency is allowed by the banks, because consumers accounts can go below 0. This is fine for when people purposely overspend. But to wake up one morning to find that the bank account is 1000$ in the negative, is a little disturbing. The bank just gave away my negative 1000$, and this is legal for both the bank, and the company to finance each other. So, not only do I have to pay this money back, plus daily overdraft fees.

Now the company (direct Tv) is reimbursing most of the money as a credit to myself via the bank, because they made a mistake; but Banterra Bank says they do NOT have to process this credit for up to 30 days, nor will the bank take off the fees that I have been charged, due to companies mistake. Now the Overdraft fee is 35$, and there is a 10$ overdraft charge, per day. Yet the company is returning the virtual currency, which does not exist, yet the bank, is simply allowing itself to milk more money via the over draft from the virtual currency, by not allowing the credit to be returned, nor redeeming the fees incurred by the virtual negative cash.

Now to compound matters, my check from work, which is direct deposited into my bank account, simply disappears, due to this virtual currency which is in the negative, and living in bank credit limbo. So the deposit goes through, boom, black hole, my check, is eaten.

Why is this even legal. If the money does not exist, how can it be taken. How can negative virtual currency eat real money. How many other companies do this with the consent of the banks, the banks do not stop it, they encourage it, or so it would seem. Banks should deal in what is in an account, not what is not in the account? Would not the bank, have the account holders best interest at vault (banks do not have hearts). Why do banks put companies before account holders.

Kell, Insangel of Hellinois.