Mobile Banking
Today
I received a letter from a reputed Ceylonese Bank that I had lot of
inconveniences to sign a draft letter agreeing to
do
Mobile Banking.
I
moved to another bank after the altercation
with the bank management but
did not close all my accounts.
I
patched up with the management (the manager
was taken out or transferred -never saw him again-probably
after my complaint listing over 40 mistakes)
bank and cordially working with them with the new managers.
Coming
back to the letter, it
had
many legal mistakes, never
a sane man would agree to sign.
I won't highlight the mistakes, even if they pay me a fortune.
Reason
for writing this is to educate some of my old/young friends.
If
you are already having mobile banking YOU STOP at this point, lest
you end up with a heart attack.
1.Billions
of money is lost due to mobile fraud world over.
I
was given a free entry by a bank when I was working in 1980s, I
politely refused. Here I was an ordinary man with fixed resources did
not need fancy stuff.
2.
You need a email and a computer at home (no email and no computer, I
to all pensioners who worked only in Sinhala or Tamil).
3.
If the bank make a mistake YOU are unable detect and prosecute the
bank.
4.Monthly
statement is an oblication (at least for current) in baking
regulations. If you forgo that you are sucked in.
5.
You should have the habit of checking your statements like the Credit
Card statements.
6.
You are used to a particular method for over 20 to 30 years why
change?
I
can add many but the last one is the most important, in this blessed
country, the one who (not writes you) regularly sends you a letter
(at least once month) is your bank.
If
they cannot send you a letter but only an email statement (which you
have to pay Rs.50/= in Web Cafe) why do banking with that particular
bank?
The
decision is yours but do not be forced into a situation which one
cannot retract. It is called unlawful coercion.
Reproduction
Internet
Banking=Dangers not Evaluated;
The
WARNINGS not Heeded
This
should be read in conjunction with Bugger the Bankers.
I
will only give only a glimpse of it.
The
reader should update his or her own risk element, if not on daily
basis but on monthly basis.
Let
me dispense with the underline presumptions.
There
are two presumptions.
One
is that computers never make mistakes and better than humans.
Computers
make huge mistakes whereas humans make small mistakes, like counting
the balance.
Computer
can make million of mistakes in a fraction of a second but human can
make only one mistake at a time, which many of us do not guard
against.
Humans
try to prevent repeating the mistake, whereas computers keep on doing
the same mistake million times.(No fortune company will come out with
the true facts, like the Ponsi scheme that went round globally
without any hindrance, till the banks started collapsing.
We have too many banks.
What we need is a few banks with credibility.
Like
me forgetting, to take the balance after payment is made.
The
cashier, if he or she is a good one will promptly return the money.
Computers
will never gives back the money that was wrongly paid (server
administrator can safely transfer it in seconds to some far away
destination without any trace of the transaction) or comes behind you
with the correct balance in hand.
The
sever administrator can swindle any excess, knowing very well that
somebody has made a mistake.
This
happens in big shopping networks and that is why the items and
articles are more expensive than in the open market.
They
never audit or declare these frauds fearing that they will loose the
market.
Banks
are no different.
They
only see one side of it.
The
customer side.
Never
its own staff.
If
they make a mistake they will hide it by all means like a cat
covering its poo.
The
second premise is very simple.
Majority
(99%) including me is very bad at balancing accounts on daily basis.
The
bank jump into your shoes under this pretext and may even one day
ruin you.
In
fact, I managed without a bank account for nearly six years when I
returned from abroad with six credit cards.
That
was only period in my life, I never asked for a loan and did not make
a single mistake.
I
was doing my own banking and balancing my accounts.
But
I have one cardinal principle.
That
is, I may not make mistakes on daily basis but one day I will
make a huge mistake.
I
will guard against that mistake which will ruin me.
It
will last good for me.
I
have also another resolution.
My
maximum loss should be theoretically not more than Rs.100,000/=
(never a million which young ones are enticed and coaxed into by all
commercial banks).
Each
one should have a credit limit which he or she can bear, which is
usually three to ten times the basic salary (not the total salary).
If
one exceeds that limit, he or she on his or her own peril one day,
one has to blame oneself not the bank or the creditors.
The
day I make that big mistake, I will close all my accounts and
delegate my finances to someone whom I can trust.
The
problem is finding one whom I can trust in this blessed Buddhist
country.
So
if you do Internet Banking, the moment (fraction of a second) you
press the button, you are taking a big risk.
The
song bugger the bankers is making a huge impact globally and the
banks are hell bent on promoting their vices on many new form of
advertisements and in many fronts.
Even children not born are not spared.
Do not fall to their trappings which are worse than Merchant of Venice.
That
is, promote free spending with a noose around your neck.
I
felt like writing this having seen a young mother with her baby
(attended
by the
grandmother)
did not check the bill when she was making her payment.
In
my medical career I have seen many nursing mothers making big
mistakes that include caring for the baby, let alone finances.
