Saturday, August 11, 2012

Banks Ripping off Low-wage Earners with Check-cashing Fees

I was just talking to Pharaohs in America at Twitter about the scandalous way banks rip off the working poor. Banks charge low-wage earners $5 to cash each one of their payroll checks that are drawn on accounts at the bank where the checks are presented for payment. Many low-wage earners lack bank accounts. Others may have bank accounts that put a three-day hold on deposits when it is usually urgent with poor workers to access their paychecks immediately. Therefore, the system is capitalizing once again on the backs of working class people. What possible reason is there other than UNADULTERATED GREED AND USURY THAT IS CONDONED BY THE GOVERNMENT could there be to charge workers $5 to cash a payroll check that is drawn on the bank where it is presented for payment? No other check-cashing at the banks requires that fee.

If a Pharaoh promises a worker minimum wage and then pays the worker with a check, the worker should be fully compensated for the face value of the check. The Pharaohs need to add $5 to the workers' check if the check is not worth full tender at his bank. Dammit! Or Pharaohs should tell their banks to stop ripping off their workers. There is zero risk of loss to the banks to pay employees the full face value of payroll checks presented for cash, since every banking institution can certainly verify that the monies are available in its own members' accounts. THE EMPLOYERS WHOSE BANKS REQUIRE THAT FEE SHOULD TELL THEIR BANKERS TO STOP STEALING FROM THEIR EMPLOYEES, OR THE EMPLOYERS MUST PAY IN CASH SO THAT LOW-WAGE EARNERS GET THE FULL AMOUNT OF WAGES DUE, OR THE EMPLOYERS MUST PAY THEIR WORKERS AN EXTRA FIVE DOLLARS IN EVERY PAYCHECK. This became a "Justice Gagged" issue when stalkers hired to protect Pharaohs from Mary Neal decided to block my tweet:  "I'm so mad at elitists, most of whom are on their way to hell 4 dogging out the poor and working class, I'm going to sleep. Y'all take care."

No comments: