Monthly Archives: February 2013

Internet Banking = Dangers not Evaluated; The WARNINGS not Heeded

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 banking 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 a 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 her mother 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.