Banking 101 – Part II: Still think it’s ‘your’ money?
In Part I; we discussed some very basic rudimentary elements of banking contracts that 99.9% of people never read. If you wonder why is it’s important to read all contracts; ask yourself
“would not someone in the business of banking understand all the Bank contracts that they’re involved in?”
Well, here’s a dose of reality…you are “in the business of banking.” You do bank business every time you write a check, use an ATM, deposit cash, purchase a CD, sign a mortgage, or use a debit/credit card or cash to purchase any item. And, you do this daily, which means you are in the business of banking….daily.
Is it important to understand the contract?
Nothing could be more important because it’s your word and your bond. It makes you bound, not only to the bank contract and agreement but every single “law” that governs the agreement. As seen previously in Part I, this means the laws include the Title 12 of the United States Code (or whatever nation you’re in); the Uniform Commercial Code which is applied globally, and all International Banking Treaties.
Think ignorance is bliss?
In part 2, David Williams and Tim Madden discuss what happens when you sign mortgage contracts, how and why a bank can seize “your money” at any time, and what you can do about it. For every problem, there is a solution.
David is an Ambassador and recognized as such by the United States and other jurisdictions. Tim Madden is a Canadian and has the distinction of being an Expert Forensic Accountant and Financial Systems Mathematician in the Canadian Courts and before the Canadian Parliament, House of Commons. Listen as they reveal why “ignorance is no excuse” and what it really means when you hear the phrase “‘KNOWLEDGE IS POWER”.
Tim Madden is a brilliant complement to David’s wisdom.