This story is done a little with tongue in cheek and a little serious. Keybank's system is down and has been for a few hours. Therefore when I went to get a $5.00 pizza for the children's after school snack, my debit card denied the transaction.
I just talked to Keybank and was told that the system was down and to keep my checkbook handy. Well, I don't have a checkbook and I need to go to the grocery store. The person I talked to was very unsympathetic.
Now I know why people keep money under their mattress. Is this a precursor of things to come or is this just a once in a lifetime happening? Can I blame this on the Republicans or is this just a glitch in my day? Is the sky falling?
seems big enough they should be immune. We will find out. I have some key accounts.
Integrity Bank, Alpharetta, GA August 29, 2008 August 29, 2008
The Columbian Bank and Trust, Topeka, KS August 22, 2008 August 22, 2008
First Priority Bank, Bradenton, FL August 1, 2008 August 1, 2008
First Heritage Bank, NA, Newport Beach, CA July 25, 2008 July 25, 2008
First National Bank of Nevada, Reno, NV July 25, 2008 July 25, 2008
IndyMac Bank, Pasadena, CA July 11, 2008 July 11, 2008
First Integrity Bank, NA, Staples, MN May 30, 2008 July 25, 2008
ANB Financial, NA, Bentonville, AR May 9, 2008 July 25, 2008
Hume Bank, Hume, MO March 7, 2008 July 25, 2008
Douglass National Bank, Kansas City, MO January 25, 2008 July 25, 2008
Miami Valley Bank, Lakeview, OH October 4, 2007 July 25, 2008
NetBank, Alpharetta, GA September 28, 2007 July 25, 2008
Metropolitan Savings Bank, Pittsburgh, PA February 2, 2007 July 25, 2008
Bank of Ephraim, Ephraim, UT June 25, 2004 April 9, 2008
Reliance Bank, White Plains, NY March 19, 2004 April 9, 2008
Guaranty National Bank of Tallahassee, Tallahassee, FL March 12, 2004 July 25, 2008
Dollar Savings Bank, Newark, NJ February 14, 2004 April 9, 2008
http://www.fdic.gov/bank/individual/failed/banklist.html
Big banks can have problems too. Indymac and Countrywide were not small. Countrywide didn't make the failure list because Bank of America rescued them before they had the chance. Indymac didn't have that opportunity at least in part because Sen. Schumer (D, NY ) shouted "fire" in a crowded theater.
If Key was not capable of cashing out a $5 transaction, I am guessing a few others would have been affected and it would have been all over the news by now. I am a few years removed from the banking world, but there used to be a modest amount ($50 - $75) that would not require a bank approval just to prevent this sort of thing from happening. Another possibility is they showed $4.99 in your account. Most likely is a temporary computer system problem. Last, but not least is the possibility of a vast right wing conspiracy so you can feel free to blame it on the republicans.
Having a back up card or source of funds is always a good idea. If your bank was not sympathetic it may be time to find another one even if there was only $4.99 in your account. The least they could do it treat you with a little respect.
Both parties, oh, and the lobbyists.
Gramm-Leach-Bliley Act
"The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub. L. No. 106-102, 113 Stat. 1338 (November 12, 1999), is an Act of the United States Congress which repealed the Glass-Steagall Act, opening up competition among banks, securities companies and insurance companies. The Glass-Steagall Act prohibited a bank from offering investment, commercial banking, and insurance services."
"Presidential candidate Barack Obama has said that the Gramm-Leach-Bliley Act was the result of $300 million of lobbying by the financial sector and that the Congress didn't "entirely think it through," bowing to the desire for increased industry profits but sacrificing consumer protections and market stability. He suggests devising a more-modern counterpart of the Glass-Steagall act that would provide renewed "transparency and accountability" without unduly constraining innovation in the financial services sector.[7]
Presidential candidate John McCain has been criticized for using Phil Gramm as an economic adviser, with the Gramm-Leach-Bliley Act now seen as a political handicap that may inhibit Gramm's participation in a potential McCain administration. McCain has distanced himself from Gramm, calling for renewed financial-industry oversight to "assure transparency, prevent abuse and protect the public interest." [8]"
http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act
More review and possible regulation to prevent abuse of the system and lead to more tax payer bail outs.
and have been with the bank almost 40 years!
I hope the first 39 years and 364 days were better.
Pizza as an after school snack?
and pizza as an after school snack is______________________________.