Friday, February 12, 2016

Theft of interest. Banks to execute online consumer bill payment directives on demand, not after delay benefiting the bank.

New Banking Plank.
Attention Hillary. Attention Bernie.
Transmit funds for bill payment on receipt of directive.

1.  Equality of speed. Bill payment directives from consumer to bank ahall be implemented upon receipt, or same speed as for corporate bill-pay directives, whichever is faster. 

Bill payment directives shall be implemented in the order of receipt, none to be withheld cumulatively at the whim of the bank and dispensed other than as received. The order that such bill payment was directed shall control.
  • This speed of execution shall be in effect whether nor not the consumer or client is directing funds to a human or a corporation.  
  • The execution shall be completed in the same time frame as it provides to corporations who request such payment from the client's account. 
    • If AmEx and Citicard, for example, get instant transmittal virtually on demand when a client directs a payment from the account to pay a bill, then the client must also get virtually instant transmittal for any other bills for which payment is directed. 
    • No three-day delays, for example, unless all payees are treated alike and corporations also must wait the 3 days (while the bank earns interest on the money in cumulative short-term loan funds it holds?).
2.  Insufficient funds.

In the case of insufficient funds in the account to cover the directed payment, the bank retains its rights to charge such penalties as the law allows.  The burden is on the client to see that there are sufficient funds before making the individual request.  The client may rely on balances as stated on line and may prove such with a simple printout from the online account.

3.  Theft of Interest.  Premature bank effective withdrawal.

Under no circumstances shall a bank effectively withdraw the client's bill-payment request funds from the client's account benefit, that is, act as though the funds were indeed the bank's. Any such use of funds shall be solely for the purpose of fast execution of the bill transmittal request, regardless of payee.

The bank shall have no right, for example, to deposit such prematurely withdrawn funds in to any cumulative account for its own benefit, such as on which it draws interest, absent full disclosure to the client, agreement, and payment to the client of all interest so earned in the interim.

To do otherwise when a bill payment request is in effect, is bank theft of interest, a felony, thank you.

4.  Mens rea.

This shall be a strict liability offense. A corporation strict liability offense. No mens rea as to corporate activity need be proven, on grounds that the corporation is only a creation of statute, and has no human qualities of conscience, knowing right from wrong, guilt etc. Corporations, therefore, are strictly liable upon commission of the prohibited act.  If an individual employed or serving the corporation commits the offense and was ignorant of the law or did not have the requisite mens rea, the corporation still may be held accountable for its failure to educate its own.

5.  Attention Hilary.  Attention Bernie. Vie for naming rights for new banking plank

The first of Hillary or Bernie to adopt this as a plank, shall have naming rights.  Honest. Statute naming rights. Both can cooperate.

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