Treasury Chief Aims to Restore ‘Lost Faith’ in Bailout

Lost faith huh......

February 10th, 2009 2:51 pm

Consumer credit????? The major banks, I personally know of two incidents one involving Wells Fargo and the other Bank of America, of refusing to release funds claiming that it would take 11 business days to clear an out of state check.

It seems to me that getting these banks to start lending again is now less of a priority than getting them to release our own funds.

11 business days, in this case including President's Day (a bank holiday) is a total of 18 days.

The banks are taking gross advantage of consumers and small business in order to increase their float. This is causing, certainly in our case, extreme stress on our ability to do business. They are holding funds needed for payroll and other expenses. By holding our funds they slow our cash flow to the detriment of our company, our employees and those that we rely upon for goods and services to run our business.

The banks must be either nationalized or come under strict regulation that ensures that they do the right thing for our country and our economy.
— Multifarious, USA