This letter is for those of you who have ever put just three bucks worth of gas in the tank on Tuesday because all you had was a five payday Thursday and your kid would need lunch money. Everyone else just move along………..

……..now we can talk. All the rich people are off pontificating about how poor people shouldn’t have children they can’t afford or should just get a better job.

Last week the press learned that banks are cheating us on checking account and debit card overdraft fees. Not news to us, just another reminder that everyone from insurance companies to car salesmen are all out to cheat us - even the local repair shop that pulls a bait and switch on the oil change coupon and then tries to sell you a worthless battery cleaning. We have always known there is a never ending line of businesses trying to cheat us out of our last dollar. The NY Times reported that banks are cleaning up on us by rearranging our transactions so they can charge overdraft fees - not just on checking accounts, but also on debit cards.

According to the Times, banks let customers overspend on debit cards to collect fees. And the biggest surprise of all - wait for it, wait for it —— “recurrent overdrafts are more common among lower income consumers”. All together now - “DUH!!” The banks process the big checks and debits first to drive the balance to zero. Then they process all the smaller expenditures each of which gets hit with an over draft fee. So, processing the big $200 transaction first drives the balance to zero. Then, $2 for coffee equals a $39 overdraft fee. $7 at the drug store nets the bank another $39 overdraft fee and so on. Wow, what a service. I get to pay the bank $78 so I am not embarrassed at the Circle K when by debit card comes up denied. Now my grocery money is going to the bank for fees, but at least I was not embarrassed.

These banks have been given billions in taxpayer money to keep them going and they are still finding new ways to cheat us. Like I said, this is not news. They have cancelled equity lines, jacked up credit card rates, and foreclosed rather than renegotiate. Financial institutions have tucked their tales and run during this financial crisis. They’re sitting this one out until things clear up and they can go back to loaning money to people who don’t need it. Oh, the good ole days.

So what should we learn anew from all this? Get out of debt! No matter what you have to do or how long it takes. Resolve that you will not be a slave to these charlatans any more. Be stingy with your money. Make it take an act of God to pry money out of your hands. Pay yourself first. Every time you get paid, put some of it away for yourself for later - say 20 years later. And if you have some left over to help others, take care of your family, friends and neighbors first. Make the TV preacher have to settle for an E-class.

Fuller Sloan

Hillcrest