Nshima & Curry

Termites terminate man's retirement

When you put valuables in a bank's safe deposit boxes, the last thing you expect to hear is that termites attacked them. This is the 21st century after all. We get our cash from machines, we pay our bills online and we see ourselves on TV every time we enter a bank. But not all banks are so advanced. At least one bank in India uses wooden safe deposit boxes, along with a tiny sign that says, "Welcome Termites!"

A trader in the Indian state of Bihar has lost his life savings after termites infesting his bank's safe deposit boxes ate them up.

Dwarika Prasad had deposited currency notes and investment papers worth hundreds of thousands of rupees in a bank safe in the state capital Patna.

The bank says it put up a notice warning customers of the termites.

Mr Prasad says he did not see it in time as he did not go to the bank for months after the notice went up.

Bank officials admit they did not inform the customers individually about the termite problem.

"I'm shattered. I do not know what to do as I had kept the money for my old age," Mr Prasad said.

The trader says he had deposited 450,000 rupees ($11,000) in currency notes, investment papers worth 232,000 rupees ($5,660) and some gold and silver jewellery in a safe deposit box of the government-owned Central Bank of India.

Mr Prasad says that relations with his wife and children were strained and he wanted to put the money in the safe box to keep it safe from them. [Link]

He's an idiot for putting cash in a safe deposit box. Doesn't he know that the safest place to keep your money is under your mattress? That way, you can sleep well at night, knowing that the lump is still there.

But I also blame the bank. They were negligent in three ways: (1) They used wooden safe deposit boxes; (2) they didn't warn customers adequately; and (3) they failed to install mini security cameras to watch for termites.

No matter whom you blame, you've got to feel sorry for Prasad.

Reporter: "Mr. Prasad, what are your plans now? Are you going to be able to retire?"

Prasad: "No, I can't afford to retire. I'm going to start a second career."

Reporter: "A second career? What are you going to do?"

Prasad: "I'm going to be an exterminator."

Reporter: "You're going to kill termites?"

Prasad: "No, bankers."

More daylight robbery at banks

If you're my age or older, you probably remember the good ol' days when you could use an ATM without paying a fee. Things started changing in the mid-1990s and I expressed my outrage in one of my columns.

Withdrawing money from the bank used to be so convenient. You could visit a money machine almost anywhere. Without paying a cent, you could get enough cash to buy a television or put a large down payment on some basketball shoes.  

But a couple of years ago some banks started charging a fee. If you didn't have an account with them, you had to pay at least a dollar to withdraw money at their ATM (Automated Theft Machine).

Other banks followed suit and now the majority charge a fee. Some even charge as much as $3, more than most of us save in a year. That's a steep fee, especially when you're trying to withdraw $5.

To their credit, banks have tried to make ATMs much safer for us. They've installed bright lights and security cameras. They don't want anyone else robbing us. [Link]

A decade later, the robbery continues unabated.

Chase, which leads the Chicago market in the number of branches and automated teller machines, has hiked the fee it charges non-customers to use most cash dispensers nationally to $3, one of the highest surcharges in the industry.

Previously in Chicago, Chase charged $2. In other markets, Chase might have charged non-customers as little as $1.50.

The increase was effective Jan. 13.

"The extensive Chase ATM network is a convenience we provide our customers," Chase spokeswoman Christine Holevas explained. "Non Chase customers pay a fee for that convenience." [Link]

Well, you can charge 50 cents for the convenience, but anything more is robbery, plain and simple. Sure, the people who withdraw money are agreeing to be robbed, but sometimes they don't have a choice. It's not like there are a dozen ATMs in every mall or grocery store. Usually one bank has a monopoly and if you don't have an account there, the only thing you can do is hand your wallet to the masked gunman.