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Poverty Profits
To the editor: I found the article “The Poverty Circus Act” (April 13, 2005) very interesting. I was formerly the assistant vice president of information technology development at OmniAmerican Credit Union, and I worked on custom software that would determine how much people would be allowed to overdraw their accounts. It seemed very unethical to me that as a nonprofit institution whose aim was to help the common person, we were fostering what I felt was poor financial management by allowing people to overdraw their accounts and charging them a fee for it. In effect, we were loaning people money in a roundabout way and making incredibly large amounts of money doing it.
I left because I was unhappy working there. Since then, OmniAmerican has filed to become a mutual savings bank instead of a credit union. Seems more fitting, since it pilfered the credit union movement for financial gain anyway. It is a shame that something that was started to help people save money at the Carswell Air Force Base back in the ’50s could become so twisted.
Anyway, I enjoyed the article, and I’m glad your paper exists, because your articles are consistently excellent. I’m glad in this land of moldy oil money you can shed some light on things other papers might not.
Michael Summerville, Fort Worth
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