Well, I can't say that I depended on overdrafts to run my business, but as I have said in one of my regular news conferences that was televised nationwide, yes, I've had overdrafts. Let me add one other thing. There is a fairly common practice--and I am not trying to criticize banks, because I don't know how wide the practice is-but there's a general sense at home, not because it's in the South, but because I live in a small town, that if you have several accounts and a substantial balance in all those accounts, but then you become overdrawn in one of those accounts, then that's not considered to be an illegal or an unethical act. I run, I would say in my business, six or seven individual accounts, different aspects of my farm or my warehouse business. Also, I have a personal account. I never write any checks. I haven't written three checks in the last 5 years. My wife does all the check writing. But if we should have $50,000 or $100,000 in my warehouse account, and in my own personal account my wife should buy a dress and give a $25 check to pay for it and the check bounced 'because we were overdrawn, they would not send for the sheriff or call me on the phone to say, "You've disgraced yourself by having an overdraft." They would say, in effect, "We'll honor this check. We'll put a notice in your mailbox, and then you can shift some money from your warehouse account over into the personal account." But I don't excuse overdrafts. You know, it's obvious that I would rather my own life have been completely free of any overdraft. But I can't say that it's an acceptable thing. But I still don't believe that it's an unethical or illegal thing in the banking circles in which I've had to operate.
Reference Quote
ShuffleSimilar Quotes
Quote search results. More quotes will automatically load as you scroll down, or you can use the load more buttons.
PREMIUM FEATURE
Advanced Search Filters
Filter search results by source, date, and more with our premium search tools.
We are not against borrowing money and we are not against bankers. We are against trying to make borrowed money take the place of work. We are against the kind of banker who regards a business as a melon to be cut. The thing is to keep money and borrowing and finance generally in their proper place, and in order to do that one has to consider exactly for what the money is needed and how it is going to be paid off.
I got a phone call a couple of months ago to say 'we are closing your accounts', I asked 'why', no reason was given.
I was told a letter would come which will explain everything, the letter came through and simply said 'we are closing your accounts, we want to finish it all by a date', which is around about now.
I didn't quite know what to make of it, I complained, I emailed the chairman, a lackey phoned me to say that it was a commercial decision, which I have to say, I don't believe for a single moment.
So I thought, well there we are, I'll have to go and find a different bank, I've been to seven banks, asked them all 'could I have a personal and a business account?', and the answer has been no in every single case.
There is nothing irregular or unusual about what I do, the payments that go in and come out every month are pretty much the same, I maintain in my business account quite a big positive cash balance, which I guess with interest rates where they are is pretty good for the bank too.
In order to be able to meet a general combination of the banks against us in a critical emergency, could we not make a beginning towards an independent use of our own money, towards holding our own bank in all the deposits where it is received, and letting the treasurer give his draft or note for payment at any particular place, which, in a well-conducted government, ought to have as much credit as any private draft or bank note or bill, and would give us the same facilities which we derive from the banks?
Gentlemen, I’ve done many deals in my lifetime and through that process, I’ve developed a methodology, a way of doing things, a philosophy if you will. Within that philosophy, I have certain beliefs. I believe in artificial deadlines. I believe in playing one against the other. I believe in doing everything and anything short of illegal or immoral to get the damned deal done.
I determined there was a great future in the mail-order business, and I landed a job that brought me to the head of a large department. About this time our daughter Joan was born. Having a good job and every prospect for advancement, I decided to go into business for myself, with harrowing results. I had no capital when I started and less when I got through. At this time the mail-order company offered me an excellent position if I wanted to come back If I had accepted it, I would probably have been fixed for life with a good living salary. Yet the chances are that I would never have written a story, which proves that occasionally it is better to do the wrong thing than the right. When my independent business sank without a trace, I approached as near financial nadir as one may reach. My son, Hulbert, had just been born. I had no job, and no money. I had to pawn Mrs, Burroughs' jewelry and my watch in order to buy food. I loathed poverty, and I should have liked to have put my hands on the man who said that poverty is an honorable estate. It is an indication of inefficiency and nothing more. There is nothing honorable or fine about it. To be poor is quite bad enough. But to be poor without hope … well, the only way to understand it is to be it.
God does not meddle in this. In your business the only two things that will help you are your skills and your honesty and ethics. If you are unethical, you will prosper for a year or two but after that you will incur a loss. If you happen to do something wrong, you will still become free of any liability as long as you repent for your actions.
Loading more quotes...
Loading...