Wall Street Bandits to Pocket Billions! Our Reward for Bail-Outs…NEW FEES!
As if it wasn’t bad enough to stick us with the Bail-Out Tab, we are now being required to pay Debit Card fees to use our OWN money out of the bank!?!? They say, “It’s only $5. a month to help cover processing fees (or whatever excuse); but, unlike our Bankers, WE can do the math! Multiply that over 12 months and we’ve paid $60. If they don’t increase it over the next five years, it will be at least an extra $600 for EVERY CARD whether you withdraw money or not. Multiply that by millions of Americans, and Bank Bandits pocket Billions of dollars monthly out of our wallets. In addition Banks tag our accounts for:
$13 monthly service fees
$35 overdraft fees
20.9% interest rates on credit cards
$4 ATM fees
$7.50 lost debit card fees
$5 fee for copies of checks or past statements
Pew Charitable Trusts research reports that bank accounts at the ten largest American banks had a median of 45 different fees.
However, if you are able to maintain a balance of $20K to $50K in combined balances for your “? Bank” accounts, in this Economy, or if you have an existing account as a college student, your fees will be waived. Some banks have pledged to “not charge additional fees for debit card usage.” That should NOT be interpreted as NO additional fees at all; another will begin a $3. Debit card fee in November for 5 test states; another major bank will not be offering free checking to customers inherited from merger account. They mix it up to make you feel helpless to control them.
“There’s no question we’re going to see more of these types of charges,” said Trish Wexler, of industry lobbying group Electronics Payment Coalition. “The bottom line is that all of us consumers will be paying more.”
Oh REALLY? If Banks are now sending everything electronically, where is their cost for Statements, Printers, Ink cartridges, MAILING, Mail personnel? We went Green in our company and saved thousands of dollars weekly in mailings, alone! So they have to Charge us for all they DON’T have to do now? WHO got the savings and profit from going electronic? We also switched our companies to a LOCAL bank.
So, is any bank safe these days from one more “What’s in your Wallet?” Wall Street Bandit? The security blanket for banks (according to their Consumer Psychologists) is that they have signed individuals up for so many “extra services” that they hope none of us will go to the trouble of switching banks; especially, if Big Banks are all adding different fees at different times for various services. They “Bank” on us saying, “Well my bank added Debit Fees, but I get free checking, and the other banks that offer free debit are charging for statements and checking. It’s a BREAK-EVEN, so I might as well stay put for my financial credibility. If I need a loan it won’t look good if I hopped around on my banks.”
What they are NOT considering is that small, local banks and credit unions are more personable, flexible, accessible, and do not have to pay HotShots at the top huge salaries. Longtime customers are switching to Regional banks and Credit Unions which will also boost local economic stability for your community and state.
Bottom line: For too long Americans have just rolled with the current, drifting downstream with little or no resistance. That has got to stop! We must STEP Up, SPEAK Out, and take our $$$’s and move to consumer friendly environments. We work hard for our money, we pay TAX on our money, and we should have the most powerful say in how and where it’s managed and by whom!