Get ready for a new wave of bank fees. With the new Durbin Bill that took effect, banks have been looking for a way to regain their profits. Or as they allude to, so they will not lose money. In fact, the CEO of Bank of America says the fees are good for their customers. He says their service will get better! Oh, the audacity of it all. He thinks he can talk to America like he talks to his servants (sorry, employees).
It reminds me of a story. I am a big baseball nut: I eat, sleep and breathe it. I also coach it. But there is a distant story from the LA Dodgers owner who at one time stated that in comparison from this year to last year (which was quite a few years ago) he lost $2,000,000. Well, how could this be? After much discussion and questioning of this owner, he admitted that this year he had made $15,000,000 and last year he had made $17,000,000. In his mind, he had lost $2,000,000! Talk about “spinning” something!
Here is a quote from ABC News: Bank of America customers, vote with your feet, get the heck out of that bank,” Durbin said on the Senate floor. “Find yourself a bank or credit union that won’t gouge you for $5 a month and still will give you a debit card that you can use every single day. What Bank of America has done is an outrage.”
Durbin said consumers are rightfully outraged about last week’s announcement.
“It is hard to believe that a bank would impose such a fee on loyal customers who simply are trying to access their own money on deposit at Bank of America,” he said. “Especially when Bank of America for years has been encouraging their customers to use debit cards as much as possible.”
Most basic checking accounts at Bank of America will see a 40 percent jump in monthly costs and the bank says the debit fee will be waived for customers who upgrade to “premium” accounts that require higher minimum balances.
Here is what we need to do: Take a hike. Run, do not walk. Vote with your feet. Take your business to the nearest Credit Union. There are a lot of things a Credit Union can do that a bank cannot. If you are trying to re-establish your credit, it is much easier to do that there. If you want to find out how, Click here.
Credit Unions are not for profit: They are owned by the customers. Yes, you can be an owner. If you join, you will be. They offer much more competitive rates than banks.
If you want to find a credit union around you, just go here: www.joinacu.com.
John Mackey
