djamal-soft
الأحد، 13 أبريل 2014
Four years back, the government used citizen's tax money to pay $45 million to rescue the second largest bank in the country from going out of business. Since that time, the financial institution has actually been embroiled in various investigations for illegal financial practices ranging from foreign-exchange to home mortgages, and as a result of these shenanigans has paid millions in lawsuits. Now, Bank of America, a company that earns billions, is strong-arming $4.95 from folks who are scarcely making it in this economic climate and desperate to obtain a bank account. Is this a mere indication of frugal banking methods or a symptom of something larger going on--like a small pimple that becomes cancerous. There is something remarkably odd right here.
Bank of America has introduced a checkless checking account for a small, set fee of $4.95. This no-frills account will not allow overdrafts. It's a modest fee targeted toward low-income customers who just need a basic bank account. In itself, this seems like a small blip on the radar-not enough to alarm anyone, especially customers or lawmakers. Yet, this small change in their banking policy could hide a much more sinister story about the banking industry and the economy itself.
Here are three reasons why I classify this as an anomaly:
* In today's world of banking, no fuss, no benefits accounts are usually cost-free. Actually, cost-free checking is now the way banking is done.
* Since 2011, Bank of America has been trying to reintroduce the idea of a basic banking fee. The experiment began by charging bank customers in three states-Arizona, Georgia, and Massachusetts-a flat fee ranging between $6 to $9 for a simple checking account. The idea did not work very well and the pilot program was scratched. In 2012, they tried it again. This time 10 million customers complained vociferously about it.
3. There are no ways to waive the fee. While megabanks do have payable checking accounts, they likewise have specific conditions to waive the cost-- like direct deposit, keeping a reasonable amount in the account, and so on.
So why is a multi-billion bank asking low-end customers for petty cash? Why is it seeking a flimsy plan that that most financial institutions think too silly to take into consideration? Is it out of petty reasoning, straight-out greed or hopeless need? Frankly, our only hope as Americans is to move our loyalty from fickle banks that grow fat on fiat money and go back to the only true money, which is God's Money-- Gold and Silver.
Bank of America has introduced a checkless checking account for a small, set fee of $4.95. This no-frills account will not allow overdrafts. It's a modest fee targeted toward low-income customers who just need a basic bank account. In itself, this seems like a small blip on the radar-not enough to alarm anyone, especially customers or lawmakers. Yet, this small change in their banking policy could hide a much more sinister story about the banking industry and the economy itself.
Here are three reasons why I classify this as an anomaly:
* In today's world of banking, no fuss, no benefits accounts are usually cost-free. Actually, cost-free checking is now the way banking is done.
* Since 2011, Bank of America has been trying to reintroduce the idea of a basic banking fee. The experiment began by charging bank customers in three states-Arizona, Georgia, and Massachusetts-a flat fee ranging between $6 to $9 for a simple checking account. The idea did not work very well and the pilot program was scratched. In 2012, they tried it again. This time 10 million customers complained vociferously about it.
3. There are no ways to waive the fee. While megabanks do have payable checking accounts, they likewise have specific conditions to waive the cost-- like direct deposit, keeping a reasonable amount in the account, and so on.
So why is a multi-billion bank asking low-end customers for petty cash? Why is it seeking a flimsy plan that that most financial institutions think too silly to take into consideration? Is it out of petty reasoning, straight-out greed or hopeless need? Frankly, our only hope as Americans is to move our loyalty from fickle banks that grow fat on fiat money and go back to the only true money, which is God's Money-- Gold and Silver.
About the Author:
Want to find out more about precious metal investing, then visit Anne Trimble's site on how to buy gold and silver.
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