Abandon Bank of America, Go Join Your Local Credit Union
September 30, 2011 § Leave a comment
Ok! So I’m resuscitating this site because more and more I’ve had feelings/thoughts/wishes/violent reactions that I’d love to share on my other blogs, but to do so would be bad business or wildly inappropriate content. Ok ok, mise en place Maine, you’re back.
Today’s vicious opinion is brought to you by the news that Bank of America plans to start charging a $5 monthly fee for debit card customers to use their cards. Why? Well, there is some cockamamy excuse like ‘debit transactions are replacing cash more and more’ … and this would totally hold water if they weren’t planning on excusing customers with a $1500+ balance in their account from this fee. So obviously this debit card fee, totaling a modest (yet outrageous) $60/yr. for young people, students, the impoverished etc. is more a tax on being poor than it is an effort to save their business, otherwise they would charge it to their members across the board, no matter what their balance, if they are using a debit card.
Because seriously, even in my BEST times of earning power I have never, ever, ever EVER just had $1500 kicking around. I wish! This new standard totally blows TD Banknorth’s ridiculous $5 monthly fee for dipping below $100.
What needs to happen?
Well, first, let me put it bluntly that if you’re not pulling your money from big, monstrous, greedy banking systems and moving it in to a local credit union then you’re pretty much just trying to be poor. I belong to Five County Credit Union, and all I had to do was live in Southern Maine to join — yes, they charge a whopping $30 fee when I overdraft, but the only monetary requirements to belong to their club is a $25 ‘deposit’ in my savings account, that will be returned to me if/when I liquidate my accounts… yeah, like that will ever happen – I love them!
Or at least move your money to a state banking institution instead of a national/international one.
We need serious regulations on what kinds of fees banks are able to charge their customers. $30 for an overdraft fee? Why? $5 for not having enough money? That makes sense! $25 for a missed credit card payment? Why? What is the formula for these dollar amounts? There needs to be more transparency.
Bank of America is the same bank that ambushed me on the sidewalk my Freshman year at ART SCHOOL (Seriously? Trolling for art students on Huntington Ave? They are fishing for poor people they can wring money out of like a damp towel!) and gave me a shiny, new credit card that soon had a ‘limit’ of $3,000 (which then increased to $4,500 before I even had a job that paid more than $9/hr.) Shady practices? Preying on financially uneducated young people? Yes.
Anyways, thank you, I’m so pissed at this news right now it’s excellent to jump on a soap box and air it out. Bank of America is such an asshole that taking the money out of the bank and stuffing it in a hole in your mattress might actually be the best bet. Now’s no time for inaction and apathy, people. Go! Join the C.U.! And while you’re at it, why not Occupy?