Once again Bank of America is increasing its fees. The worst thing here is that these fees do not affect wealthy customers in the slightest. It is primarily for poor, hard working Americans. That’s right, B of A is only applying these new debit card fees to basic accounts.
So, the minimum, no interest checking accounts and small savings accounts are getting this fee. The problem I have with this is that these people are, for the most part, barely making it by. The average American is struggling to just make ends meet and pay the bills in this tough economy.
The top executives at banks like Bank of America are known to have very plush multi-million dollar salaries and compensation packages that include limousines, private jets, exclusive country clubs, the most expensive and elite restaurants, private chefs, exclusive golf courses and clubs, etc… You name it and these executives partake in it.
Is that fair? Don’t you think that if the bank is losing money due to laws that are reducing their ability to charge outrageous and ridiculous fees that maybe the executives should have their pay docked too? I mean how can you reward this bunch of executive A-holes that can’t find ethical ways of making money?
Banks have been around for hundreds of years. Some fall over time due to unethical business practices or bad debt or stupid decisions. We should not be rewarding executives at banks like Bank of America (which, we as tax payers bailed out not too long ago) with these outrageous and costly compensation packages and perks while they are hurting the hard working middle and lower classes.
A $5 per month fee for using a debit card may not sound like much, but to families that are barely making it by it’s a lot. That is $60 per year just to use a debit card. Then you have to add on the other bogus charges from Bank of America like their recent increase in minimal amounts for these same basic accounts. If your account drops below that $1500 even by 1 penny you are billed $14 per month. These simple fees add up and can easily bring on overdrawn fees as you never know in advance of some of these fees.
It all boils down to greed and corruption. If I were you I would never bank at Bank of America. Go find a local credit union which will have less fees better loan rates and better service!