10 Reasons to Break Up With Bank of America
In case you're wondering what all of the commotion is about regarding big banks and the "rapacious" financial services industry, here are 10 of the biggest sins of a megabank and 10 reasons not to do business with it, according to Truthout’s Nomi Prins. (more)
In case you’re wondering what all of the commotion is about regarding big banks and the “rapacious” financial services industry, here are 10 of the biggest sins of a megabank and 10 reasons not to do business with it, according to Truthout’s Nomi Prins.
Do you have anything to add? Let us know in the comments section below. –Alexander Reed Kelly
Your support matters…Nomi Prins at Truthout:
1. B of A rejects the right of customers to protest. When two Occupy Santa Cruz protesters in California marched into a local Bank of America to close their accounts, the response was, “You cannot be a protester and a customer at the same time,” followed by a threat to call the police if the women didn’t leave. (The attending officer later reiterated the bank manager’s message.) Meanwhile, the fact that Bank of America charges a fee for closing an account prompted Rep. Brad Miller (D-North Carolina), who resides in Bank of America’s headquarters state, to introduce a bill to protect customers from such fees.
2. To recoup ongoing losses from its stupendously dumb acquisitions of Countrywide Financial and Merrill Lynch, B of A pillages its customers. Thus, despite massive public outrage, the $5 debit usage fee for customers with less than a $5,000 balance and no mortgage with the bank will begin in 2012. B of A was the first large bank to confirm it would charge this fee, which is the highest in current discourse among the banks.
On October 18, Consumers Union wrote a letter to B of A chief Brian Moynihan asking him to reconsider this fee, which impacts poorer clients disproportionately. The letter summed it up nicely: “Consumers should not be required to pay a costly fee that appears to be arbitrary and designed to generate income to make up for Bank of America’s bad business decisions rather than covering the costs of providing debit card services.” Banks collect 24 cents from retailers for each customer swipe, much more than the median 8 cents it costs a bank to process the purchase. Senator Dick Durbin’s (D-Illinois) response was to urge customers: “Vote with your feet. Get the heck out of that bank.”
Independent journalism is under threat and overshadowed by heavily funded mainstream media.
You can help level the playing field. Become a member.
Your tax-deductible contribution keeps us digging beneath the headlines to give you thought-provoking, investigative reporting and analysis that unearths what's really happening- without compromise.
Give today to support our courageous, independent journalists.
Africa
The war-torn country faces the destruction of its health infrastructure, widespread displacement and hunger.
Courts & Law
Some say the ruling points to a disconnect between what it takes for survivors of sexual violence to be believed and what the legal system demands.
Books
In 'Knife,' his memoir on narrowly surviving a vicious attack, the acclaimed author interrogates a world where liberal principles have become old-fashioned.
Ear to the Ground
With summer on the way, advocates say access to cool air amidst stifling heat is a constitutional right.
Film
In “I Am Gitmo,” French director Philippe Diaz recreates the torture rooms inside the Guantanamo Bay Detention Center.
Editorial Cartoons
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.