Forum Post: Bank of America and Wells Fargo
Posted 13 years ago on Nov. 1, 2011, 9:24 p.m. EST by MAC
(0)
This content is user submitted and not an official statement
Good Bank of America budged to the protest, but what about other banks, Wells Fargo. They are sneaking fees on the accounts they took over from Wachovia. These banks have hired mercenaries and they do not care what havoc hey are creating and its impact on the overall world economy. Good they are pushing people away from banks but will ultimately result in the bank laying off people and going down.
They did NOT budge to this protest. The CUSTOMERS of Bank of America made them change their decision. Wouldn't you if your customers were closing out their accounts? You are giving yourselves credit where credit is not due. Sorry to burst your bubble.
BTW they may have removed the fee but trust me ALL banks have hidden charges just like cell phones do. Check out your phone bill sometime. We are all paying for "the poor to have cell phones"......It's the law
power to the peaceful!
Wells Fargo Illegally Pushed Borrowers Into Subprime Mortgages, Falsified Loan Documents, Fed Says
http://www.huffingtonpost.com/2011/07/20/wells-fargo-subprime-fraud_n_905198.html
Warren Buffett's Wells Fargo Busted For Lying To People, Wristslapped With $85 Million Fine By The Emperor Of Moral Hazard Himself
http://www.zerohedge.com/article/warren-buffetts-wells-fargo-busted-lying-people-wristslapped-85-million-fine-emperor-moral-h
How a big US bank laundered billions from Mexico's murderous drug gangs
http://www.guardian.co.uk/world/2011/apr/03/us-bank-mexico-drug-gangs
How A Major U.S. Bank Laundered Billions In Mexican Drug Money
http://articles.businessinsider.com/2011-04-04/politics/29988642_1_wachovia-anti-money-bank-secrecy-act#ixzz1d8NgaVc3
Banking is a service. It isn't free. Government cut off part of how they made money from providing debit cards; that's why they introduced fees as an alternative way to get paid.
The system OWSers hate has provided countless banking alternatives. It's also provided the innovation to invent things like debit cards in the first place. If you don't like the marvelous convenience of debit cards and national banks or don't like the pricing, choose something else. Seriously, it isn't that hard.
i never understood how debit cards were innovative?
it offers all of the costs and none of the benefits of a credit card.. only american lemmings use it without abandon
I use a debit card because it offers me access to online purchasing without the hassle of PayPal, has all of the advantages of a credit card, but there's no way to wind up in debt from them. I do not want to hold any lines of credit I don't absolutely need simply for personal peace of mind. I'll probably wind up having to get a credit card at some point if I want to establish a credit rating (for a mortgage; I'll definitely save up for a $100K-$200K down payment but I'll still need a mortgage to get a decent house in a good area) but I would only be using it for trinkets and paying it off at the end of the month.
the problem with it is that it offers you none of the consumer protections that usually come standard with a credit card (ie: extended warrantees, buyer protections (ie get your money back EASILY if you want a refund or a charge back).. with debit cards you dont get any of these protections. 0 think of it from a bank perspective, if you were scammed it is up to yoou to prove your case before they will put the money back in your bank account.
the only thing is it offers you discipline in not overspending (but this is essentially something you can control, you can reap the benefits from a credit card rather than subsidize the bank for the debit card)
I don't use one, but I think some people like them as a discipline to not incur debt. But they are pretty damn cool. Swipe and sign and with almost flawless execution, the system finds and hits your account from about anywhere and instantly. It's so good, that a lot of people don't even bother to cross check their receipts. OWSers like it, but just think it should be free because banks are bad.
The convenience is there with a credit card as well.
Since the convenience are the same, the costs are about the same (atleast they use to be), but with a debit card, you have NONE of teh consumer benefits as with a credit card.
If OWS really wanted to screw banks, they would all get credit card, use it to the max, pay off their CC bill monthly while reaping all of the rewards and benefits. That would REALLY screw banks.. rather than use debit cards, which are a huge profit center (even before the 5$/month fee)
Screwing banks does seem to be their objective. It's childish, but that's about right. But even you suggestion wouldn't work over time. Banks would change their pricing models to continue to get paid for the services they provide. If credit behavior really changed, the banks would shrink.
Of course, shrinking banks irritates the child-like OWSers too. Banks that shrink have lay offs. But OWSers think business shouldn't be allowed to have layoffs. They hate banks, want services without paying for them, but then get mad when banks shrink. Well, nobody ever said the protestors were rational.
So wrong....
Nov 5th, close your bank accounts....
Remember remember...