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Massachusetts Liberal

Observations on politics, the media and life in Massachusetts and beyond from the left side of the road.

Friday, September 30, 2011

Bank on it

What's next -- a breathing fee?

Our poor suffering banks, bailed out by the federal government after losing billions in high-risk mortgages, are sticking it their customers again by charging for the services they put in to make sure common folks never darken their doors.

The latest is a monthly fee if you use your debit card to make a purchase. Or to put it another way, when you access the cash you leave with them (virtually interest free) to transact business. It's appropriate that it's being called a swipe fee, because that's what the banks are doing with your and my money.

The Times reports banks are also charging fees for both paper statements and online banking. No doubt they are looking at the airline model to charge you for walking into a bank to use a teller -- or an ATM.

JPMorganChase chief executive Jamie Dimond pretends to offer the common touch:
“If you’re a restaurant and you can’t charge for the soda, you’re going to charge more for the burger.”
A more apt analogy for Dimond would be "If you're a restaurant and can't charge for the champagne, you're going to charge for the filet mignon."

What no one in Washington seems to get, including, alas, Barack Obama, is that part of what is fueling America's rage is that the folks responsible for the economic collapse have to date walked away scot-free. Bank of America executives have not paid for the misdeeds of its "leadership." It's customers have and will continue to pay, 5 bucks a month at a time.

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Anonymous Anonymous said...

The common man's revenge - join a credit union. Amazing customer service and a chance to stick to the big guys.

September 30, 2011 9:11 AM  

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