Bank Fees

It wasn’t enough the common people had to bail the banks out of their pending demise.  Now they want the poorest people to pay them more money, by raising fees that will injure the poor and help the rich.

What are you talking about?

I just read an article that stated Chase bank wants to charge you for having a checking account unless you deposit $500.00 ( or meet certain other requirements).  These other requirements were not mentioned.  Now I know most of you who live in high cost of living states probably make enough to cover the $500.00.  However most people do not, and being able to have $500.00 to put in a checking account is a luxury.  In fact these people probably don’t leave their money in a checking account long enough to justify paying anything.  Yes I know the bank doesn’t make money when it goes in and back out.  But the bank does make money on SAVINGS accounts, loans, etc.  Most people will get their auto or home loan from the bank they have a checking or savings account. If all of these people pull their checking accounts and go somewhere else without all of these fees, where does that leave Chase.

I recall a time when people knew their local banker.  I remember looking for a new truck.  The local banker told me to get 20% off the sticker price write a check, let him know how much and it would be in my checking account.  Imagine doing that with banks today.  I also recall when that same bank was sold to a larger bank.  I noticed I was paying more to them to maintain my savings account than I was earning interest.  When I mentioned this to a lawyer friend of mine, he checked and found the same thing.  Word spread, soon there was a big rush to move saving accounts to a smaller bank.  Was it any wonder the checking accounts soon moved too.  Along new loans etc.  But alas, the big banks bought all the small banks, and the rest is history.  They control the economy.  The closest thing we have now to a small local bank is Credit Unions.

If worse come to worse I guess we could just put all our money in PayPal, and pay our bills that way.  What is the answer.  The people will have to make that choice and stand behind their choice.  (FOR A CHANGE).  People I get tired of being pushed around by the Haves.

That Is How I See It.

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