Will You Pay $5 Fee for Debit Cards?! Do Corporate Banks Serve You?!

Via on Sep 30, 2011

It’s been Strange Days.

“Not since 2001, when a bankrupt Enron clocked in at No. 7 on the Fortune 500, has our list generated so many anomalies…[In 2010,] Aggregate Fortune 500 profits soared by 81% amid a stagnant U.S. job market.  The profits derived partly from productivity gains, including workforce reductions…We’ve rarely seen such a stark gulf between the fortunes of the 500 and those of ordinary Americans.” -Fortune Magazine Editors (May 2011)

The 12 most profitable sectors of the economy in the Fortune 500 listing.

Some claim regulation victimizes corporations

Bank of America, the largest of the banks in terms of revenue, posted negative profits in 2010 despite the fact that commercial banking dwarfed all other industries in terms of profit.

“Two Democrats pushed through the much-vaunted Wall Street Reform and Consumer Protection Act, which President Obama signed and touted as one of the signature accomplishments of his presidency…That little bomb is now why battered Bank of America has no choice but to impose a $5 monthly fee — $60 a year — to consumers to make up for lost revenue…Other banks, by the way, might follow. And like banks, consumers may respond in a way that is logical to their interests, too.” -investors.com

 

Russell Simmons joins Occupy Wall Street protest, flash mob meditation

Simmons is the co-founder of Def Jam and a pioneering Hip-Hop entrepreneur.

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Russel Simmons: “The lobbyists and the corporations run this country.  It’s a money grab right now.  They’re taking all the money from the underserved, from the people who need it most and the Dow Jones is fine.  The rich are getting richer and the poor are getting poorer and the solution is to get the country out of the hands of corporations”.

What do you think?!

 

About Ari Setsudo Pliskin

Ari Setsudo Pliskin is Zen Yogi who works to actualize the interconnectedness of life online and on the streets. While once addicted to school, Ari has balanced his geekiness with spiritual practice and time spent on society’s margins. As a staff member of the Zen Peacemakers, Ari assisted Zen Master Bernie Glassman in his teaching around the world. Ari studies Zen at the Green River Zen Center in Greenfield, MA and is an Iyengar-style yoga teacher. Ari loves comic books as well. Ari currently serves as the Executive Director of the Stone Soup Café . Connect with Ari on Facebook or Twitter: @AriPliskin.

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3 Responses to “Will You Pay $5 Fee for Debit Cards?! Do Corporate Banks Serve You?!”

  1. elephantjournal says:

    Bank of America: “A new $5 fee to replace debit cards took effect in September; a rush overnight order costs $20. Previously, both services were free.”

    Chase: “In February, Chase introduced a new basic checking account with a $12 monthly fee, up from the previous $6. The fee is waived for customers who make direct deposits that total $500 a month or maintain a minimum balance of $1,500.”

    Citibank: “Starting in December, Citi said it will raise the fee on its basic checking account to $10 a month, up from $8. Customers will have to maintain a balance of at least $1,500 or sign up for direct deposit and online bill pay to avoid the fee.”

    Wells Fargo: “The bank also plans to test a $3 monthly debit card fee starting Oct. 14. The fee will be applied to checking accounts opened in Georgia, Nevada, New Mexico, Oregon and Washington. The fee would be in addition to the fees ranging from $5 to $30 that Wells Fargo already charges.”

  2. Ari Setsudo Pliskin Ari Pliskin says:

    For my part, I switched my checking account to local co-op, but I still carry a Bank of America credit card. I'd like to stop using it, but I'm a fairly responsible credit card user and it comes in handy now and then.

  3. [...] For those of you who claim boycotts don’t work: Bank of America drops $5 debit fee. [...]

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