Bank of America's CEO says that it has a "right to make a profit" in defense of that bank's decision to start charging the must-discussed and vilified $5.00 debit card fee.
Ok, then. Don't get me started on the fact that Bank of America was given free money by taxpayers in order to save that $hitty company from its horrible investments in the subprime mortgage market. Yes, I know that BOA repaid the TARP funds in full, but if not for the taxpayers of the United States of America, BOA would not still exist. So, as a thank you for rescuing BOA from the grave and for insisting that the banking industry, you know, didn't continue to engage in predatory and reckless practices, they've decided to make you pay if you use your debit card as anything more than an ATM card. And, please note, that as I understand it, you will NOT be charged the fee if you keep a minimum balance of something like $20,000.00. Because BOA doesn't want to piss off the rich! How silly would that be?!? No, its you poor saps (like yours truly) that BOA wants to hit with the fee. Read that again: Bank of America is targeting the not-wealthy people -- the poor people -- with the fee that is designed to make it a profit.
So, yeah, I guess that they have that right. This is a capitalist country, after all.
And, in that vein, we as consumers have a right to not leave our money with Bank of America.
Everyone! If you bank with a huge multinational banking conglomerate -- Move Your Money! There are dozens of banks in your area (whether it be Hillcrest or Little Rock or Arkansas, or another state) that will gladly let you house your money there and not charge you for checking or the use of a debit card for purchases. Be a capitalist! Or pretend to be one! Use the better and cheaper product!
This is your public service announcement for today. I hope you consider it.