Bank of America has recently faced a backlash over the elimination of a basic checking account that required no monthly fee or minimum balance. The eBanking account, introduced in 2010, allowed customers to waive the monthly fee if they only used digital banking services.
Many times, joining a credit union only requires that you reside in a certain city or town. I got my money out of the greedy criminal BofA years ago. They are slime buckets and only care about the super super materially-wealthy.
Before 2017, people usually said that most of the people who own and spend bitcoin live in parts of the world where a large part of the population does not have access to banks. They are referred to as the unbanked people of the world. I wonder if this phenomenon is spreading to the United States, encouraging more bitcoin investment among the poor in order to have a cheaper place to store money. The drop in the value of the dollar also encourages Americans to put their cash in a place where it won’t lose as much value.
Jeebus H, another CD article decrying the profit motive.
News flash: Corporations care about making money.
If we want to serve the unbanked, we need to create an unbank that doesn’t put profits over people. Or, if this ‘backlash’ against BoA can gain steam, perhaps they can be pressured into resuming their former program, which, frankly, I don’t support. Why the hell would I do anything to support a TBTF bank?
So if you receive $250.00 direct deposited or above you do not have to pay a fee as the article states. How about an example like a direct deposit being taken out the first day from a VA disability account?
On my own, poor and desperate to get my car working again so I wouldn’t lose my job, I was dumb enough to borrow 300 dollars from one of those vampire loan companies. I figured I could pay it back quickly, but misread the fine print. They started taking money out my Bank of America account so fast that I could not keep up. I payed almost triple of the original amount borrowed, but late fees and interest were such I my balance was actually greater then when I started.
In despair I went to the bank to tell them not to allow the vampires to automatically take my money direct from my checking account. They refused…told me that I had no choice but to submit to the vampires. So I had them close my account, but they told me even if I closed the account they would still honor the vampires deductions and my debt account would deducted.
I told them to go to hell and they could pay the Vampires all they wanted but It would be over my dead body tat they would ever see another penny from me. After the manager closed out my account, while I was leaving…one of the sympathetic staff told me to go open another account somewhere immediately because once word was out of what I had done, no bank would be willing to deal with me. So that is what I did…
This was almost ten years ago…and not my best moment. In fact is was soon after that I simply gave up trying to compete in this society and play their stupid wage slave game.
What would predatory capitalism do without the, “…fine print”? LOL!!!
So BoA doesn’t need poor people? Just as a hypothetical, what if every customer of theirs whose account might go below $1500 decided to close their account because of this move?
What would BoA’s response be to that?