Banks.. Banks and more Banks..

It’s crazy to actually think about the “superior” banks (Chase, Bank of America, Wells Fargo, and etc.) charging its customers each month to use their own money. The crazy part is… These “superior” banks are only charging their middle and lower class customers. I’m not sure, but doesn’t it feel like the government is starting to care less about the middle and lower class of society? Honestly, they probably never cared. In my opinion, the whole situation is ridiculous.

Due to the issue of banks charging its customers fee for using debt cards consumers have begun to react leaving their current banks and moving to small banks or credit unions. Thursday September 29, 2011 to be exact, Bank of American said that “it planned to start charging customers a $5 monthly free when they use their debit cards for any kind of purchases. Wells Fargo and Chase are following in the footsteps of the nations biggest bank (Bank of America) “testing” $3 monthly debit card fees. After all this, banks (mainly Chase) are still exploring a number of other fee increases for online banking. Bank of America’s debt fee is the steepest applying the new debit card fees to anyone who uses the card to make recurring payments like gym fees or cable bills. I believe banks charging its customers will change how people will use their debit cards. It will limit people’s abilities to pay certain bills or fees.

 Next, I believe that it will make it more complicated for those who do everything (shop, bills, and etc.) online due to that fact that many people don't want to get charged an extra $3 or $5. According to the Federal Reserve, it cost banks 4 cents to process each card transaction. Banks made a 1,000 percent profit per transaction. Now they make a 500 percent profit due to the Durbin Amendment; An amendment that is out to fix debt fees which banks charge for transactions. However, 500 percent profit is not enough for banks they want more. President Barack Obama states, "This is exactly why we need somebody whose sole job it is to prevent this kind of stuff from happening. … You can stop it because if you say to the banks, ‘You don’t have some inherent right just to – you know, get a certain amount of profit. If your customers – are being mistreated. That you have to treat them fairly and transparently." Basically, President Obama does not support banks charging it's customers fees, and he believes that banks should be more caring to their customers. 


At least the public has some kind of that "support". Consequently, the affects of this issue can show our society how greedy many banks are. Just like the government, they (Bank of America, Wells Fargo, and etc.) also don’t care about us. So why should we care about them?