It is amazing that with all the bad press that banks have been getting that some still have the nerve to abuse the consumer. And the banks that are bleeding the people dry are the big mega-banks; some of which were the cause of the mortgage debacle.
Wells Fargo an huge national bank and a major mortgage lender (at one time) now wants to charge "a monthly $7 fee" on your checking account; well unless you have a "a minimum balance of $1,500 or direct deposit of at least $500 won’t have to pay. The fee will be lowered to $5 for customers who opt to go paperless.
Great options for those who at this time may have a job and some discretionary money available. But what about the many of families living paycheck to paycheck. The money goes out of the account as quickly as it comes in. Guess a mega-bank like Wells Fargo or BofA or Citibank doesn't want the blue collar (and some white collar) accounts anymore. So be it since it was some of their fault for destroying the middle class.
The way to remedy this callus action is to bank locally. This was something that we all did about 20 years ago. We all had our neighborhood banks or S&L's that we went to because they were true "community bankers" before the term got abused. You could go into the neighborhood bank and actually be recognized by the tellers, manager and bank president.
It is time to forge those relationships again. Local banks, S&L's and now Credit Unions serve a purpose locally. They are our neighbors and friends. They lend back into the community and to small locally businesses. The higher ups are usually visible members of the community; not stealth leaders.
If we don't support the local financial institutions; and of course in return they are to take care of the consumer the right way; then we will loose them. The mega-banks with all their money that should have been used to loan, will only use that money to buy up the smaller banks,making their higher ups all the more richer, and then screw the consumer again.
Let's not be a community of people who only remember when there were local banks. Let's make sure they are thriving institutions who are a benefit to the local community. That's right - let them know that if you the consumer are willing to scratch their back, they (local banks) have to do in return.
Get out there and revolt against the big greedy banker and make the legend of George Baily of "It's a Wonderful Life" live on. We don't need anymore Mr. Potter's.
