NPI's Cascadia Advocate

Offering commentary and analysis from Washington, Oregon, and Idaho, The Cascadia Advocate is the Northwest Progressive Institute's uplifting perspective on world, national, and local politics.

Thursday, October 27th, 2011

Meet the hypocrites: Bank of America

You may recall that a cou­ple of weeks ago Bank of Amer­i­ca Bank of Greed insti­tut­ed a $5 month­ly penal­ty for cus­tomers who use a deb­it card that is tied to their check­ing account. All the while, mod­ern-day Scrooge,  CEO Bri­an Moyni­han was whin­ing that the bank “has a right to make a prof­it” and  cit­ed a need to insti­tute the fees to make up for lost rev­enue which came as a result of con­sumer pro­tec­tion mea­sures passed by Congress.

Well, the earn­ing reports for the third quar­ter are in and Bank of Greed raked in a cool $6.2 bil­lion. So much for that rob­ber baron Moyni­han need­ing to imple­ment his $5 duty on bank­ing ser­vices in order to keep his cash cow/golden para­chute dis­penser afloat.

It’s time to break out the tiny vio­lin and play a sad song for Mr. Moyni­han.  It must real­ly be a strug­gle to earn $1.9 mil­lion a year, lead a com­pa­ny to bil­lions in prof­it, and have to hear from cus­tomers who could real­ly use the extra $5 month­ly for their fam­i­lies. How dare Con­gress pass laws pro­tect­ing con­sumers from banks!

Mr. Moyni­han and Bank of Greed have made their prof­its (and we still get a lousy inter­est rate on our sav­ings accounts). Con­sumers should now stand togeth­er and make a state­ment. As we’ve said here many times before, strong­ly con­sid­er remov­ing your mon­ey from the big cor­po­rate banks and invest in your com­mu­ni­ty owned cred­it unions.   While banks are sub­servient to share­hold­ers and the Almighty Dol­lar, cred­it unions are local­ly owned and oper­at­ed and won’t nick­el and dime you into poverty.


Adjacent posts

  • Enjoyed what you just read? Make a donation

    Thank you for read­ing The Cas­ca­dia Advo­cate, the North­west Pro­gres­sive Insti­tute’s jour­nal of world, nation­al, and local politics.

    Found­ed in March of 2004, The Cas­ca­dia Advo­cate has been help­ing peo­ple through­out the Pacif­ic North­west and beyond make sense of cur­rent events with rig­or­ous analy­sis and thought-pro­vok­ing com­men­tary for more than fif­teen years. The Cas­ca­dia Advo­cate is fund­ed by read­ers like you and trust­ed spon­sors. We don’t run ads or pub­lish con­tent in exchange for money.

    Help us keep The Cas­ca­dia Advo­cate edi­to­ri­al­ly inde­pen­dent and freely avail­able to all by becom­ing a mem­ber of the North­west Pro­gres­sive Insti­tute today. Or make a dona­tion to sus­tain our essen­tial research and advo­ca­cy journalism.

    Your con­tri­bu­tion will allow us to con­tin­ue bring­ing you fea­tures like Last Week In Con­gress, live cov­er­age of events like Net­roots Nation or the Demo­c­ra­t­ic Nation­al Con­ven­tion, and reviews of books and doc­u­men­tary films.

    Become an NPI mem­ber Make a one-time donation

One Comment

  1. We closed our BofA account at one of the Belle­vue branch­es last week­end. I was all set with my pre­pared response as to why we were clos­ing our account, but to my dis­ap­point­ment, they did­n’t even ask. I guess we’re not the first peo­ple they’ve had come in to close their account recently.

    # by Greg :: October 27th, 2011 at 5:44 PM
  • NPI’s essential research and advocacy is sponsored by: