NPI's Cascadia Advocate

Offering commentary and analysis from Washington, Oregon, and Idaho, The Cascadia Advocate is the Northwest Progressive Institute's unconventional 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.

 

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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