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.