I went to my bank Tuesday to speak with the bank manager. While there I asked about a charge that had recently appeared on my statements. It was a $4 charge for imaging my cancelled checks, and including an image of those cancelled checks in my statement. Remember the day, or decades, when our cancelled checks were saved and returned to us, free of charge? Now there's a charge for the imaging of those checks.
She informed me that another charge, this one for $9.95 a month. (Why not an even $10.00? We know why, don't we?) This charge will be levied if your checking account balance falls below $500, even once, for the month. It's a penalty for not having money, at least, not in the accounts of this particular bank.
This particular bank is something new. Without moving my money, I've had that money in three different banks now. The first was a community savings bank. The second was a state bank, contained entirely within Connecticut. This bank is regional, based in Buffalo, New York. That New York bank bought up the bank I once liked, and changed things for the worse. Worse, that is, for the customer and consumer. The bank pays good dividends, and a salary increase for top executives was given the OK. Who is paying for this new-found wealth for the owners and executives?
It's the banks customers who subsidize the wealth of those in the position to reward themselves with our money. Now it's clear that the executive elite is seeking to further enrich themselves at the targeted expense of those who don't have much money. This is the class warfare I identified in the title to this article. Those fees are not paying for better services for we customers; our services are declining all the time, and we are paying more for those fewer services. These newest fees are meant to support increased earnings for those in the position of giving themselves increased income. And with these new fees, the increased income is generated by penalizing those who are not wealthy. This is the definition of class warfare.
I'm closing my account with this latest incarnation of a bank I once liked. I'm closing it next week. I won't volunteer to be plundered by a predatory bank.