By Mark Quann
Bank of America Increasing Fees!
First of all, it is pretty disgusting to me that I posted just yesterday about an executive at Wells Fargo making $200 million dollars (a stock price increase) as Wells Fargo committed massive personal fraud opening millions of bank accounts and credit cards, without the authorization of their customers. And yet again, no bankers will be fired or going to jail.
I think Bank of America is going to the Wells Fargo school of fleecing their customers but has found out how to do it–without breaking the law.
How? Simply change a few words in a disclosure.
If you look at the Bank of America’s August “Personal Schedule of Fees” for checking accounts, you will see the following:
Maintain an average daily balance of $1,500 or more in your account (to avoid the monthly maintenance fee.)
But just down the page you will see another disclosure:
|Effective for statement cycles that start on or after October 8, 2016, maintain a minimum daily balance of $1,500 or more in your account to avoid the monthly maintenance fee.|
How will this effect you as a customer of Bank of America?
Well, before your bank account balance could fall below the minimum for a day or two but as long as the “average daily balance” was over the minimum, you can avoid the fee. But as of October 8th, millions of customers will be changed a fee if their account even dips below the minimum, even just for one day.
Just imagine the stock price increase as Bank of America charges millions of extra fees each month to the unsuspecting customers that did not read through small print. No, it is not illegal. It is just deceptive.
But that does not matter to Bank of America executives as what you need to remember is that it is not about the fees. It is about the stock price rising while charging the extra fees and how many shares each executive of Bank of America owns. Many of those executives will earn millions, or hundreds of millions with a stock price increase.
Lets not forget that many of these same customers that will pay those fees are already struggling due to the crash in the economy–caused by the previous massive banking fraud in the last decade. And yes, many of those customers are already thousands of dollars in high interest credit card debt to one or more of the mega-banks.
I think we all need to decide together that we don’t want to support any of the big four mega-banks, and celebrate another “Bank Transfer Day,” when millions of customers of big banking left to support not-for-profit credit unions.
If you would like to support this message, please post this on your Facebook page, and send it to anyone that is a customer of Wells.
Thanks for your support in educating American families, causing financial education to rise, and bank profit to fall.