Mariachi! Join a credit union by or on Nov. 5th, 2011, and protest banks’ gouging of customers in response to the financial controls imposed by the Durbin-Frank financial reform bill designed to protect consumers from the abuses of the retail financial industry.
Bank of America feels entitled to charge you $5.00 monthly to use your debit card. Citibank will be charging $20.00 to low balance holders. Wells Fargo is to begin testing a $3.00 per month fee. Mariachi, do these actions make you feel appreciated by your bank? You say, ‘No?!’
Then now is the time to boycott your for-profit bank. Do it for yourself. Do it to punish the banks’ hubris. Do it now en masse and flex your muscles.
For these new fees represent banks punishing their customers for having the gall via their elected representatives to have reduced their current 44 cents per debit transaction charge to a new cap of 22 cents set by the Durbin-Frank bill. How dare the people do this say the banks. Don’t they know they are entitled to make a certain amount of profit?!
Indeed, Bank of America’s response is to charge you $5.00 monthly to use you debit card and make up for their lost profits. Bank of America CEO Moynihan justifies this cost not through any increase in operational costs but instead simply invokes his feudal entitlement, “understand we have a right to make a profit,” he says. Ach so say the mariachi!
Monyihan also says, “I have an inherent duty as a CEO of a publicly owned company to get a return for my shareholders.” It seems time to realign these interests. Perhaps the B Corporation model is the answer where capital is mission-aligned for social purposes. Mariachi commandos will discuss this more in another post coming to you soon.