Now that we in America have socialized banking with Government/Taxpayer money propping up these useless giants, why not pass some savings onto the consumer by reducing fees for non-existent service providing by passive non-existent outsourced personnel.
The biggest B.S. things out of corporate banks since the rise of robotic banking in the past two decades has to do with charging fees for check overdrafts. They have extended this to electronic banking.
Banks in order to outsource more personnel and make bigger bonuses for CEOs have pushed the idea of convenience and telling you to have an automatic withdraw every month for your utility bills, credit card bills etc.
Well, is you don’t have money in your account at the millisecond that the electronic banking withdraw happens, then BINGO, the bank charges you $35 for each overdrawn electronic banking demand on your account.
Well, you know that this can be inconvenient and a downright pain in the ass besides being a lowering in your life savings in favor of the mandated by God CEO million dollar plus bonus.
I may be cynical and sarcastic here. But we have been the victims of all this free market B.S. for the past thirty years and the bottom line in banking is that you have no rights as a consumer to try and amend this kind of highway FEE robbery that does not in any way reflect the real cost of non-human robotic banking.
I had a temp job twenty five years ago in a big bank and I used to write a manual letter on a typewriter and send it to a bank customer to explain why we were deducting $1.25 for an overdrawn check. The letter also said that we were raising our fee to $5.00 for overdrawn checks shortly. Hey nobody is sending me a real live human generated letter for every one of my overdrawn checks or overdrawn electronic transfers.
The people who used to do these obsolete functions of people to people business communication in banking -those jobs are long gone. Outsourced to Asia. Did the computer that replaced those people cost a lot of money? Yes. But that was twenty fives years ago. The real cost of dealing with overdrawn checks and electronic banking transfers must be pennies on the dollar.
Why don’t we propose to Congress and its committees to write some new Human Rights laws for banking now that we the people own a piece of all these big banks?
What I propose is monthly overdraft insurance fee and for two transactions a month gone awry before a bank can charge a large unearned fee for being overdrawn. I propose a $5.95 per month fee and part of what I call a Ditymas Account whereby this monthly fee can cover the real costs for the odd overdraft situation.
Didymas account meaning twin account where the first two overdraft fees can be recorded, not charged, used as an audit trail for banking activities and or other written off charges.
It would nice if Congress would pretend that is knows and likes and cares about the average citizen who has been tortured for decades now by fees from these robotic banking institutions. We cannot bring back all the jobs from Asia. But let’s even the playing field a bit and in favor of the average American Joe.
You could however interject a little bit of humanity and common sense to this brave new world of bloodless banking.