No doubt about it, the public has "bank rage." Fees, bailouts and the mortgage mess. It's only fair to qualify that the word bank doesn't mean every bank. For those of us that think banking is an honorable profession and proud to call ourselves bankers we cringe at the repeated message that all banks are greedy and evil. Most bankers, especially community bankers, want to defend and scream "not all banks are like the banks that make the news." But all banks are taking the heat.
Charging a monthly fee to have and use a debit card isn't going to fly. Bank of America, et al, picked the wrong sermon to preach at the wrong time to the wrong congregation! Hardworking Americans don't want unfair fees charged by banks, especially those that can't stay out of the headlines! It reminds me of the GM executives flying their private jets to Washington, DC to defend why they needed to be bailed out.
Community banks don't want to be lumped into the pile of banks that have fueled "bank rage."
Encourage your neighbors, family and friends to go find a community bank and do business where greed doesn’t rule, where your opinion matters. If you are a community banker this is your moment to shine and to educate the customer about how the business works. Bankers take in deposits - which cost plenty to service in order to make loans and investments in an effort to make money, stay in business and justify risk.
The spread between the deposits and the loans is slim. The cost of business has never been higher and everyone looking for a good return on an investment can't find one. Fees have become the banks way to pay for costs and make money but expecting the consumer to stand by in silence when they think they've been misused is ignorance. B of A should have worked harder for a different solution. The toughest job right now in any bank has to be working in the call center talking to customers about fees.
Bank with the financial institution of your choosing, demand they explain how doing business with them works. And, when you hear the term "banks" from the media and Washington please remember it isn't all banks. Let the guilty face the consequences.
Being in the news in this great country can mean you’re famous or you truly screwed up. One more time B of A has created a media firestorm and one more time the consequences are painful. The consumer knows how to get Netflix or Bank of America's attention; take your business elsewhere. Netflix owned the mistake and the majority granted them forgiveness. What should Bank of America do? So far silence is not golden.
Still learning,
Honey
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