Are you upset about big financial institutions and their failure to show any remorse for the way they've been behaving, after taking us to the brink of financial disaster, getting the country to bail them out, then resuming giant salaries and bonuses, messing up mortgage servicing, ignoring the Servicemembers' Civil Relief Act, while watching the unemployment rate rise?
And now, Bank of America, again perched on a cliff -- with what some analysts say includes $200 billion of bad mortgage loans it may need to write off -- announces a $5 monthly fee for debit cards, blaming the "need" to impose the fee on the financial reform bill (Dodd-Frank), the very same bill whose unimplemented provisions were supposed to come down hard on too-big-to-fail institutions.
If you're out there complaining about the big banks, get with the program. Bring your money home, to local financial institutions. Go LocalMore! First, Localvore, now LocalMore! They're FDIC-insured, too, and they're not too-big-to-fail. Retire your Bank of America debit and credit cards. You've got plenty of other options. Bring CEO Moynihan to his knees, like NetFlix chairman Hastings after 1,000,000 customers quit, who had the good sense to admit: "I slid into arrogance based upon past success."
For more, check out my February 10, 2010 blog posting: "Keep $$ Local." You can find it easily by clicking on "Banking" among the list of topics on the right side of this blog.
"Enough, enough," gasps Virginia, still struggling. Her attention span is very short these days.
Different strokes for different folks
2 weeks ago