To be a dominant player in your industry should come with some responsibility to serve the poor. But one dominant bank is taking advantage of the poor.
Bank of America is considered the second largest bank in the country by many. They are using that dominance to take advantage of the poor and do away with free checking.
On the surface and in every other way it is coming across as an attempt to nickel and dime the poor.
The company is planning to charge a $12 monthly fee unless the e-banking customer keeps a minimum daily balance of $1,500, or a monthly $250 direct deposit.
Personally, I have put myself on a pretty tight budget, so I feel like I understand the issue with the poor. I know how lower and fixed income are outraged at this fee. Thousands of people have begun to protest that such a move is likely to harm low-income customers and those who don’t have a dependable income stream, such as freelancers and artists.
Over 66,000 signatures have been gathered as of Wednesday on Change.org urging Bank of America not to end free checking because it hits the poor the hardest. Here is where you can sign the petition to help the poor.
“Many low-income families do not meet these requirements. There have been times where I’ve only had $10 to my name. That wouldn’t even cover the maintenance fee,” Mel San, the petition’s creator, states. “Bank of America was known to care for both their high income and low-income customers. That is what made Bank of America different.”
Boycotting the Bank of America seems to also be trending.
“I have been with this company since I was 14. I have very low income to sometimes no income. If this does happen I will be leaving the bank,” Sydnie McClure wrote on the petition.
“I am on a fixed income. I don’t even make $1,500 a month,” Roberta Cihla wrote.
This most recent move is part of a more significant trend in banking, specifically, increasing banking fees. According to Money-Rate.com only 25 percent of banks didn’t charge a monthly checking account fee.