"We can protest all we want by changing our accounts to smaller banks or credit unions, but the big banks will continue along their merry way until the government reins them in. They don't make much money from America, so while the bankers may pay lip service to the concerns of ordinary Americans, they have no reason to care. The solution is simple: Force the banks to go back to traditional banking. If that means turning them into non-profits, so be it. But there is no way to justify allowing them to continue to bilk average American customers, not to mention risking driving the global economy off the cliff again."..Hoyt Hilsman The imperative of change must occur in the financial system model for restoration of financial health and momentum to economy to happen again in America. The balance of personal responsibility of consumers and fiduciary responsibility of banks is essential to insure a median between financial interdependency and financial abandonment. In … [Read more...]
The debit card $5 fee debacle is a future insight on effectiveness of financial reform as consumer burdens cost of bad policy and bad bankers.
As a former executive in banking, a $5 fee increase was a frequent and minus any potential threat of consumer backlash, but times are different for the consumers and the country. The consumers did not riot, protest, or actively pursue mass reallocations of business to smaller banks or credit union when bankers and Wall Street did take the country to the edge of the economic abyss, became recipients of bailout funds for behaving badly, or foreclosure procedures that were unethical to witness people losing their homes even innocent consumers along with the delinquent homeowners. However, the $5 debit card fee debacle has broke loose a storm of consumer discontent with with the business(Wall Street and banks) and political leadership of our country. The LA Times reports group that reported consumers of young and old are protesting the banking industry the focal point of this process is Bank of America Bank of America(B of A). As the bank was following the lead of the Wells Fargo and JP … [Read more...]