The roadmap to repair the foundation of the traditional banking system while introducing a Future Bank 2.0 to foster a healthy consumer, community, and banking system must be championed by the financial services consumer. The current state of the consumer is riddled with many challenges including debt, the economy, job market, and falling home prices, and uncertainty in society. An additional challenge for the consumer has been the banks acting in their foreclosure methods and the reduction in outstanding lines of credit and increase in rates and fees without any notifications to existing bank customers including customers with excellent payment history and a good credit score. In the broad stroke of banks raising credit card fees and rates, Ann Minch of California was a recipient to a rate increase in January 2010 from 12.99% to 25.49% on a Bank of America (B of A) credit card. Ann Minch worked through the proper channels of customer service at Bank of America to resolve the issue … [Read more...]