October 6, 2011 - Cufflinks Blog

Archive for October 6th, 2011

Big Bad Bank

Thursday, October 6th, 2011

Before the veil of a “good” economy fell off onto an indecipherable puddle of lies and rubble, American’s had some faith left in big banks. After the Great Depression in the 20th century, we looked at implementations by the New Deal with a faint stare of hope, mixed with skepticism at the pseudo-socialist endeavors, but nevertheless, with hope.

Then the economy crashed and the rubble of lies unveiled itself as a grotesque beast threatening the welfare of millions of Americans. Well the whole country, actually. Well…the whole globe, to be frank. But let’s not get overly dramatic here, let’s start with the little things, or big ones: BANKS. Not only were the big bad banks bailed out with American tax payer’s money, but now they’re still crying a river...

The Atlantic Wire reports that “The Wall Street Journal found that 98 banks that had received bailout funds from the Troubled Asset Relief Program are in danger of failing.” Forbes.com reports: “Last week, Bank of America shocked customers when it announced that it would begin charging $5 per month for using their (well, your) debit cards. The fee kicks in beginning 2012 and would apply to debit cards to make purchases but would not apply to ATM withdrawals (those are subject to other fees), online bill payments (also subject to other fees) or mobile phone transfers (may be subject to other fees).

Bank of America isn’t alone. Wells Fargo has made noise about a new $3 per month fee for debit card usage and J.P. Morgan Chase has signaled that they would impose a similar fee.” (ContributorKelly Phillips Erb, Contributor).

So after all of our loyalty, our bail-outs, our sympathetic but silently out-raged stares in the face of these money giants, they are asking for MORE money?? I’m sorry, but something is wrong here–definitely wrong. As a society we have moved away from the paper fixated world (this is apparent in the fad of e-books as well) and as soon as we are dependent upon “technology” for cash, we have to pay extra for it. We are forced to use our “debit” or “credit” cards for everything from making a plane reservation to ordering take-out food online. We have grown so accustomed to using plastic for everything that most Americans don’t even carry paper money around anymore.

So we gotten with the game, so to speak, used our plastics proudly, and now we’re being charged extra for it…they’re telling you “Take out all your cash once a month, to avoid an extra $5 fee.” or simply “Use your credit card and get charged the extra APR and fees that go along with it.” For all of you non-mathematicians out there, the $5 monthly debit fee adds up to $60 per year, just to use your plastic. Not cool man, not cool. (For those of you interested in boycotting said institutions, please refer to previous Occupy Wall Street blog.)

To make a very complicated sob story short, Bank of America and others, have got us by the Ball and Chain:

Ball And Chain Cufflinks

Ball And Chain Cufflinks