Life began to fade from the pleading eyes of his prey as the boa constrictor squeezed his coils even tighter. It was then that he saw a larger rodent approaching that would make a more satisfying meal. He thought to himself, “This is why I need fingers. I could grasp that rodent as well as eat the one I already have.”
Since he had no fingers and was too greedy to let the larger rodent pass, he released his hold on the one he had and started slithering toward the larger one. But then he saw other snakes slithering toward that same prey. Were they as foolish as he? Had they too just released their smaller prey to seize this larger, yet unattained, prize?
In case you’re wondering, the boa constrictor is Bank of America. Get it? BOA? And the other snakes are the remaining big banks that are slithering toward the same decision that BOA made to raise debit card or checking account fees. A few of them have already backed down though, including JP Morgan Chase, US Bancorp, Citigroup, PNC Financial Services Group, and KeyCorp. They have said that they will not be adding such fees. This year.
Meanwhile. Chase and Well Fargo have been testing fees in select states to see if they will institute a corporate rate hike. Additionally, Wells Fargo has quietly done away with free checking without notifying their current customers in writing. I accidentally found out that September 12th marked a change where customers would will be charged $7 a month for primary checking unless they had direct deposit during each billing cycle for $500 or more or if they kept a minimum daily balance of $1500 in their account.
Now, don’t get me wrong. While I’m of the 99%, I’m not against capitalism. But I am against abuse and greed. I think these institutions have a responsibility to inform their customers of account changes. So be aware and beware. Snakes will be snakes. Don’t hate them for what they do. The moral of the story is to read the fine print that’s associated with your accounts. And know that you have options with other banks and credit unions. Knowledge is power and empowered are you.