The Stupidity of Banking Fees
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Filed Under: Economy, Featured, Featured Local, Federal Budget, Fiscal Policy, Government Spending, History
About ten years ago, my savings account basically stopped paying interest. The rate of about two percent fell to something like one-tenth of one percent in 2002. Over the last ten years, people just seemed to forget the way things used to work – banks are supposed to pay you for placing your money into a bank account.
Well, as you may have known, Bank of America has raised an uproar by announcing their intent to charge a $5.00 per month fee for their customers who use debit cards to make purchases. Other banks are expected to follow suit. This uproar has taken the tone of anti-corporate class warfare: the “Bigs†vs. the Common Man; Banks vs. The People – whatever. The furor is missing …
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