Elizabeth Barrette (ysabetwordsmith) wrote,
Elizabeth Barrette
ysabetwordsmith

  • Mood:

In Which Bankers Act Like Greedy Morons Again

I found this article about an obnoxious new habit that some banks have: they're stealing money from unemployment benefits. I say "stealing" because the banks cut deals with state agencies; instead of getting paper checks, recipients now have to choose between direct deposit or prepaid cards. The banks are tacking on fees for all kinds of stuff -- including complaints.

Jobless Hit With Bank Fees on Benefits
The Associated Press: "First, Arthur Santa-Maria called Bank of America to ask how to check the balance of his new unemployment benefits debit card. The bank charged him 50 cents. He chose not to complain. That would have cost another 50 cents."


This is greedy, because the banks are taking money from people who have very little and whose choices in the deal are very limited. And it's moronic, because if you've set up a way to channel lots of people into using your services, the last thing you should be doing is making them hate you. You should be making them think of you as a good business partner. This is all about grabbing as much cash as possible as fast as possible, regardless of the harm done -- which is the kind of thinking that's behind the market collapse in the first place.

Solutions: 1) Complain to the bank in person. That way, you have an audience of other bank customers. If they get enough complaints, sometimes businesses backtrack and stop being so obnoxious. 2) Complain to all of your elected officials. Demand that they provide unemployment benefits in a way that does not include putting some bank's hand directly into the recipient's pocket.
Tags: activism, economics
Subscribe

  • Notes for "A Crazy and Drunk Life"

    These are the notes for " A Crazy and Drunk Life." "In the middle of a crazy and drunk life, you have to hang onto the good and…

  • Poem: "A Crazy and Drunk Life"

    This poem is spillover from the December 1, 2020 Poetry Fishbowl. It was inspired by prompts from chanter1944 and Anonymous. It also fills the…

  • Poem: "Quicker Than You Can Lower Them"

    This poem is spillover from the December 1, 2020 Poetry Fishbowl. It was inspired by prompts from chanter1944 and Anonymous. It also fills the…

  • Post a new comment

    Error

    default userpic

    Your IP address will be recorded 

    When you submit the form an invisible reCAPTCHA check will be performed.
    You must follow the Privacy Policy and Google Terms of use.
  • 7 comments