After observing Bank of America’s debit-card fee fiasco, I started to study the mounting financial abuses of new fees, increased interest, limits on credit cards (at a time when they are getting money from the Feds at almost zero interest) and bank policy changes structured to gouge consumers.
It is obvious that the goal of the big banks is to increase the bottom line by any means possible to what the market will bear. the new federal banking laws helped protect consumers to some extent. It would have been a better law had our politicians not been influenced by the banking lobby.
I decided to move my banking to a local credit union in Newbury Park, which just opened a few days ago. I find that the interest rates are better, service is superior, and you really are a “valued customer.” As a member/customer of a credit union one is also an owner. Although the big banks received trillions of tax dollars to help the economy, they continue sitting on the funds rather than investing in our economy.
The credit unions and local community banks invest the money locally very quickly. That money goes to work to help local economies. yes, it took a little effort to move my banking, but it was well worth it as the level of satisfaction to keep the money on Main Street and not to continue sending money to Wall Street is priceless.
This current economic depression should motivate everyone to start voting with their feet and make the move that is both good for you and your community. Don’t continue giving away your hard-earned money to Wall Street bankers!
Michael L. Penilla,
Newbury Park
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