Like they said in the film Pump up the Volume “The truth is a virus … “
Recently Bank of America has come under fire for imposing a levy of new fees on it’s customers. The bank will be imposing a $5.00 a month ATM fee. BofA has received $45 billion in bailout funds and $5 billion from famous investor Warren Buffett. Now they are nickeling and diming us to death.
Bank of America is the largest bank in the nation, and they are setting a dire precedent. Other financial institutions are now following BofA’s lead. CitiBank, Chase, and Wells Fargo also plan to impose new banking fees.
Big names are coming out on the side of the people. Senator Dick Durbin had this to say regarding Bank of America’s new fees “It’s overt, unfair and I hope their customers have the final say.” President Obama has said “people have been using financial regulation as an excuse to charge consumers more.”
Of course BofA is defending it’s position. Their CEO Brian Moynihan defended the new fees stating “We have the right to make a profit.” The bank may be able to impose new fees, however the American consumer has the right to take their business elsewhere.
BofA stands to make an extra $1 billion as a result of these new fees. I encourage all of their account holders to immediately withdraw all of their funds. The American people should not take this abuse lying down.
For more information please visit and RSVP my Facebook event A Run on the Bank