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Big Banks vs. The Little Guy

August 25, 2011
Marshall Independent

To the editor:

We were warned some time ago that with the approval and blessing of the Obama Administration and the Democrats, i.e., the Banking SubCommittee (haven't you had enough of these committees in your lives?), the Big Banks would be imposing hefty increases and additional fees on the American banking customer. That time has now begun.

As a customer of Wells Fargo, I was, along with many others, greeted with a thank you message from Wells Fargo for bailing them out with the taxpayers' money, once again through the auspices of the Messiah's "Yale miseducated Bankers" Administration. For the privilege of being a customers of "your friendly local banker," I am informed that the Free Checking account will be changed to Personal Checking. That was a warning shot over the bow, and you knew something undesirable was to follow. And indeed it did.

The benefit of the name change has led to this declaration: "A $7 monthly service fee will apply, which can be waived with one of the following options: -Maintain a $1,500 minimum daily balance" and "-The total amount of qualifying direct deposits each statement cycle into this account must be $500 or more."

This reminds me of what not to do when winning over new customers and keeping new customers. Let's see! The bigger you are, and the worse job you do, the stronger qualification you will have to be the recipient of this Administration's "bankrobbing" gift-bearing deeds. Wonderful, wonderful, wonderful! The little guy gets it again!

If this next one is true, it will confirm the "Unethical Practices and Consumer Unfriendly Practices Seal of Approval" which should be conferred on the Big Banks. I remember reading of the possibility of a $5 Debit Card transaction fee making its appearance very soon. And Social Security recipients will not be able to receive their checks by mail, but will have to deposit them in their debit card accounts (transaction fee?), or at best by direct deposit.

I liked the banks back in the '50s and '60s when you could withdraw any amount from your account without the federal government looking over your shoulder and treating you like a criminal. If there is any "unusual banking pattern" associated with your account, or you want to withdraw $10,000 or more? The bank is required by those On High to report it to the Federal Government.

To make this even more disgusting, Wells Fargo, in all its omnipotence, assures me that my account is insured by the FDIC. Now that gains my confidence! The FDIC only has enough funds to cover a very low single digit percentage of the customers' deposits, and I mean VERY low percentage.

The big banking industry (government controlled don't you know) is not exactly in the best of shape either, and not customer friendly either. Look at all the banking regulations against you. Privacy rights be damned as well! And there will be more of these anti-customer policies if this administration continues on its destructive path.

Is there any sound bank in Marshall who would like another customer? I just may make a trip to Wells Fargo Customer Service to express my unhappiness, and probably even close my account.

And by the way, this is a result of the top-level decision makers of Washington D.C. and the big bankers. Not the locals. For that matter, and to their credit, many bankers are not happy with these policy decision makers. And, at least the people at Wells Fargo in Marshall fulfill the "local requirement."

But that does not eliminate the unhappiness.

Roger Birner




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