Down here at the pawn shop

[tw]

Originally Posted by Lamplighter

If half the people had their account with Bank of America (or it's ilk), there would be less, not more, and certainly not the same amount left, after all the monthly service fees and cashier charges were deducted.

When a bank hates innovation, then costs increase. So a business school graduate invents charges and service fees to cover those costs ... that do not exist when a bank innovates.

Classic example. A teller transaction costs about $1.25. An ATM transaction costs $0.50. A bank that was patriotic (innovative) would have installed ATMs. But American banks refused to do so until ten years after they were throughout Europe. So their costs were higher.

Later, banks charged an ATM fee rather than a teller fee. If a teller service is free, then why not an ATM? A responsible banker would have charged for the expensive teller. Encourage customers to use a less expensive ATM. But his purpose is profits; not better services.

The poor are denied proper banking services because bankers are classic MBAs. Believe their purpose is only to maximize profits - like a mafia family. When WalMart tried to cut into their racket, the banks united together in fear. Because WalMart has a long history of harming corrupt competition by providing the customer with better services.

Poor Americans are stuck with the most expensive banking services because many banks (ie Bank of America) are about harming American to maximize their profits. BoA has numerous banking fee, in part, because BoA management should be paid like a utility company employee. But MBAs claim they actually do something productive - just like a mafia family.

Easy to identify companies that are or will be corrupt. They fear innovation. When did Bank of America implement smart cards that are routine in Europe? But profits are significantly higher on credit cards. Implement the more expensive and more profitable credit and debit cards. Don't innovate. Because, on a spread sheet, innovation appears only as an expense.

In America, 12% of all adults and 25% of poor Americans have no formal banking services. Must rely on pay-day loans, money orders, and pawn shops. In Britain, those numbers are 4% and 4%. In Canada, those numbers are 5% and 8%. In Estonia, the numbers are 4% and 6%. In Sweden, 1% and 1%.

Bank of America and other 'too big to fail' institutions are the problem due to bankers who want profits rather than earn their profits. They fear innovation. Therefore have higher costs. Then the poor get screwed. Americans who have no formal banking services must rely on pay-day loans, money orders, and pawn shops. In Britain, those numbers are 4% and 4%. In Canada, those numbers are 5% and 8%. In Estonia, the numbers are 4% and 6%. In Sweden, 1% and 1%.

Bank of America and other 'too big to fail' institutions are the problem due to bankers who want profits rather than earn their profits. They fear innovation. Therefore have higher costs. Then the poor get screwed.