Tuesday, November 01, 2011

Big banks capitulate on debit fees

The Occupy Wall Street movement is demonstrating that it is possible to fight giant corporations and their incessant nickel-and-diming consumers to death.

In September, bailed-out banking giant Bank of America announced they would soon begin charging a $5 a month fee for their customers who use debit cards. In the past, this would have been grudgingly accepted by their customers because there really didn't seem to be any point in complaining. There was an old expression from when I was a kid, and it was "you can't fight AT&T." Well, the government broke up that monopoly, and as a result we have hundreds of regional phone companies that often have to compete for customers, resulting in better service for lower prices.

The banks are just one of the industries in this nation that have been operating for a long time as a sort of cartel, where one bank would announce a new fee or policy, and soon most or all of the other would jump aboard.

Except because of #OWS, this time it backfired.

The unifying reach of the Occupy movement has taken hold in the minds of many citizens. The power of a single person is limited; the power of the masses is unstoppable. There were SO many people who changed banks or signed petitions saying they would change banks should the new fee go through that it caused nearly all the banks, including the gigantic Bank of America, to rescind the new policy.

This is the power of a unified citizen's response!

Of course, this is just a small victory in the long war against huge corporations who have been gaming the system through sympathetic (or apathetic) politicians for so long that it has become the status quo to screw the consumer. It is a situation where companies who have long felt a sense of entitlement are suddenly being put on the defensive and are forced to actually listen to their customers!

THIS is a positive result of the #OWS movement. Sure as shit I haven't seen anything nearly this useful come out of the hate-filled rhetoric with zero results behind it that emanated from the Tea Party movement for nearly two years. Hell, I'd bet most of those idiots would gladly pay an extra $60 a year in the hopes that the big banks would go out of their way to create more jobs in return!

The war against the corporatization of America continues. Rest assured, the banks are already working on strategies to make up for that lousy $5 a month they would have gotten in the past, and they'll probably find a way to increase their profits by sticking in a hidden fee or revamping their rate structure or something like that.

Because they are insidious and don't lack in creativity to find ways to squeeze every last penny out of all of you if they can find a way.

Oh, they'll keep trying.

And we need to keep watching them, and acting when needed.


JTHM said...

Bob, sorry I know as much as you'd like this to be about Micheal Moore and litter of useful idiots.

It's called the free market system.

You really think this would happen in your Socialist Utopia? Riiiight.

JTHM said...

I'm sorry Bob, I should prefaced the above comment with "Defacto Leader" Micheal Moore worth reportedly 50 Million Dollars.

Sooo, is he the face (albiet really Fat face) of OWS#? Do you square with his grandstanding?

Somehow I kinda don't think so, but then you write things like "hate-filled rhetoric with zero results behind it that emanated from the Tea Party " then I realize you really are a blind Leftist ideologue with know true compass other than Liberal talking points.


CT Bob said...

First of all, Occupy works because they don't have a leader. I know all you Cons take your marching orders from FreedomWorks and other huge corporate entities, but Occupy is and will always be a leaderless movement.

Next, this is absolutely a victory for Occupy. Before this movement was publicized, this kind of pushback from the masses pretty much never happened. People saw, and were inspired by the Occupy movement; and the publicity from the movement helped raise awareness that people DO have the power to change corporate policies.

The Tea Party didn't do a damn thing for bank fees. Occupy did. Get over it.

And when you save that sixty bucks a year on your debit card, you should remember to thank an Occupier.

JTHM said...

Wrong bucko, never met a Tea Party Leader once, never got orders and certainly never took a Dump in public, raped and molested anyone at any event....or otherwise for that matter.

Free market in action. If you think for one moment that Micheal Moore, you and his merry band of Lord of the Flies wannbes then jeeze Bob, you've hitting the Maddog 20-20 to hard again!

Oh and for the record, the Tea Movement was directly responsible for the largest sweep of Congressional seats in my 4+ decades of life.

JTHM said...

Heavy Sigh...this wraps it up.

And no, you can't write this off as just a few wackos or right-wing "infiltrators".LOL

CT Bob said...

Oh sure.

This video just proves that the minimum wage needs to be raised. People can't live on it. Thanks for helping prove a point.

Keep underestimating this movement. It'll only help us win.

When's the next Tea Party rally scheduled for Connecticut? Do you even know or pretend to care?

JTHM said...

Typical, minimum wage was never meant to be a "Living wage" Bob and you of all people damn sure know that.
What was your first job? Mine was dishwashing, then moved to prep cook which came with an increase in pay. Next job was the same thing, work your way up the pay scale.
You really think the minimum wage should be what, $20? why not $50?
Oh that's right, minmum wage is directly tied to Union Scale...ok I got your number.

Yep, and I'll keep underestimating these lemmings with no shot at advancing society, that worship Muti-Millionaire Hollywood half-wits and Sports stars while trashing CEO's that are responsible for 1000's of jobs, pensions and shareholders.

Did you get a hair across your ass when you heard that Fannie and Freddie execs were just handed millions in bonuses? Yeh, probably not, because we know how you Dem's find it perfectly ok to hand out money to Government positions but not the Private sector using the free market system.

Why do I get the feeling that you would feel much more comfortable in Venezuela.

CT Bob said...

So, there's no Tea Party rallies coming up, right?

Hmm...some movement you got there. Jealous much? Nah-nah nah-nah nah nah!

JTHM said...

Huh? Why would there be, the Congress is in solid control.


Next year I'm sure we'll see a resurgence to make sure the Senate is totally in conservative control as well as the Presidency.

1yr away and I'm feeling confident already, it's great time for our country, 2012 the end of an error and a new begining with a Supreme Court that'll secure our countries rights for atleast my remaining life (knock on wood).

Nice dodge on all the other issues I pointed out though.

CT Bob said...

It wasn't a so much of a dodge as I simply got bored with the discussion. It happens. No offense.

JTHM said...