lassoharp said:
http://www.addictinginfo.org/2011/10/19/st-louis-police-reportedly-barricaded-bank-of-america-wouldnt-allow-customers-to-withdraw-money-or-close-accounts/
I'm not an economist or banking expert. Can anybody offer a reasonable & sensible explanation why BOA is doing this? And does anyone think this is fair practice?
I was told by my local bank today that BOA was trying to charge outrageous account closing fees in between Fed regulation crackdowns but I never expected this.
I am not an economist or bank expert, but this sounds like horse hockey...
The occupy wall street organization is telling people to transfer funds to credit unions and small banks, from all of the major banks, because they are pissed off at big banks, and big business, and people with money. Sounds like a little targeted disruptive misinformation to scare and confuse others, and perhaps amuse themselves.
I am starting to think that congresses (actually Dodd-Frank's) plan to manage too big to fail banks, is to regulate them with the death of a thousand cuts (AKA regulation) until they are no longer big...
It might working. D-F restricted what banks can charge merchants on debit card transactions, so banks had to raise their debit card feed to customers to pay for the program. If congress restricts that, I can't imagine banks offering a service at a loss.. only he government can perpetually lose money and get away with it (well it looks like greece isn't getting away with it any more).
Of course I could be wrong. and opinions vary, ask those hundreds (thousands?) of protestors in NYC.
If they're pissed off at crony capitalism, they need to push back at the congress handing out all the slop, not the hogs at the trough, just being hogs. Congress is tasked with managing our tax money, not banks or business interests.
JR