Tag Archives: Free Market
Listed in the fake ad are the 20 largest corporations by revenue in 2010, according to Fortune magazine and CNN Money. The real Coca-Cola ranks at 72, Wall Street bad boys Goldman Sachs Group peg in at 39, and BP has dropped off the top 100 list entirely; it was consistently in the top 20 until this year.
By Jenn Weinshenker
I was watching a program about the banking industry and all of the fees and courtesy charges they apply when people make a mistake in their account and overdraw. About their computer programs that determine which checks to pay, not based on when things were received but by how much the check was. Paying the larger sums first and instead of returning a check, forcing you to take out loans that arent really loans, which would be subject to the Truth in Lending laws but are called Courtesy Fees.
I know lots of people who have tried to get their banks to stop this but the banks wont. So a two dollar overdraft, by the time a person finds out about it, which could take more than ten days, and by the time all of those courtesy fees add up, could wind up costing you over a hundred dollars. And if you get paid every other week, like many do, by the time you get paid again to take care of this small oversight you could owe the bank more than you earn.
The bank reps chant Free Market Enterprise, but there are a few other things they might try to keep in mind. The punishment should fit the crime. People who have the resources, authority and power are not supposed to stack the deck. I get that they need to earn money. But how much is fair? Im pretty sure slavery was abolished. But ask anyone who has gotten stuck in this quagmire what they felt like when they tried to reason with a banker to get them to stop this practice and they will tell you it felt exactly like being chained to system that was profiting from their labor and leaving them with nothing.
I say to the folks in DC, if anyone is listening to this poor mouse, wise up. You cant have free market anything if people are left so strapped that they cant afford to spend the money they worked so hard to earn. Between overdraft fees and outrageous parking tickets its a wonder anyone can buy a cup of coffee!
Enough debate, the only people who have been tying all of us into a state of financial depression, on so many levels, are those who have used our tax resources to fund this miserable war, those who hiked up the gas prices that people had to take their possessions to the pawn shop so they could afford to work, the insurance companies who took another huge slice and the government which took nearly all the rest. So I have an idea, these industries are feeding off the backs of those who are still working and it really needs to stop. Those who think they are clever and smart are running down our country, but they’re really only profiteers.
Maybe Atlas can hold up the whole world but Ill tell ya, the average Joe and Josephine cant.
Contact the author at JWeinshenker@ltsaloon.org
2010 Jenn Weinshenker. All Rights Reserved.
Where Government is Tiny, Everything is Privatized, and the Free Market rules
“Hello, this is the Little Big National Neighborhood Bank that really cares about you! How can I help you?”
“Well, first of all, you could ‘care about me’ by not making me wait through 30 minutes of canned music to talk to a real person.”
“Sorry, sir, but we’re very busy here taking care of all our happy customers!”
“Yeah? Well, I’m not one of them.”
“What can I do to make you one?”
“Last night I took out $60 bucks from one of your ATM’s and I noticed I was charged $1.50 for the withdrawal.”
“That’s right, sir, that’s our standard ATM transaction fee.”
“But fifteen years ago when you converted to the ATM machines, you said it would cut costs for the bank and the savings and convenience would be passed on to the customer. Back then, all transactions at any ATM were free!”
“That’s right, sir. Aren’t the ATM’s so much more convenient than coming into the bank to withdraw cash?”
“But wait a minute here — about eight years ago you said you were going to start charging an ATM transaction fee of a dollar, but only at other banks’ machines; your ATM’s would stay free.”
“Yes, sir what’s the problem with that?”
“Aside from the fact that the fee to use an ATM from any other bank has steadily risen so it’s up to $3.00 a pop, now I’m getting charged $1.50 a transaction from your own ATM’s that used to be free!”
“Yes, sir, well, our fees have to keep up with inflation.”
“But I just read that your bank made a record profit last year! Why not take a little less profit and show how much you ‘care’ about your customers by keeping the ATM transactions free?! I’ve been putting my money in your bank for twenty years!”
“I’m sorry you feel that way, sir. We want to keep you as our customer, but if you’re so dissatisfied with our service, perhaps you can find another bank that does not charge this ATM fee. After all, it’s a free market and that guarantees competitive prices!”
“I’ve already called around to every bank in the area they’re ALL charging $1.50 to use their ATM’s. What do you guys do, get into a room and decide how much you’re going to shear us sheep?”