How do we hate thee, Bank of America? Let us count the ways.
We hate thee for thy mortgage misdeeds, foreclosure frauds and grotesque fees. For unnecessarily kicking people out of their homes, extorting money from military families through predatory loan rates, and treating thy customers like garbage.
For basically being too-big-to-fail/too-big-to-jail blight on the economy and society thou hast proven to be, time and again.
Bank of America has earned itself the worst reputation of any big lender in the U.S., and that is no small feat. The megabank has incurred so many legal costs for its various frauds and abuses, to the tune of billions, its profits have seen a dip. Whatever is a big bank to do?
Under increasing pressure from regulators and widely despised by the public, Bank of America now wants us to believe hat it will make nice with poor people. In a recentreportin the New York Times, we learn that BofA and other giant banks are trying to launder their public images by talking about offering low-fee services to people who have been left out of the banking system. BofA has launched a banking account it claims is intended to prevent troubled customers from running up fees for overdrawing their balances.
That’s very interesting, because so far, its accounts have been designed to do the opposite, which is why a lot of poor people don’t have bank accounts in the first place.
BofA’s public campaign showing us its touchy-feely side involves asking low-income people to create collages representing their emotions about money. One image shows a woman who appears to be naked wearing nothing but words like “power,” “want” and “desire” scrawled across her skin.
Other banks like JPMorgan, are following suit with lower-cost prepaid debit cards, checking accounts and whatnot. As the Times points out, it’s a bit difficult to start cheering:
Read more: Too big to fail banks want to make amends with poor people - Salon.com
We hate thee for thy mortgage misdeeds, foreclosure frauds and grotesque fees. For unnecessarily kicking people out of their homes, extorting money from military families through predatory loan rates, and treating thy customers like garbage.
For basically being too-big-to-fail/too-big-to-jail blight on the economy and society thou hast proven to be, time and again.
Bank of America has earned itself the worst reputation of any big lender in the U.S., and that is no small feat. The megabank has incurred so many legal costs for its various frauds and abuses, to the tune of billions, its profits have seen a dip. Whatever is a big bank to do?
Under increasing pressure from regulators and widely despised by the public, Bank of America now wants us to believe hat it will make nice with poor people. In a recentreportin the New York Times, we learn that BofA and other giant banks are trying to launder their public images by talking about offering low-fee services to people who have been left out of the banking system. BofA has launched a banking account it claims is intended to prevent troubled customers from running up fees for overdrawing their balances.
That’s very interesting, because so far, its accounts have been designed to do the opposite, which is why a lot of poor people don’t have bank accounts in the first place.
BofA’s public campaign showing us its touchy-feely side involves asking low-income people to create collages representing their emotions about money. One image shows a woman who appears to be naked wearing nothing but words like “power,” “want” and “desire” scrawled across her skin.
Other banks like JPMorgan, are following suit with lower-cost prepaid debit cards, checking accounts and whatnot. As the Times points out, it’s a bit difficult to start cheering:
Read more: Too big to fail banks want to make amends with poor people - Salon.com
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