There has been so much discussion and argument when it comes to banks and banking fees. While banks do disclose the banking fees, there are plenty of hidden fees that many banks have in order to recoup interest. Here are 5 reasons why bank fees and banks are so hated.
Hidden Fees That Hurt The Poor
One of the reasons banks and bank fees are so hated is that not only do they constantly have their fees going up and they seem to be targeting the ones that cannot keep a certain amount in the account. While well to do account holders can pay these with ease, others that are not in the same situation cannot. People are tired of being “fee-d” to death as well as nickel and dimed. They are also masters in manipulation for the hidden fee, claiming that they need the money. That leads us to our second reasons why banks and bank fees are so hated.
Golden Parachutes, Excessive Bailouts and Illegal Practices
While many folks are suffering in this financial morass, many banks are giving their CEO’s golden parachutes. The amount of the pay raises is exorbitant. This is one reason why they are so hated. Another is the predatory lending practices and illegal foreclosures on homes that the banks have condoned for so many years. With the American taxpayer bailing out bank after bank only to have the bank slam the door shut in their faces is enough to make anyone angry.
Banks Claiming Their Finances Are In The Red
Very much like current utility companies that claim that they need more money, banks have often pulled the “poor me” routine to get more money when they actually have plenty of money to lend and their stock is pulling in investors right and left. People don’t like having the wool pulled over their eyes in any shape or form. This leads to the next reason banks are hated.
One of many hot button issues, corporate greed is also amazing to see and watch. Many bankers have been arrested for fraud, not only in investments but also committing fraud on their bank. There seems to never be enough money to satisfy the greedy banks and bankers while honest people can’t catch a break due to predatory practices.
No Financial Transparency
- There are no banks on record that have any sort of honest financial transparency.
- The news is alive with wrongdoings by banks and bankers, some of which has gotten the Supreme Court involved.
- Whopping fines have been levied onto banks such as BOA and others for this misconduct.
More and more people are turning to different forms of finance such as Day Trading Forums to take the care of their money into their own hands. When polled about the trustworthiness of bankers, that approval rating is actually around zero for plain working folks and 100 percent for the wealthy. So it goes without saying that there is a big divide when it comes to banks and ordinary folk in the US. While this may sound slanted, take a look at current information that is both on mainstream news as well as alternative news sites. The results may surprise you as to what is really going on with banks and banking systems. Enlighten yourself with information that tells the truth about the banking system here in the US.
Author Bio: Teresa Phillips has utilized Day Trading Forums as a part of her Forex training as well as keeping up with the banking news. Let her experience help you in this field.