Kudos for the Herald guest editorial about restoring rights for consumers to file class actions suits against, as it was so aptly put, “these financial behemoths” the banks.
I recently incurred an outrageous overdraft fee on an account that I manage on behalf of my 94-year-old father, a World War II veteran with dementia. He lives on Social Security and a modest pension. For an overdraft of $29.40, he was charged three fees of $35 each, plus an additional $14 in service charges, totaling $119. Bank of America reluctantly agreed to return $7, pocketing a cool $112 on the transaction, a 350 percent instant profit. I know a lot of people who’d like to get that interest rate.
It wasn’t too long ago that we taxpayers bailed out the banks, yet they continue to fleece people like my dad with hidden fees and practices that even Tony Soprano would blush at.
I don’t know what the CEO makes off the fees charged by Bank of America, but its practices make the payday-loan industry look relatively ethical. I think Bernie Sanders is right. It’s time to break up the banks.