Bank of America To Charge Customers Fees Unless They Buy More Products, Have Enough Money
oh America…what a great nation we live in…how’s that capitalism thing working for you..
Reports the Week via Yahoo News:
The banking giant is attracting criticism once again, with a plan to make checking accounts a whole lot more expensive Bank of America is working on “sweeping changes” that would levy new fees on customers with checking accounts, The Wall Street Journal reports. Proposed fees, ranging from $6 to $25 a month, could only be waived if customers meet certain requirements that favor the bank — by keeping a minimum balance, taking out a mortgage, or switching to online banking. The report comes months after Bank of America withdrew a proposed $5 monthly fee for using debit cards, after suffering a backlash from customers and lawmakers alike. Unsurprisingly, the new fee plan is already being slammed: Sen. Richard Durbin (D-Ill.) calls it “a challenge that cannot go unanswered.” Is the bank’s scheme outrageous?
Of course. Banks are extorting customers: It’s bad enough that BofA tried to instate the $5 fee for debit card users, says Hamilton Nolan at Gawker. But the new fees — driven by the struggling bank’s “insatiable need for sweet, sweet money” — are even “sneakier.” And BofA is neglecting an age-old principle of finance: Banks use customer deposits to make loans to others, which in turn results in profits for the banks. It’s “ridiculous” to charge customers for providing banks with the capital that is essential to their business.
But banks have a right to turn a profit: “Banks aren’t charities,” says Pallavi Gogoi for the Associated Press. They are “public companies and are expected to make a profit somehow.” Making money is “not as easy as it used to be.” With the Fed encouraging ultra-low interest rates, banks are seeing their traditional profit source dry up. New government regulations have curbed other banking fees, and banks are scrambling to make up for the loss of revenue …
Read More: The Week via Yahoo News
“The Federal Reserve is responsible for the boom-bust cycles. It’s responsible for price inflation, recession, depression, and excessive debt. Although the central bank can get away with mismanagement of the economy for long periods of time, its policies are always destructive. Unchecked, the policies of a central bank lead to financial chaos, an example of which we are now experiencing.” - Ron Paul
THE TEN MEMBER BANKS OF THE FEDERAL RESERVE
Rothschild Bank of London
Warburg Bank of Hamburg
Rothschild Bank of Berlin
Lehman Brothers of New York
Lazard Brothers of Paris
Israel Moses Seif Banks of Italy
Goldman, Sachs of New York
Warburg Bank of Amsterdam
All owned by the Rothschilds
Secret Federal Reserve Location Revealed
Uploaded by lonelantern on Jul 6, 2011
http://RTR.org | Just released today, the SECRET LOCATION of a New Federal Reserve Property. In a densely wooded area in Richmond Virgina lies the heavily guarded office building. According to a report, “Information about the function and location of the property are classified by the Federal Reserve System, and employees are prohibited from discussing the site with anyone outside the organization.”
The facility is known as the Federal Reserve West Creek Operations Center. So why the veil of secrecy?
The report, issued by the government transparency advocates at Cryptome.org states, “There is no reference to the Federal Reserve on the property. At the entrance is a black sign with white letters that reads “West Creek Operations Center.” Security gates, hydraulic vehicle barriers, and guards with loaded weapons control access to the parking lot. A meticulously maintained and patrolled perimeter fence encloses the property.”
The 200,000 square foot facility, located 12560 West Creek Parkway in Richmond was purchased by the Federal Reserve Bank of Richmond in 2004 from the Heilig-Meyers Furniture Co.
At this classified location is where the Federal Reserve Information Technology employees are housed. One can only assume with all the hacking of government facilities this would be a prime target for groups like antisec and anonymous.
Add this location to your list of Federal Reserve locations next time you decide to plan a rally for sound money.
- Who Owns the Federal Reserve System !!! (2012patriot.wordpress.com)
- Federal Reserve “Map Your Community” Widget Now Available for You to Embed on Your Website (policymap.com)
- Anonymous Launches Class-Action Suit Against Fed. Reserve (snakesan.wordpress.com)