When we open an account at the bank, we are choosing to lend our money to that bank. So what gives the bank the idea that it can charge us for not lending it as much money as it would like? It’s our money and WE are the ones who determine how much we are willing or able to lend the bank. That is not for the bank to decide. The bank believes that it rewards us for keeping a minimum balance by NOT charging us a penalty. Some reward... it's a slap across the face of the depositor. Where does the bank get off doing that? And where’s the gratitude?
Demand number 1 is to abolish minimum balance requirements and fees. If the bank wishes to have its depositors keep a certain amount of money in our accounts, they can demonstrate their gratitude for our generosity by offering us premiums. Such premiums could include:
Higher interest rates on savings accounts
Reduced credit card fees
Free traveler’s checks and cashier’s checks
Free or discounted safety deposit boxes
and other similar "positive" incentives.
Because we are the source of the bank’s holdings and income, it is the bank’s responsibility to demonstrate its gratitude to us if it would like to continue enjoying the use of our money. Every one of us should be given the assurance that the bank appreciates our business and is grateful to have it, regardless of how much or how little money we have entrusted to the bank.
Remember – if your supermarket butcher said he’d have to charge you a fee each time you didn’t spend $40 at his counter you’d tell him "No deal" and take your business somewhere else. So why do you let your bank charge you for not "spending" enough in their bank?
Sorry Bank of America, we're not allowing that any more.