THE DEMANDS EXPLAINED: ITEM #1: NO MORE MINIMUM BALANCE FEES

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:
Free checking
Higher interest rates on savings accounts
Reduced credit card fees
Free traveler’s checks and cashier’s checks
Free or discounted safety deposit boxes
Airline miles
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.

ITEM #2: NO MORE $35 NSF FEES

Is there a bank practice that is more harmful to a great percentage of its depositors than the $35 NSF charge? The bank uses the practice of processing transactions from greatest to smallest to increase the chances that this will create more NSF fees from small transactions which in turn will create a debt of hundreds of dollars against your account. You’ve heard of the $40 cup of coffee? Congress' new policies regarding NSF fees will not eliminate the $40 cup of coffee.

This plan will.

Demand number 2 is that the NSF fee for any transaction that causes, compounds or perpetuates an overdraft may only be as high as the amount overdrawn.

If the overdraft is $2.00 the NSF fee is $2.00. If the overdraft is $200.00 the NSF fee is $200.00, and so on.

The Bank may actually make more money this way, and the burden wouldn’t be so heavy for the Bank’s lower income depositors.

ITEM #2a: EXTEND LATE REPAYMENT PERIOD FOR OVERDRAFTS

Bank of America recently added a new nuisance fee to pilfer more money from its customers - especially its lower-income customers. If an overdraft (including associated overdraft fees) is not repaid to the bank within 5 days the bank charges an additional $35 as a late payment fee.

This demand of repayment within five days adds anguish on top of insult to each customer affected by the fee, especially if they must wait more than 5 days for their next paycheck. And it steals money from the pockets of the people who need the money the most.

Demand number 2 also requires that if the bank would like to charge a late repayment fee for a customer’s failure to pay back the overdrawn amount, the bank will allow the average amount of time between a worker’s pay periods (15 days) before assigning this fee.