If you missed the PBS Frontline episode "The Card Game" I recommend you take some time to watch this very enlightening program. What amazes me most about the people interviewed is the smugness and sense of entitlement the executives in the credit card industry have when it comes to the sneaky ways they have devised to get wealthy off of OUR money. They are actually proud of the fact they created so many ways of swindling the less well-to-do in our nation (and the world) to make themselves rich.
This is definitely recommended watching!
http://www.pbs.org/wgbh/pages/frontline/creditcards/view/
Also, if there are any other ideas you think should be added to the Proclamation, let us hear them! What do you think is important enough to add? Write it here! And if your ideas are very important to you, please feel free to add them to your Proclamation using additional sheets. The more great ideas that are out there, the better an understanding the banks will know what we want and expect, and ultimately the better for us.
Go ahead... let those creative ideas flow!
Showing posts with label money. Show all posts
Showing posts with label money. Show all posts
Friday, February 12, 2010
Wednesday, February 3, 2010
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.
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.
WHY WE MUST DO THIS
You might be wondering why we should do something as drastic as pull our money out of the bank and leave a set of demands in its place when Congress has been putting together new rules for the banks to abide by. Well, here’s why. Congress is weak. It is corrupt and ineffective, and you can be guaranteed that nobody on Capitol Hill has the backbone to do what really has to be done to restore order to the failing and corrupt banking system. They threw money at the banks and now we’re back to the same old business as usual that brought this country to its knees.
When Congress fails the people – when it no longer serves the best interest of the citizens – it becomes the responsibility of the citizenry to take charge of the situation and do what needs to be done and which Congress cannot bring itself to do.
There is nothing wrong with taking your support away from a business that has shown you disrespect, has not earned your support, has treated you poorly, charges you excessively, or has engaged in risky and criminal activities involving your money. If it were any other business… your local butcher, your gym, your coffee shop… and you were treated with the same level of contempt, you would stop doing business with them, plain and simple. All we are doing is applying that same sensible principle to Bank of America, PLUS we are giving them a master list of things that they can (and must) do if we are to again do business with them.
WHY BANK OF AMERICA?
BofA is one of the largest banks in the US. And it is one of the most aggressive when it comes to fees and other collection practices. They have more than set themselves up for this sort of protest. If Bank of America is forced to make changes to its policy to keep from going under from a rapid lack of support, the other banks will have to follow suit. We do not mind if you bank elsewhere and join in our protest by withdrawing your money from your bank (and giving the teller the "envelope"). That would be awesome. The more people on board the better!
YOU'RE NOT A SMALL FISH IN A BIG POND!
An ocean doesn’t start out as an ocean. It grows by one drop of water at a time. You may feel that taking your money out of Bank of America won’t have much effect. And by yourself it won’t. But there are many thousands of BofA customers who are angry and dissatisfied with the bank, and plenty of other customers who would like to see these changes made not only at BofA but at the other giant corporate banks as well. If you agree with any or all of the demands outlined in the Proclamation and would like to see them implemented, go pull out your money and hand the teller the Proclamation. Also please contact everyone you know who is a BofA customer and inform them that there is a movement underway to turn the banking industry’s greed into gratitude and it needs their support. Send your friends links to this page. Make this thing go viral. And before you know it we’ll all be a part of an ocean of necessary change.
OK, SO HOW DO WE DO THIS?
Simple. Just go to the bank and withdraw your money. There are three suggested plans as to how to go about this.
Before you go, print out a copy of the Proclamation and put it in an envelope. Write "For the District Manager" on the envelope. When you withdraw your money, politely thank the teller or customer service agent and then hand them the envelope. Take your money and walk out of the bank. It’s THAT simple! If you’d like, you may also comment on this page and tell us how it went.
Please do not use any abusive language or engage in an argument while in the bank. If the teller or agent asks why you are withdrawing your money simply tell them that the answers are all inside the envelope.
Here are the three plans for withdrawing your money. Choose the one that you think works best for you:
1) Withdraw all but $1.00 over your minimum balance. For example, if you have $1536.00 in your account and your minimum balance is $1,000 you will withdraw $535.00 leaving $1,001 in the account. This will help you avoid any minimum balance fees in the coming month(s). If the bank complies with our demands your account will be intact and awaiting your re-deposit. If the bank does not comply in the time allotted, return to the bank and close your account.
2) Withdraw all but $5.00 from your account. This will ensure you have an account through which you can cash checks if needed. You may also be fined a minimum balance fee if your account requires a minimum balance. If that happens it will be up to you whether you pay the bank that money or close out your account altogether. If you keep your account active you won’t need to open a new one (and order new checks, etc.) when the bank complies. And you probably will be able to afford to lose $5 if you choose to stiff the bank.
3) Close your account, lock, stock and barrel (as they say). If the bank decides to comply you can always go back at your leisure to open a new account. Or, you don’t have to. You might find a better financial institution simply by looking around.
In all cases, we ask that you deliver the Proclamation to your bank teller when you withdraw your money.
WHAT TO DO WITH THE MONEY AFTER WITHDRAWING IT?
That’s up to you. You can deposit it into another bank. You can try banking with a Credit Union for a change. You can keep the money under your mattress or bury it in your back yard if that appeals to you… anyway, it’ll do you just as much good there as it currently does at BofA.
Once the bank complies, bring your money back to the bank as its reward for doing the right thing. Should the bank NOT comply with the 7 demands, kiss BofA goodbye and use your money to support a different bank or credit union.
Bank of America has already told you through its abusive actions that it does not REALLY want your business. So why is your money still there?
When Congress fails the people – when it no longer serves the best interest of the citizens – it becomes the responsibility of the citizenry to take charge of the situation and do what needs to be done and which Congress cannot bring itself to do.
There is nothing wrong with taking your support away from a business that has shown you disrespect, has not earned your support, has treated you poorly, charges you excessively, or has engaged in risky and criminal activities involving your money. If it were any other business… your local butcher, your gym, your coffee shop… and you were treated with the same level of contempt, you would stop doing business with them, plain and simple. All we are doing is applying that same sensible principle to Bank of America, PLUS we are giving them a master list of things that they can (and must) do if we are to again do business with them.
WHY BANK OF AMERICA?
BofA is one of the largest banks in the US. And it is one of the most aggressive when it comes to fees and other collection practices. They have more than set themselves up for this sort of protest. If Bank of America is forced to make changes to its policy to keep from going under from a rapid lack of support, the other banks will have to follow suit. We do not mind if you bank elsewhere and join in our protest by withdrawing your money from your bank (and giving the teller the "envelope"). That would be awesome. The more people on board the better!
YOU'RE NOT A SMALL FISH IN A BIG POND!
An ocean doesn’t start out as an ocean. It grows by one drop of water at a time. You may feel that taking your money out of Bank of America won’t have much effect. And by yourself it won’t. But there are many thousands of BofA customers who are angry and dissatisfied with the bank, and plenty of other customers who would like to see these changes made not only at BofA but at the other giant corporate banks as well. If you agree with any or all of the demands outlined in the Proclamation and would like to see them implemented, go pull out your money and hand the teller the Proclamation. Also please contact everyone you know who is a BofA customer and inform them that there is a movement underway to turn the banking industry’s greed into gratitude and it needs their support. Send your friends links to this page. Make this thing go viral. And before you know it we’ll all be a part of an ocean of necessary change.
OK, SO HOW DO WE DO THIS?
Simple. Just go to the bank and withdraw your money. There are three suggested plans as to how to go about this.
Before you go, print out a copy of the Proclamation and put it in an envelope. Write "For the District Manager" on the envelope. When you withdraw your money, politely thank the teller or customer service agent and then hand them the envelope. Take your money and walk out of the bank. It’s THAT simple! If you’d like, you may also comment on this page and tell us how it went.
Please do not use any abusive language or engage in an argument while in the bank. If the teller or agent asks why you are withdrawing your money simply tell them that the answers are all inside the envelope.
Here are the three plans for withdrawing your money. Choose the one that you think works best for you:
1) Withdraw all but $1.00 over your minimum balance. For example, if you have $1536.00 in your account and your minimum balance is $1,000 you will withdraw $535.00 leaving $1,001 in the account. This will help you avoid any minimum balance fees in the coming month(s). If the bank complies with our demands your account will be intact and awaiting your re-deposit. If the bank does not comply in the time allotted, return to the bank and close your account.
2) Withdraw all but $5.00 from your account. This will ensure you have an account through which you can cash checks if needed. You may also be fined a minimum balance fee if your account requires a minimum balance. If that happens it will be up to you whether you pay the bank that money or close out your account altogether. If you keep your account active you won’t need to open a new one (and order new checks, etc.) when the bank complies. And you probably will be able to afford to lose $5 if you choose to stiff the bank.
3) Close your account, lock, stock and barrel (as they say). If the bank decides to comply you can always go back at your leisure to open a new account. Or, you don’t have to. You might find a better financial institution simply by looking around.
In all cases, we ask that you deliver the Proclamation to your bank teller when you withdraw your money.
WHAT TO DO WITH THE MONEY AFTER WITHDRAWING IT?
That’s up to you. You can deposit it into another bank. You can try banking with a Credit Union for a change. You can keep the money under your mattress or bury it in your back yard if that appeals to you… anyway, it’ll do you just as much good there as it currently does at BofA.
Once the bank complies, bring your money back to the bank as its reward for doing the right thing. Should the bank NOT comply with the 7 demands, kiss BofA goodbye and use your money to support a different bank or credit union.
Bank of America has already told you through its abusive actions that it does not REALLY want your business. So why is your money still there?
Tuesday, December 15, 2009
The First Step
The first step in overcoming victimhood at the hands of the banks is to redefine how you think of your money and the role that it plays in your life. Most Americans feel they work hard for their money. Certainly that's subjective, as everyone's definition of hard work is personal. But how do you think of your money? If you think of it as simply a thing which gets you something else when you spend it, you may not be giving it, or yourself, enough respect.
Your money is your property. Whether it's the paper bills in your wallet or the dollar amount printed on your paycheck, or simply an electronic figure on your bank statement, it's your property (whether or not you actually see it or touch it). You worked for it. Someone gave it to you as a reward for your work. It became yours to do with as you please - to save it, or exchange it for a different kind of property... clothing, electronics, automobiles, real estate, etc. You can also exchange it for less tangible items such as a vacation, a service, entertainment, and so on. But, until you exchange your money for something else, it is real property, with a specific actual value, which you own. This is very important to understand, for you will continue to be at the mercy of the bank until you come to accept that your money is first and foremost your property.
The next thing that you need to remember is that money in the bank is your property on loan to the bank. There is no law that says you are obligated to give your money/property to a bank. Nor is there any law that says how much of your property you must loan to the bank, nor a legal time limit on how long you must lend your property to them (unless you have bought something with a maturation period, like a government savings bond, with your property). When you open a bank account YOU CHOOSE to lend your property to that bank. YOU are the one in control of deciding how long you will permit the bank to use your property, and you need not provide them with a reason to remove your property from their institution when you decide you want your property returned to you. And if the bank is in any way disrespectful to you while they are borrowing your property you have every right and reason to remove your property from their possession, without penalty.
Of course if you have used credit to spend a greater amount of property than you own, you do have to replace that credited property to the bank that issued you the credit loan. And as we all know, the bank will charge you interest on the property they loan you. But as it's all monetary property, and the property all has the same value (a dollar is a dollar is a dollar), it is rather disrespectful of the bank to charge you interest to borrow someone else's property without paying you a reasonably equivalent sum for borrowing your property.
The bottom line here is that the bank really has no money of its own, except that which they can acquire by using your property. Or that which they can extort by charging you for borrowing your property - which is completely inappropriate and disrespectful. When it comes right down to it, all of the service fees, NSF fees, late fees, etc. might be justifiable IF the bank were paying you a commensurate interest rate on the property you lend it. But they don't. It therefore adds insult to injury when they write all of the rules to benefit themselves while sticking it good to you. And it's nothing less than a slap in your face to charge you a "minimum balance" fee for not lending them enough of your property. In the end, you get punished for doing them the favor of allowing them the use of your property. And that is entirely, morally wrong.
It is time that we change that.
It is time we take our property away from the banks if they are only going to use it against us. It is time that WE write the rules, because without us the banks cannot exist. They need our property and they need our business but they sure don't act as if they do. In fact, they act as though they are doing us the favor when it is the other way around.
Remember: Your money is your property. You are the sole owner of your property and you choose to allow the bank the opportunity to use it for only as long as you want them to. YOU have the legal right to exercise control over your property, not the bank. And YOU have every right to demand respect and a show of gratitude for your kindness in lending the bank your property.
Once you accept these truths you will be able to help return the proper balance to the relationship between the banks and the public.
~JQA
_________________________________________________________________
Here are two practices a bank performs against you which need to be discontinued:
Your money is your property. Whether it's the paper bills in your wallet or the dollar amount printed on your paycheck, or simply an electronic figure on your bank statement, it's your property (whether or not you actually see it or touch it). You worked for it. Someone gave it to you as a reward for your work. It became yours to do with as you please - to save it, or exchange it for a different kind of property... clothing, electronics, automobiles, real estate, etc. You can also exchange it for less tangible items such as a vacation, a service, entertainment, and so on. But, until you exchange your money for something else, it is real property, with a specific actual value, which you own. This is very important to understand, for you will continue to be at the mercy of the bank until you come to accept that your money is first and foremost your property.
The next thing that you need to remember is that money in the bank is your property on loan to the bank. There is no law that says you are obligated to give your money/property to a bank. Nor is there any law that says how much of your property you must loan to the bank, nor a legal time limit on how long you must lend your property to them (unless you have bought something with a maturation period, like a government savings bond, with your property). When you open a bank account YOU CHOOSE to lend your property to that bank. YOU are the one in control of deciding how long you will permit the bank to use your property, and you need not provide them with a reason to remove your property from their institution when you decide you want your property returned to you. And if the bank is in any way disrespectful to you while they are borrowing your property you have every right and reason to remove your property from their possession, without penalty.
Of course if you have used credit to spend a greater amount of property than you own, you do have to replace that credited property to the bank that issued you the credit loan. And as we all know, the bank will charge you interest on the property they loan you. But as it's all monetary property, and the property all has the same value (a dollar is a dollar is a dollar), it is rather disrespectful of the bank to charge you interest to borrow someone else's property without paying you a reasonably equivalent sum for borrowing your property.
The bottom line here is that the bank really has no money of its own, except that which they can acquire by using your property. Or that which they can extort by charging you for borrowing your property - which is completely inappropriate and disrespectful. When it comes right down to it, all of the service fees, NSF fees, late fees, etc. might be justifiable IF the bank were paying you a commensurate interest rate on the property you lend it. But they don't. It therefore adds insult to injury when they write all of the rules to benefit themselves while sticking it good to you. And it's nothing less than a slap in your face to charge you a "minimum balance" fee for not lending them enough of your property. In the end, you get punished for doing them the favor of allowing them the use of your property. And that is entirely, morally wrong.
It is time that we change that.
It is time we take our property away from the banks if they are only going to use it against us. It is time that WE write the rules, because without us the banks cannot exist. They need our property and they need our business but they sure don't act as if they do. In fact, they act as though they are doing us the favor when it is the other way around.
Remember: Your money is your property. You are the sole owner of your property and you choose to allow the bank the opportunity to use it for only as long as you want them to. YOU have the legal right to exercise control over your property, not the bank. And YOU have every right to demand respect and a show of gratitude for your kindness in lending the bank your property.
Once you accept these truths you will be able to help return the proper balance to the relationship between the banks and the public.
~JQA
_________________________________________________________________
Here are two practices a bank performs against you which need to be discontinued:
- Charging you a minimum balance fee on the money you lend the bank
- Paying you anything less than the prime lending rate for the money it borrows from you
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