Learn from the Great Depression and bury your money in the yard - you'll earn more interest.

Upon discovering THIS ARTICLE, it really got my goat realizing how financially trapped millions of Americans are. The new American dream slogan should be "Give me your tired, your poor, Your huddled masses yearning to breathe free" so I can take all of your money while you work for food, or for free.

In regards to the article, I can’t speak for other banks, but I can definitely see how this is an issue for prospective patrons of Bank of America. In order to avoid,“monthly maintenace fees”, one must have a minimum of anywhere between $1,500 to $10,000 depending on the type of account they bamboozled you into opening.  The regular checking account has a $12 monthly maintenace fee if one does not deposit at least $250 a month, or maintain a daily balance of $1,500. Mind you, this is for the account that earns the least amount of monthly interest for the account holder. To do ebanking only one must never use a bank teller to avoid the $8.95 monthly maintance fee – although, there’s still a chance they will charge you for it anyway depending on how they feel that month…and if you want to complain to a teller or bank professional about the improper monthly fee charge you’ll be charged for that anyway! If you were foolishly encouraged to open a tiered checking account (which is most frequently pushed by the bank onto the patrons)  the only way to avoid the $25 monthly fee is to maintain a daily balance of $10,000. 

When several million Americans are living on less than $2 a day, and the national poverty level has doubled in the last two decades I wonder why the banks make it so difficult for the middle and lower class to save. If a family is unable to maintain $1,500 in their regular checking account (which is common for millions of families) then the bank takes at least $144 a year from them assuming the individual did not have an over draft fee as well (which is more reasonable of a fee rather than a “maintaince fee”). That $144 could have been saved, spent on diapers, food, school supplies…

I still do not understand the purpose of an overly priced maintanence fee. What exactly is the $8.95 - $25 maintaining? The CEOs cushy salary? If it wasn’t for theft, I think more people would pull a Great Depression move and hide their money in bags of flour, homemade safes or bury it in cans in the yard. 

Personally, my account has been frozen 6 times since last September…and not for any reason related to insufficent funds, or overdrafting or anything you would assume would be a reasonable cause. It has been frozen because I bought a TV and they thought it was an odd purchase, then when  I was in China (despite me warning the bank per their request that I’d be traveling abroad),  due to suspicious online activity – even though I’ve told them several times that I am indeed purchasing songs on itunes…and when I called to get my account unfrozen they told me to go in person, and when I go in person they told me to call the number on the back of my card…

I understand banks were too big to fail and therefore were bailed out by the government, and in order to pay back the debt caused by their stupidity they have to up the fees and up the ante in other ways – but to prevent minority groups and those trying to pull themselves out of poverty to save a dime is egregious. The economy can not fully recover if people are restricted from saving, and on the same hand spending. I think the economy will bounce back much quicker if the most vulnerable financial groups were not being gouged for every penny they have. 

                                  ^ Size doesn't matter..it's how you use it ^