Letters to the Editor, Mar. 28

The American public is fed up with banks

Never mind the gridlock in Congress, a body that “we the people” put in place, which if truth be told seems to be all about I, I, I, Me, Me, Me, or My, My, My…this potential revolution that I am starting here, has to do with banking.

Banks were saved by the American taxpayer! Having had everything to do with their potential failures, the exalted top figures proceeded to give themselves bonuses as soon as our dollars made the banks stronger.

Let me give you a few examples of what seems to me criminal behavior, which used to be called usury.
Shop around and see what interest banks are offering on your money (CDs, money market, checking) that should not be at risk. Pathetic!

Open a credit card at Saks Fifth Avenue or Lord &Taylor, for example, cards which banks manage, and you will find an offer to “lend you money” for purchases at starting rates of 23.99 percent and 25.49 percent!

On the other hand, if you are fortunate enough to have an American Express Card and you charge and pay back over a certain amount, you get back 5 percent on certain purchases. (Charging pays more than saving!)

Things are upside down. The examples I have given are just forthe American public to start thinking about. I have been told of people missing one credit card payment and their interest rate going up to 29.9 percent! And then have heard payment rates being as high as over 30 percent!

Why are banks regulated by the Fed to keep rates so low, causing customers who support the banks to get royally ripped off (to put it nicely, but you know what I mean) and then Congress allowing banks to charge these outrageous usury rates to people, using our money?

Now banks want you to put money at risk and charge you a fee when that is not the intent of most of their customers. “Certain” moneys need to not be at risk and that is what banks were intended to protect. Because of their incompetence (and greed) “they” are trying to change the real purpose for their being.

If banks cannot figure out how to make a bigger profit with our money, not rip people off on both ends – 1) the ones who are saving and being offered ridiculously low rates, the lowest ever, and then 2) ripping off the public who can least afford it, with these usury rates (up to 30 percent) – we need more competent bankers and laws need to be changed! Fair laws would be a start.

We the people are allowing this! I want a revolution in banking to benefit the people! And better bankers!

Kay Vota, ST

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