Today is the anniversary of Occupy Wall Street. Time to remind people some of the key aspects of what we are fighting for.
One of the main things is the big banks in America are largely responsible for the economic conditions we now face. And they were allowed to do this thanks to the Republican-led deregulation of banks.
But the money that goes into these banks is our money. So the obvious thing is for us to move our money OUT of the predatory lenders and into options that serve our communities better.
We are all angry at the big banks like Bank of America, Wells Fargo, Chase and Citibank because of their predatory lending practices, terrible customer service and greedy, selfish politics and business practices. Basically these banks and similar ones have screwed working class and middle class Americans and made a profit off our suffering. Then they got bailed out with OUR tax money when their lousy business practices and predatory lending hit them in the ass. These banks got us into the economic mess we are in and the CEOs of these banks took America to the cleaners and have been reaping the profits while we suffer foreclosures and tough times. And the fees they charge are insane!
I should note that according to Green America's Responsible shopper, the two worst banks in America are Bank of America and Citigroup. Bank of America and Citigroup, are also are two of the top ten tax dodging companies in America. They love to take our tax money, but hate to pay their fair share. If you have any accounts or credit cards with these two banks, I highly suggest switching. These two banks, along with Chase, also get by far the most customer service complaints to the Comptroller of the Currency. Here is the list from 2009 of complaints received:
Bank of America: 7,230 complaints (25.5% of total)
J.P. Morgan Chase: 4,890 complaints (17.3%)
Citigroup: 3,742 complaints (13.2%)
Wells Fargo: 2,695 complaints (9.5%)
HSBC North America: 1,963 complaints (6.9%)
Wachovia: 1,265 complaints (4.5%)
U.S. Bancorp: 1,027 complaints (3.6%)
National City: 586 complaints (2.1%)
The Royal Bank of Scotland Group: 537 complaints (1.9 %)
Key Corp: 343 complaints (1.2 %)
I would say, even taking size into account, Bank of America ranks the worst by pretty much ANY standard. And there are better options. read more »