Tuesday, November 1, 2011
So Bank of America is, it seems, not going to charge poor people 5 dollars a month for a service that costs the bank next to nothing. The NYT describes this as a retreat in the face of concerted opposition. It sounds to me like a bunch of nothing. The retreat comes when BoA does something, I don't know, good like proposing capping the swipe fee at cost plus 2% and lowers its CEO's and all execs' "compensation" by 50% while increasing tellers' by 50% and, while we're at it, lobbying for a living wage and debt jubilee.