The P.A.

A weekly address from Patrick Adams,
President of St. Louis Community Credit Union

More Fees, More Pain

On June 1st, 2009, posted in: Uncategorized by

Uh-oh. Because some banks have had trouble making ends meet due in large part to tough economic times, change is coming. What kind of change? Well, how about the idea that the banking industry is getting ready to dry up some red ink by reaching a little deeper into your wallet.

Now before we go too much further, let’s understand something. Headlines in the local paper about “tough economic times” are not the exclusive domain of banks. Regular folks are hurting too – big time. Jobs are being lost. That leads to house and car payments being missed. Missed payments lead to repossessions and foreclosures. You get the idea – lots of pain. Here might be a headline: “Paycheck to Paycheck…Real Folks, Real Problems.”

The last thing these real folks need to happen (as gas prices head upward for the summer) is the bankers jacking up their checking account fees. Well, that is exactly what’s getting ready to happen. The USA TODAY ran an article late last week. The emphasis in the newspaper clip focused on banks raising checking account fees. The words “punitive,” “squeeze,” “struggling,” and “gouging” are used in the report. Why don’t more people realize that you don’t have to take it? You can avoid being subject to such a fleecing.

Here’s an idea: vote with your feet. You have an option. St. Louis Community Credit Union comes to mind. I’m not aware of a single financial institution anywhere that doesn’t charge some sort of fees, but now is not the time to ring the cash register at the consumers’ expense. Tell your friends and family that there is a better option than a good ol’ fashioned whoopin’ at the expense of a bank’s need to pad their stockholders’ pockets.

Banks act in the interest of their shareholders, not consumers. It’s really that simple. St. Louis Community Credit Union acts in the interest of YOU. That’s the difference. And the distance between our business model and theirs could not be farther apart.

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