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The banking industry has proven once again that it is a capitalist machine that will work toward increasing revenue and disregard those it is meant to work for.
On Feb. 22, the Obama administration finally took steps to rein in predatory practices by banks and credit card companies. Did they go far enough? Probably not.
The taboo of small, inconvenient and unknown local banks and credit unions will soon disappear with the rising trend of many Americans moving their savings out of large “Too Big to Fail” banks and into smaller community banks.
Banks have always been a person’s best friend, or worst enemy. And lately, banks have not been enjoying the limelight during the economic recession and the public’s ire at being bailed out while other industries were left to go bankrupt, leaving the banks to reassess many of their policies that, while it benefitted them during the economic boom, now are dragging them down, such as overdraft fees. Bank of America is one of two banks that have been in the news lately for reducing overdraft fees, along with JPMorgan Chase.