The Problem With Banking
Why do banks need to charge fees when they’re already making money lending out our balances?
In 2016, banks made around $33 billion from unwitting consumers through overdraft fees, according to the Wall Street Journal. That’s around enough to fund Trump’s proposed border wall, according to moderate estimates. Quite a price to levy on your loyal customers, isn’t it?
Don’t you think the concept of bank fees is ridiculous? It’s like the bank’s saying, “Pay me money to get access to the money you have.” What’s even more infuriating is that most people seem to begrudgingly accept this outcome.
Can you imagine lending some money to a friend to keep safe and then having them turn around and say, “You know, its been a bit of time, I think I’m going to hold your money hostage until you pay me a fee.”
If this sounds ridiculous to you, why should we allow banks to get away with it, is it just that it’s too much of an effort to alter the status quo? If you think about it, the real reason seems to be that people simply don’t care enough, and that’s exactly what these financial institutions intend to take advantage of from a psychological perspective.
