I’m a capitalist. I am not ashamed to say so. I think a capitalist, free market economy, is the best possible option for personal liberty. Here is an example where free market economy needs to be used to put a company in its place—preferably in receivership.
Bank of America has one of the worst reputations in the financial field. Stories of poor customer service and customer abuse are apocryphal. Now, they have gone another step in stupidity. It seems that there is a small portion of BOA credit card users who pay off their debt every month—a carrying balance of zero dollars. If there is no carry-over, there is nothing to charge interest. The result is that those card holders are making a short term loan for free as long as they pay off the charges on their next bill.
By Sandra Block, USA TODAYYou floss regularly, yield to oncoming traffic and use your credit cards judiciously, dutifully paying off your balance every month.
You may believe that your exemplary behavior shields you from unexpected credit card fees. Sadly, that is no longer the case.
Starting next year, Bank of America will charge a small number of customers an annual fee, ranging from $29 to $99. The bank has characterized the fee as experimental. But card holders who have never carried a balance or paid late fees could be among those affected.
The Bank of America deserves to be run out of business. Their executives and Board of Directors needs to be publicly identified and denounced by name and they need to be tagged to insure they never hold a similar position in the financial business again. Bank of America deserves a lesson in free market economics—when you piss off enough customers, they will leave you and your company will fail.
Most likely, BOA will crawl to Obama with their hands out. Idiots.