Sunday, October 16, 2011

Exploitation in Online Banking

This is an interesting article from the New York Times about how new banking technologies such as online bill payments have effectively trapped clients in the system without a way to avoid unnecessary fees. By lumping together services like credit cards, mortgages, and mobile phone payments, banks make it extremely difficult for their customers to move all of those accounts to a new bank. On top of that, many banks are imposing fees comparable to Bank of America's monthly $5 credit card fee that are not worth the extra time and effort for customers to avoid. Overall, this article provides an intriguing example of corruption and exploitation in the banking industry and how banks are taking advantage of Americans' demand for simplicity (through online services and the like).

Online Banking Keeps Customers on Hook for Fees

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