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Let’s send a big message to our banks

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Should we allow banks to charge us fees at all? What if consumers decided to turn back the clock for a day to the era of huge overhead expenses for the banks? Instead of using their debit card at a store, what if they went to their bank by the thousands to hand-cash a paper check? Providing live tellers to process paper checks cost the banking industry billions of dollars before making the switch to electronic checking (i.e., debit cards), a process that could only be achieved with our full and willing cooperation. Every time a person walks into a bank to hand-cash a paper check, the bank loses money on the transaction. If the bank wants us to save them these expenses, they should compensate us with free services in return – the whole point of banking is for us to give them our money so that they can lend it to others at a profit, not charge us fees to use our money. This sort of response – taking responsibility for our cooperation – would send a powerful message to the entire global banking industry that the consumers are in charge of fees, not the boards of directors. Patrick Mooney, Auburn