By The Beacon's Editorial Board
As if being in your 20s during the country's current financial malaise wasn't rough enough, it's about to get tougher.
As average fees for both withdrawals from out-of-network automatic teller machines and bounced checks have hit an all-time high, banks are also beginning to abandon "free" checking accounts.
Bank of America is the latest culprit to say it will institute these changes. Beginning early next year, it will charge $5 a month for the use of debit cards. Wells Fargo and Chase are currently testing these fees in some states.
This increase in fees follows the Federal Reserve's regulation that caps fees banks can charge merchants for processing debit card purchases. In order to make up for these lost funds, the banks passed the cost on to their customers, many of whom are already struggling to make ends meet.
Perhaps, CEOs should forego their million dollar salaries instead. In a world where they already have it made, it's only getting harder for 20-somethings to catch a break.
The job situation is also difficult on parents saving for retirement who are now finding themselves having to support their kids into their mid to late 20s.
With protests such as Occupy Wall Street and Occupy Portland – nonviolent rallies against corporate greed, unemployment and the role financial institutions have played in the country's economic crisis – currently popping up around the country, things are about to get interesting.
So, get out there and do something!
Occupy Portland begins today at noon. Protesters are assembling at Tom McCall Waterfront Park (1020 Southwest Naito Parkway).
You can stand up to the bigger banks by switching to a local credit union. Or, contact your congressional representative and let them know that large corporations buying their votes on legislation that affects the working people is outrageous.
If something is not done now, it will only be a matter of time before it is too late. We may not have the money, but we have the masses. Whatever you decide to do, whatever your opinion, make your voice heard through non-violent protest.
