RF Productions

OPEN LETTER TO THE BOARD DIRECTORS OF BANKS IN AMERICA

By Von Rommell G. Fernandes

Dear board of directors ,

I would like to know if you gentleman would accept to pay a fee, a small monthly fee, for the existence of a bakery in the corner of the same street where one of your branches are located. If you prefer you can pay the fee toward for the existence of a gas station, pharmacy, supermarket or any other essential services of day-by day.

It would work like this: Every month, you gentleman and all other users would pay a small maintenance fees for these services (bakery, supermarket, mechanic, pharmacy etc). However this fee it would not guarantee any extraordinary rights to the payer. The fee will exists only for the purpose to enrich the owner under the allegation that it serves to maintain a high quality service.

For any product acquired (bread, medication, some gallons of gas, etc) the user would pay the market price, in some cases depending on the type of product it would cost a little more. So what are you gentleman think about?

Well, yesterday I left from your bank branch with the certitude that you gentleman would concord with these fees. Just for question of justice and honesty. My certainties derive from a simple thought.

Lets see the following scenario:

I go to the bakery to buy bread. The baker gives me a friendly greeting. He sells me the bread, charges me the wrap for the bread, like every other service…. Furthermore, he charges me a fee. A "fee to have access to acquire the bread, another fee to keep the bread warm and finally a fee for open the bakery. All of this with a lot cordiality and a lot professionalism, of course.

Making a comparison that maybe the bankers would not agree, that was exactly what happens to me with your bank.

I had financed a house. Or better, I bought a product from your business. You gentleman charged me the market price….

Just like the baker charges me the market price for the bread. However, different from the baker, you gentleman did not satisfied just by charging me for the product that I bought.

To have access to the product from your business, you gentleman charged me for a "fee to open a credit line" equivalent to that hypotactic fee to access the bread, which you gentleman certainty would think it is an absurd and would refuse to pay. Not happy, to have access to the bread, I mean to the financing, I was obligated to open an account to your bank. For that to become possible, you gentleman charged me a fee to open an account. Likewise it is only possible to do business with you gentleman after open an account, this "fee" it would be similar to the fee to open the bakery, after all it is only possible to conduct business with the baker after open the bakery.

Many years ago bank loans were possible to get only after some unscrupulous managers charged an outside fee, which he kept for himself. Now I have the impression that the bankers resolved to anticipate those unscrupulous managers. Now instead of "an outside fee" we have many "inside".

Recently I went to an ATM machine to pull an account balance, the only one of the month and you gentleman charged me a fee of $2.00. Looking at my receipt I discovered another fee charged of $5.00 for maintenance of account, similar to that fee for the existence of the bakery on the end of the street. And the surprise didn’t end here: I found another fee charged of $10.00 for each month, a fee to maintain a limit in my account, which doesn’t give me any special rights. If I use the limit I have to pay interest (prices) the higher fees in the world. Similar to that fee for keeping the bread warms. But you gentleman are insatiate. The friendly teller gives me a flyer with information that your institution will be charging me for every and any transaction I do outside your bank.

Cordially, retribution for such kindness, I would like to alert that you gentleman forgot to charge me for the air that I inhale when I was inside the building where your bank is located.

Please explain to me a doubt that I am having: Until now I don’t know if I took a loan or if I sold my soul?

After I pay the appropriate fees, maybe you gentleman will respond informing, very cordial and professional, that a bank service is very different from a bakery. That your responsibilities are so big, that are innumerable government exigencies, that the business risks are elevated etc and all.

Moreover that everything that you are charging are properly cover by laws, regulated and authorized by the Federal Reserve Bank.

I know all that, also I know that are insurance and legal guaranties that protect your business from any and every risks.

I suppose the risks of the bakery, which can’t count with the same, influence power from you gentleman, are way more elevated…

I know these fees are legal, but also I know they are immoral. In addition that they are protected by laws, you have to agree that these fees are abusive!?

So lets send this message to as many people you know. Lets send this message to the people who make these laws in Washington so they know we aren’t as stupid as they think we are and that they are wrong to abuse from us taxes payers who pays for their salaries!!!

Please stay tuned for my next essay; The Mafia inside and among the motor vehicle, insurance companies and local courts!

Keep your hands out of my wallet!!