Wall Street Banks Extract Enormous Fees From The Paychecks Of Millions Of American Workers
By Michael Snyder
July 2nd, 2013
Would you be angry if you had to pay a big Wall Street bank a fee before you could get the money that you worked so hard to earn? Unfortunately, that is exactly the situation that millions of American workers find themselves in today. An increasing number of U.S. companies are paying their workers using payroll cards that are issued by large financial institutions. Wal-Mart, Home Depot, Walgreens and Taco Bell are just some of the well known employers that are doing this. Today, there are 4.6 million active payroll cards in the United States, and some of the largest banks in the country are issuing them. The list includes JPMorgan Chase, Bank of America, Wells Fargo and Citigroup. The big problem with these cards is that there is often a fee for just about everything that you do with them. Do you want to use an ATM machine? You must pay a fee. Do you want to check your balance? You must pay a fee. Do you want a paper statement? You must pay a fee. Did you lose your card? You must pay a big fee. Has your card been inactive for a while? You must pay a huge fee. The big Wall Street banks are systematically extracting enormous fees from the working poor, and someone needs to do something to stop this.
The truth is that most American families need every penny that they earn. In America today, 53 percent of all workers make less than $30,000 a year.
It is hard to do everything that you need to do on less than $2,500 a month. If you doubt this, you should try it some time.
That is one reason why the fees that the big Wall Street banks hit payroll card users with are so insidious. The following is a short excerpt from a recent CNBC article about this phenomenon…