To The Daily Sun,
As we watch the issues with Wells Fargo, I am reminded of an episode last year when I reached out to my congressman to express an opinion regarding banks and their fees. These days, bank fees are a way that banks make money.
If you overdraw your checking account by $4.50 at a McDonald's because you forgot to write down a check you'd written, your bank can charge you a fee of between $30 and $40 depending on the bank. Now if you have a overdraft line of credit, you pay interest. If you use your own savings account as a buffer, many banks will forego the $35 overdraft fee and charge you a transfer fee of $10. Want to send money to your daughter in college? A fee of between $3 and $7 each time. If you mail a check to a creditor, and that check gets lost in the mail and you decide you want to stop payment on it? Well then you are out another $25 to $30.
So when I called Congressman Guinta's office and explained my concerns, they took the information down and promised to get back in touch with me. Soon enough, I had a call from a staffer who told me they'd discussed the issue with the congressman. The congressman supposedly said, "Banks have every right to make a profit when you make mistakes." And that right there is the deregulation mindset that has given us the kind of banking situations we currently are forced to endure. I don't agree that banks should be allowed to freely charge you any number of fees in order to meet a bottom line.
For this reason (and many, many others), I'll be casting my vote in November for Carol Shea Porter. Because supply-side economics doesn't work and the GOP only seems to know just one way. Because the only reason we have a middle class is because of regulation of financial markets, and we need to get back to the business of having a solid and financially healthy middle class. Because my money is hard earned and having it taken by a bank as a fee for a service that is mostly done via computer code is unreasonable. And finally because Congressman Guinta has a history of playing fast and loose with other people's money.
Please join me in supporting Carol Shea Porter for Congress representing New Hampshire's 1st Congressional District and help to rebuild our middle class.
- Category: Letters
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