Tag Archive for Bank of America

B of A = Bad guys of America

January 24, 2018 Comments Off on B of A = Bad guys of America

Yesterday’s post was on corporate generosity.  Today’s is on corporate greed–Bank of America’s.

If you are a Bank of America customer who, like many people, does NOT have at least a $250 direct deposit into your account each month OR you can’t keep a constant balance of at least $1500, you’re losing $144 a year.  B of A is now charging $12 a month if we can’t meet one of those conditions.  When we signed on for our free checking account, we met whatever criteria they asked us to meet.  Now they’re going back on their original agreement so they can rake in even more profits.  Yes, there is that fine print that says they can change the rules at their own whim, but bankers assured us that nothing would really change.

Maybe you don’t mind giving them that $12 a month.  Maybe it doesn’t hurt you.  But it does hurt seniors on fixed incomes, sick people who have to scrape together enough dollars to pay medical costs, single parents working two jobs to provide food and shelter for their kids–the poor and vulnerable among us.

That’s just not right.  Tell B of A it isn’t right.  Tell them they need to rescind that decision NOW.  I’m a lucky one because I have a direct deposit.  And I’ve been with B of A for decades.  I won’t be for long, though, if they don’t get rid of that unfair charge.

 

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A Taxing Situation, with a Bonus

January 16, 2018 Comments Off on A Taxing Situation, with a Bonus

AT&T will give one-time $1000 bonuses--and no wage increases–but to a maximum of 200,000 employees (how many will really get it, and will they be mainly everyday workers?).  Meanwhile, they’re laying off 600 workers (to start with?).

Comcast says it, too, will give %1000 bonuses, to “eligible frontline and non-executive employees.”  Sounds like the worker bees will be getting the money, but do they fall into the undefined “eligible”?

By the way, both AT&T and Comcast have already announced broadband and cable TV price hikes for us starting soon.

Others who have announced coming $1000 bonuses (without much detail) include Bank of America, Nationwide Insurance, JetBlue Airways and US Bancorp. Everyone is jumping on the bandwagon in light of their corporate tax cut from 35% to 21% under the new tax plan. These, too, are one-time bonuses, not the pay raises that proponents of the plan promised would result.

Then there’s Walmart.  They’re raising pay to $11 per hour and giving bonuses to some of its workers–and laying off thousands of workers as it closes 63 Sam’s Clubs.  And they’ve just announced layoffs at their Walmarts.

Note that these bonuses cost the corporations far less than pay raises would over time. This year, they’re a boon to the worker, although he’ll be taxed on the bonus, and a tax write-off for the companies. The following years the companies continue to enjoy their decreased tax burden, but what about the worker, who doesn’t see another bonus or pay raise?

Is this really a beneficial result of the new tax plan or actually a PR sleight-of-hand?

 

 

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