Some links that will get you ready for the coming weekend:
Many of the biggest banks have begun to backtrack on their announced debit card fees. The banks had planned to charge between $3.00 and $5.00 to use debit cards for purchases. Wells Fargo continues to test the fee in five states, but JPMorgan and Citigroup have cancelled their plans. Be sure you know your bank’s policy as they yet again try to gouge unsuspecting consumers for whatever they can take.
In related news, Smart Money reports on increased incentives to switch banks. While Bank of America and Wells Fargo levy debit card fees (really, guys?), and other large banks charge for checking accounts, banks — especially smaller banks — are sensing a window of opportunity. Maybe Adam Smith’s invisible hand will lead depositors to the straightforward, honest banks, forcing the larger banks to follow suit.
The United States isn’t the only country where executive compensation continues to rise at an absurd rate. Great Britain has similar national statistics – executive compensation is growing at a rate three times the growth rate of companies’ share prices – and their economy is doing no better than the United States’. (Maybe a hint for the "Occupy" protesters, who have been criticized for "lacking direction"?)
Assisted by David Martin