While the multi-trillion dollar banking enterprises deemed "too-big-to-fail" have been earning non-stop, decade-spanning criticism for their deliberately subversive and dangerous investment strategies, the Consumer Financial Protection Bureau released a report today detailing how the same institutions also rob and betray their customers at the retail level.
"[Overdraft fees] generated about $32 billion in revenue in the U.S. last year, according to research firm Moebs Services Inc.
The larger the bank the more onerous the fee.
Those considering taking their deposits out of big banks had better hurry! The number of banks nationwide has decreased by almost 50% over the last 20 years. Meanwhile the assets controlled by the finance industry writ large has grown to more than half the size of the entire US economy.
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