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Barbara Sealy's avatar

Sadly it is an opportunity to make money on those who don't have enough to keep a high balance in their checking account. It is also a way to make money on those who choose to pay them monthly not to have this happen-$5 per month for protection from this sort of thing. Another example of how those with a lot of $ avoid those silly little expenses like interest payments over time, student loans, mortgages, etc. What a world!

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mike parwana's avatar

President Biden announced a crackdown on “junk fees” like this, but the earliest known recorded laws of Urukagina, king of Lagash in the 24th century BC attempted similar reforms. The earliest (known) recorded laws against usury date to 7th century BC India but similar laws were written into texts of most or all of the major religions in ancient times. Zoroastrians, or perhaps more properly Ahura Mazda worshipers, recorded (or rather chanted - because the Avesta was an oral tradition) the most basic of legal objections as the breaking of a contract because, after all, breaking of a contract is a form of theft. Banks, along with most other modern businesses that make you accept page after page of small-type legal conditions in order to conduct business with them, would have their lawyers argue that they did not break a contract, but I’m sure Zarathustra would have them lashed for violating his basic call for “good thoughts, good words, good deeds.” Usury and “junk fees” amount to theft by a different name. Moses brought down 10 Commandments and nearly all of them amount to admonitions against specific forms of theft. A lie is theft of truth, murder is theft of life, etc. But the high priests of our society in temples of Wall Street have spoken, “the Investors are the highest gods, your Individual Retirement Account places you among the Investors like the stars in the sky, Profit is a tribute to our lords and is therefore inviolable. Blessed be the Investors.”

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