ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Big Banks Are Getting Out of Touch

Updated on December 8, 2017
William F. Torpey profile image

Graduated NYU in 1964. Worked in NYC for 2 years in public relations then as reporter and editor before retiring from The Hour newspaper.

What a Run on a Bank Looks Like

The Bank I Use Today

If you ask me, bigger is definitely not better!

Anybody who has a checking account -- and that's virtually all of us -- or anybody who reads the business pages of his daily newspaper, is aware of our country's "merger mania."

The growth of business may be good for business moguls and the stock market, but for the rest of us it's "the pits."

Job Lost to Technology

I am not even referring to the disruption, and grief, brought about by the massive layoffs of the last decade, or the unhealthy breaking up of families who find themselves living hundreds of miles from their sons and daughters or fathers and mothers. Neither am I including those who lost their jobs to technology, computerization and the Internet.

If you listen to the moguls, virtually every industry must consolidate or fail. Sure, you can start off small, but you'd better grow year after year if you want to compete, otherwise the competition (by acquiring smaller rivals and compatible businesses) will grab "market share" and leave you in the lurch.

An Assault on Your Wallet

You can see the results in virtually every industry. In entertainment, for instance, you now pay cable television for what you used to get free on television, and if you want to see a movie, just empty out your wallet or purse. In sports, you may need to save up for weeks just to take the family to see a ball game.

If we had space here, we could discuss what we used to call monopolies, like the giant telephone companies, the oil conglomerates, the auto industry and, now, the fast-growing, multi-billion dollar companies that are paving our way to the information highway. If we're not being overcharged by these companies, how is it we've made so many of their executives millionaires -- or, rather, billionaires.

The banking industry provides an excellent example of the arrogance and anti-consumer philosophy of the giant conglomerates. I've only had a few run-ins with my bank over the years, but the difference of opinions isn't what bothered me -- it was the arrogance of its employees.

Out of Touch Executives

I say employees, not executives, because -- you may have noticed -- the bank's executives are not reachable. I tried their email and even went to the main branch, but they refused to give me the name and telephone number of any decision-making executive. They said the president was in the Carolinas.

I've been with the same bank, believe it or not, for 41 years -- that is, I haven't changed banks, but the banks have changed me about five times.

State Panel Sides With Bank

Years ago the bank offered me a "payment holiday," but when I turned in the payment slip it was never recorded and I wound up paying extra interest. Then, when I objected to being forced to buy the checks the bank sells, I was told I had no choice -- and the state Banking Commission (in Connecticut) backed them up.

In the last few weeks my objections to being forced to pay for deposit slips (they don't give you enough to begin with) were rebuffed at every turn. I did get some slips free, but with a warning: No more after this!

I am looking for a bank that will treat me like a customer. Is that too much to ask?

I wrote this column as a "My View" for The Hour newspaper of Norwalk, Conn., on June 26, 1999. I now write my views on a wide variety of topics on HubPages.

Are Big Banks Better Than Small Banks?

See results

President Roosevelt Explains the Need for a Bank Holiday

Comments

    0 of 8192 characters used
    Post Comment

    • William F. Torpey profile imageAUTHOR

      William F Torpey 

      5 years ago from South Valley Stream, N.Y.

      Sorry I didn't pick up on that, d.william. We're definitely on the same page.

    • d.william profile image

      d.william 

      5 years ago from Somewhere in the south

      Thanks for the link, and my apologies for the confusion surrounding my questions. They were strictly rhetorical. We know how, why and who the responsible parties were, and also that the current congress will never do anything to tick off Corporate America by attempting to alleviate the problems they have created for the American people.

    • William F. Torpey profile imageAUTHOR

      William F Torpey 

      5 years ago from South Valley Stream, N.Y.

      It's a little complicated, d.william, but the explanation lies mainly in the re-interpretation of the Glass-Steagall Act (The Banking Act of 1933) that took place over time -- in the '60s and the late '90s. In essence, they let the investment firms use our bank deposits for their speculation. That has resulted in disaster for the economy. Here's what Wikipedia says: http://en.wikipedia.org/wiki/Glass-Steagall_Act

    • d.william profile image

      d.william 

      5 years ago from Somewhere in the south

      Great article. I will never understand how this government has allowed the re-growth of monopolies in this country. When they were forced to break up years ago the economy thrived and grew. When did those regulations change, and who was responsible for the de-regulations?

    • William F. Torpey profile imageAUTHOR

      William F Torpey 

      10 years ago from South Valley Stream, N.Y.

      Thanks for the comment, ColdWarBaby, and thanks for the links. I'm visiting in Maine this week, and I'm using a library computer today, so I'll be checking out those links ASAP.

    • profile image

      ColdWarBaby 

      10 years ago

      Your first sentence says it all!

      As to what's coming.

      http://www.financialweek.com/apps/pbcs.dll/article.../20080714/REG/436047405

      http://thebankwatch.com/2008/05/29/us-banks-likely...

      http://www.dispatchpolitics.com/live/content/natio...

      This is just the tip of the proverbial iceberg.

    • William F. Torpey profile imageAUTHOR

      William F Torpey 

      10 years ago from South Valley Stream, N.Y.

      When I was a kid, MrMarmalade, we used to say, "The bigger they are, the harder they fall," an old boxing expression. But this applies to banks as well. The big banks apparently behave in the same way wherever they're located. They'll squeeze every nickel they can out of you, whenever they can. Thanks for sharing your story.

    • MrMarmalade profile image

      MrMarmalade 

      10 years ago from Sydney

      We have four major banks

      2nd biggest took over 5th and is now the largest.

      They let their new acquisition put interest rates. To see what our reaction would be. None

      Guess what they put up their own interest rates. Ha Ha!

      Had credit bank fraud some years ago for $AUD1,500.00 Proved my point, went to thew police. After 100 days the bank paid me the money back.

      Their excuse I was only their client. The offending party was a merchant.

      Good one Ned!

      Thank you a timely hub into day's world

    • William F. Torpey profile imageAUTHOR

      William F Torpey 

      10 years ago from South Valley Stream, N.Y.

      True, Bob, but they're getting worse all the time. Maybe that's why we've a couple of big bank failures recently -- and there may be more coming!

    • profile image

      Bob 

      10 years ago

      Bill.... The BIG banks have always been out of touch.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)