Letter to the Editor: If the Label Fits …

To the Editor:

In reference to "Utah Group's Ads Touting Bankers' Community Role" [Feb. 22], I would like to suggest that bankers must remember that the first step to being seen as something other than "fee-grubbing, parasitic, and greedy" is to stop being fee-grubbing, parasitic, and greedy.

The current practices of raising ATM fees to $3 a pop, assessing whopping NSF and overdraft fees on supposedly "free accounts," clearing checks "high to low" to maximize NSF and overdraft charges, offering tricked-up mortgages underwritten at "teaser rates" instead of fully indexed rates that drive homeowners into foreclosure, and capriciously changing terms, rates, and fees on credit cards are clearly indicative of businesses which are fundamentally fee-grubbing, parasitic, and greedy.

The answer to the image problem is a simple one. Revive the guiding principle of "fair and reasonable" in programs, policies, and pricing that was traditionally a hallmark of community banking before Wall Street replaced Main Street as banks' primary constituency.

To think that advertising can change a consumer perception which is reinforced with each ATM withdrawal, bank statement, and credit card bill is classic insanity.Jim Wells
President
Wellspring Consulting International
Fort Lauderdale, Fla.Editor's Note: The author's company develops financial products and services for low- and moderate- income consumers. Its clients include banks and nonbanks.