Why aren’t savers marching on their local banks and demanding better rates?
I suspect it’s because we don’t have anyone to get us organized and out the door.
Foreclosures are an easier, more emotional topic to get up in arms over.
Many left-leaning community, religious and labor groups have been organizing protests about the way banks are treating families who fall behind on their mortgage.
I went to one last week to see what it was like.
About 100 protestors gathered in front of the Bank of America building in Chicago before taking their bullhorns right into the ornate lobby.
Once inside they shared horror stories about how it took years of dickering and bickering to get unaffordable mortgages modified or refinanced.
“We have families being put out of their homes,” the Rev. Charlotte Dott of Bloomington, Ill., told the crowd. “Families that Bank of America could work with.”
“That ain’t right!” the crowd called out. “That ain’t right!”
Well, it ain’t right that the banks, fully aided and abetted by the Federal Reserve, aren’t paying a fair market rate for our savings.
Would waving signs outside their doors change anything?
Savers are the forgotten victims of the financial crisis and recession.
When I asked Bank of America for a response to the foreclosure protest it quickly dispatched an entire page of talking points that touted all of the steps it’s taking to keep families in their homes.
Example: The bank has now completed a total of more than 650,000 modifications through all available programs since January 2008, including an industry-leading 72,000 completed modifications through the government’s Home Affordable program and nearly 560,000 through non-government solutions.
But I can’t recall the last time anyone at the Fed or the banks even acknowledged the pain they’re causing all of us who worked hard, saved our money, and now earn next to nothing for the effort.
By deliberately driving interest rates to the record lows they’re hurting everyone from parents putting money aside for their kids’ education to retirees living on Social Security and the meager interest from their savings.
What do we have to do to get a little attention?