Elders can not afford to pay $15 a month, $180 a year, or $900 in five years for the privilege of having a checking account. Poor elders who cannot keep a minimum balance are charged $15/month by Sovereign Bank. Once our elders fall below the minimum amount, these $15 charges are forever, until the bank takes the balance down to $0. Once this fee begins one can never recover financially.
$15 a month is a fortune that our older adults could put toward phone, or electricity or water. Their Social Security income barely covers (if they are lucky) their rent, their utilities and basic living expenses. It is time we stop Sovereign Bank from depleting the accounts millions of our Nanas, Grampas, Grandmas, and Papas.
Our grandparents and great-grandparents need us to watch out for them with love, dedication, and in ways that prevent them from supporting the greed of a big bank, while every penny is needed for their own care.
This minimin balance, so-called Maintenance fee, is an outrage. Fixed income elders on food stamps (SSINF), SSI, Medicaid are never going to have enough money for a basic checking account with minimums imposed.
I am concerned for all elders, in particular for those without friend or family to stand up for them.
Sign on with me. Frankly, we need all of us together to stop this from continuing. One more month is another $15 from millions of responsible elders, paying millions to irresponsible bankers. The bank did not listen when I asked them face to face.
Please! Don't give them another month. For my dear uncle and for yours, Nicki Solomon