Exploitation of the proletariatReader comment on: Amalgamated Versus RiteCheck Submitted by Ellie Kesselman (United States), Aug 13, 2012 04:45 Future of Capitalism: First, you say that Amalgamated Bank of New York charges fees for
I had an account with Amalgamated. I was never charged a fee for my account, despite dormancy for years, and a balance of less than $50. SENDING wire transfers always costs money, at banks AND at check cashing services. Check cashing services offer Western Union or AmEx MoneyGram. Both are rather costly. Are you certain that Amalgamated charges to RECEIVE wire transfers? I would confirm that if I were you. Next, regarding number of branches. How many branches does Amalgamated have in total? Last time I checked, it was less than a dozen in all five boroughs of NYC. It is not surprising that there would be four in The Bronx. Amalgamated is not a large bank. However, Amalgamated Bank of New York is the ONLY union-owned bank in the United States. It was founded by, and for, the benefit of The Ladies Garment Workers. Of all banks to target, you have made a very poor choice! Amalgamated Bank of New York has existed for almost 100 years. It did not do what big money center banks did during the credit crisis, nor has it been untrue to customers. Finally, let's do some math and see who is correct, you or Mr. Moses Teitelbaum. You say that Ritecheck charges 1.91% with a $1.00 minimum. Okay, what is the minimum amount check would one need to cash in order to be charged 1.91%? In other words, If $1.01 is 1.91% of X, then what is X? 1.01 = 0.0191 * X X = 1.01 / 0.0191 = $53 Any amount less than $53 will be charged at a higher rate than 1.91%. That adds up quickly over time. Banks such as Amalgamated, particularly if one has a savings account, do not charge anything to deposit checks. Note: Comments are moderated by the editor and are subject to editing. Submit a comment on this article Other reader comments on this item
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