Exploitation of the proletariat

Reader comment on: Amalgamated Versus RiteCheck
in response to reader comment: re: moneyorders

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

"a dormant account, ordering checks and deposit slips, receiving wire transfers..."

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.

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Other reader comments on this item

Title By Date
Oh Amalgamated! [417 words]Ellie KesselmanAug 14, 2012 16:43
Common Sense vs. Belief -- It's the liquidity Stupid [81 words]Joseph ColemanAug 13, 2012 15:45
Double Skewering [20 words]John GillisAug 6, 2012 17:45
Check Cashers fear no bank [56 words]Ed RossAug 6, 2012 15:40
re: moneyorders
[w/response] [78 words]
Moses TeitelbaumAug 7, 2012 14:50
⇒ Exploitation of the proletariat [321 words]Ellie KesselmanAug 13, 2012 04:45

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