Which Bank Is the Worst? Redux.
Gary Rivlin reacts to readers’ votes yesterday asking which is the worst bank of all.
Five big banks to choose from, a raft of odious acts by each as laid out in this piece I wrote for The Daily Beast – and yet Bank of America wins our
#TheWorstBank contest on Facebook running away, taking 3 in every 4 votes cast. After researching the bad acts of each of the five biggest banks (BofA, JPMorgan Chase, Wells Fargo, Citi, and Goldman Sachs), I was ready to declare Wells Fargo my “worst,” with JPMorgan Chase and Goldman in a close tie for second. But then I was basing my opinion on factors like bid rigging and abusive race-based lending and illegally foreclosing on military personnel — and not on a bank’s checking and debit card policies, like many people were apparently doing on Facebook and Twitter given their comments.
A moot point, though. My apologies for not including an ‘all of the above’ button. As a Twitter voter named Gary Griffith wrote, “picking the worst bank is like trying to choose between which terminal illness you want.”
News this morning is that big banks JP Morgan, U.S. Bancorp, Citigroup, PNC Financial Services, and KeyCorp are all backtracking on their proposed debit fees. Not Bank of America, though.