Learn English Lesson #2 (Read + Speak + Study Questions)
Banks are experiencing declining revenue amid lower demand for loans. Decreased revenue is flowing through to the bottom line; profits at most major banks are down significantly. To offset the poor business performance, banks are instituting new fees for mundane services such as bank statements, accounts and even the use of bank tellers. Consumers will find these measures absurd and expensive. Many people will have to close all of their bank accounts except one in order to reduce their monthly costs. Already faced with the high cost of living and anaemic job market, Americans are not welcoming these new fees. But what is driving the fee increases? Did the banks not receive enough taxpayer money? Looking closer into the matter reveals that the new financial reform bill is putting more rules and restrictions on banks that then must pass on the cost to their customers! Questions: What are banks doing to offset reduced profit? Banks are charging new fees to customers. What is the financial situation of consumers in America? The financial situation in America is characterized by few jobs and high cost of living. Why are the new fees being implemented? The new fees are implemented due to the new financial reform bill and reduced profitability.