One of my favorite movies is “The Hustler” (the original with Paul Newman and Jackie Gleason). Mr. Newman played “Fast Eddie” Felson a hustler who wants to be a success, and his goal was to beat Minnesota Fats (played by Mr. Gleason). The movie is an intricate set of stories, one of which is the thematic premise about how to deal with your victims (patsies, marks, etc.,):
“Always leave a mark with some money in their pocket, that way they keep coming back”The Hustler
That is how banks have done it for years. They are finding new and more exciting ways to bleed some money out of you, but not so much that you decide to bank somewhere else (also, they are all doing it, your only other option is to put it in your mattress).
The scary part is that Insurance, Telecomm Companies and most service providers have gone to this model. Bleed out as many fees as they can, until you threaten to leave.
My opinion of the banks’ thinking in this area? Let me quote Fast Eddie from the Colour of Money:
“Money won is twice as sweet as money earned.”
They aren’t earning all this extra money, they are winning it off you.
These days, it is hard to find a service not attempting to extract extra service fees. Airlines, have gone berserk with fees, we shall see if COVID somehow reforms their fee lust.
Learn how the game is played, or you will get hustled.
This was originally written many years back, I have added a bit more to it.