Letter: Time to bank locally

The federal government has found that J.P. Morgan Chase, Bank of America and Wells Fargo have been "miscalculating incomes" provided by the public. Consequently, they will no longer be allowed to partake in the lucrative business of providing paperwork for loan modifications.

These banks received from our government in excess of $1,000 for each modification they entertained. The employees of these banks were allowed to modify less than 25 percent of the applications they received. This extrapolates to $2,600,000,000 paid by the public in a three-month period with little or no benefits.

Why should they be allowed to stay in business? Remember, Al Capone went to jail for much less.

Suggestion: People should transfer their accounts to local banks or credit unions. Local banks and credit unions should be given first right to meet banking needs. It is time the American public took a stand.

Philip Treanor

Yuba City