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posted by martyb on Friday November 13 2015, @07:16AM   Printer-friendly
from the better-compensated-workers-makes-many-people-happy dept.

The Center for American Progress reports:

In August, New York-based Amalgamated Bank announced it would immediately raise its minimum pay to at least $15 an hour.

The bank, which is owned by the union OPEIU (Office and Professional Employees International Union), came to the $15 wage floor in the midst of contract negotiations with the union. The contract also specifies automatic 3 percent increases each year.

[...] "Morale in our bank is just great after this" [said CEO Keith Mestrich.] He's even heard from potential customers who say they have sought out the bank after the announcement.

[...] But the bank isn't satisfied to make its own changes. It also wants to change the industry. A recent report from the National Employment Law Project (NELP) found that bank tellers, the most common job in the financial services industry, make a median wage of just $12.44 an hour; and three-quarters make below $15. That means that about a third of bank tellers rely on some kind of public [assistance], such as Medicaid, food stamps, or the Earned Income Tax Credit, to get by. Many who work in customer service, maintenance, protective service, and production also make below that wage.

[...] Amalgamated has launched a campaign to get a $15 minimum wage--a level that has already been passed in cities like Los Angeles, San Francisco, and Seattle--and encourage all other banks to adopt one in their own businesses. It also recently sent a letter to other banks urging them to adopt other practices that it calls "principles of responsible banking" such as ending the intense opposition to regulation, advocating for policies that would help customers, and embracing corporate transparency.

I hope you have your bloat blockers engaged before clicking the links to the bank's site.


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  • (Score: 0) by Anonymous Coward on Friday November 13 2015, @04:27PM

    by Anonymous Coward on Friday November 13 2015, @04:27PM (#262721)

    Yes they have a fairly cake job. Basically break bills down. Count down the 'change jars'. Do the occasional deposit. Open accounts for new customers.

    I usually use them with deposits. My bank likes to rearrange the menus on the ATMs about every 3 months and make the menus quite the labyrinth. Then relabel my accounts as checking 1/2/3. So I go in and get it done correctly first time. If I had 1 account it probably would not be a big deal. But apparently since I have a savings and my wife has a checking they all need to be shown to me in random order.

    But their *real* job is to sell other products, loans/IRAs/deposit boxes, etc.

    Also many local businesses use them as it is easy to show up with the days take in cash and just get it counted down correctly and deposited. Try jamming 6 kilos of change that thru an ATM...

    Have not had anyone give me cash in awhile. So I have not been in there in probably a year.