Ethical Norms

Psychology of Mobile Payments First, I would like to start off by talking what is ethical norms. ethical norms are a guideline for companies and businesses to follow to have good behavior and for them not to do anything bad to their consumers or employees. There are three ethical norms that companies or businesses must know. The first ethical value is Do no harm, which means try to avoid in any action that will lead to hurting others. The second ethical value is Foster Trust in the marketing system, which means just have trust in the process of marketing. The last ethical Norm is Embrace ethical values this is where the companies or businesses must build relationships and Trust with their consumers. There are six ethical values the company's

Banks started offering consumers $100 to $200 if the consumer open a new account with the bank or possibly more if the consumer opens premier Plus checking account which needs certain amount of money deposited. Banks offer money to try to attract consumers who are trying to switch to other Banks. The banks are also trying to tag consumers who are looking to open a credit card or a mortgage. The article also talks about how banks that offer free cash isn't free money. When a consumer signs up with a bank. The bank can charge the consumer an overdraft fee and an average fee each month for the checking account. The banks can’t get rid of those fees that's why the only reason they offer bonuses such as free money. In the short-term the free money might sound good but in the long term the consumer will end up paying more. The banks also have consumers signs contracts that will make it hard for the consumer to leave the bank and adding exit

The banks have a habit of tricking the consumers into sign in a contract with them. The banks are never honest with the consumers because the banks try trick the consumers with free money to sign up with them without telling the consumers what they are getting themselves into. The bank's also show no fairness and respect to their investors and customers by lying to them and making fake ads by offering free money while in the end the consumer ends up paying more and making contracts that makes it harder for the consumer to get out of. I do not believe in their ethical values the banks will always try to make money off their consumers without knowing who they are hurting. Throughout the years there has been news of banks tricking people and nothing had happened such as the 2008