Lets see what happens when we pull all of our money out of their banks.
“Lets see what happens when we pull all of our money out of their banks.”
You are free to do so, but how are you going to pay bills then?
I have been a member of a locally owned and managed Credit Union for 30 years and have not had to deal with a bank for a long time. I even have a large credit line with them so that I do not have to get “loans” from a bank.
Our checks are automatically deposited. If they do this I will walk in and withdraw every penny every time a check goes in. They will not have the use of our money.
The banks are not the culprit here. This is the (Dick) Durbin amendment to the Dodd-Frank Wall Street reform bill.
The bill, because of huge lobbying and contributions from retailers, limits debit card per-swipe merchant charges to 12 cents. The average swipe charge in the formerly free market was 44 cents. Debit swipe fees were for many banks the second largest income stream, behind only loan interest. Any private sector entity that has its revenue tampered with by the government has a right to seek to replace that revenue elsewhere, in my view.
The state of Minnesota announced it is challenging the constitutionality of this law yesterday. Ironically Target, one of the leading whiners that brought us this intervention into the marketplace, is home-officed in Minneapolis. So we'll see where this goes.
Banks would be stupid to do this. It costs more to process a paper check on a per item basis than to process and electronic transfer.
Probably not all that much. Big name banks like Morgan/Chase and Bank of America make their money from their corporate customers. They would just as soon see Ma & Pa Kettle and the rest of us poor folks take their piddly little accounts elsewhere. Credit Unions are a better bet for the peons, they are happy to do business with individuals and won't nickle and dime you to death with silly fees and charges.
Regards,
GtG