And - the call for more regulation that will be a result is exactly what these idiots (Dodd, Frank, Durbin, Obama, Etc) are hoping for.
Dodd-Frank “Reform” Leads Banks to Hike Debit Card Fee
Specifically, the Durbin Ammendment:
RUSH: You know the piece de resistance for all this financial news is that it’s actually the so-called Durbin Amendment which was a last-minute addition to the Dodd-Frank bill that’s really causing all this.
The Dodd-Frank bill was bad enough as a stand-alone. It was a disaster, and then Durbin added an amendment, a last-minute addition to the Dodd-Frank bill. They’re calling it the Durbin Amendment and that’s where the details reside, which is causing the banks to make all these changes.
Durbin wanted these extra fees to help provide fraud detection. I kid you not. That was his purpose for putting in these extra fees. They were his idea and the money raised was supposed to go to fraud protection. What we need is fraud protection from Congress. We need fraud protection from the likes of Durbin and Dodd and Frank. I would pay $5 a month for that.
Sometimes I have to wonder, as a free-market Conservative guy, why I should continue to stick my neck out to defend businesses that are this stupid.
For a lousy five bucks B of A is going to hand the populists out there a very potent political weapon. Like it or not, there is a lot of seething hatred out there for banks, bubbling just below the surface. It is just waiting for a sufficiently skilled charlatan to come along and free it.
Just like businesses that are stupid enough to post help wanted ads saying “unemployed need not apply” and then bitch about it when Obama tries to make political hay out of that.
WTF guys? If yinz are THIS dumb all of us will never be able to save you from the Marxist hoardes.
Just pay everything by cash. No fees, no problem. A little inconvenient, but you will pay if you want convenience.
Unintended consequences? Probably not. On the bright side; the post office will get more business when we have to start mailing our checks again.
IMHO, Congress wants us to change our method of paying for stuff. Why else would they pass regulations like this?
Fine. I’ll change. I’ll go to the ATM, withdraw a bunch of cash, go to the store and spend it. Everybody wins except the bank. The store wins because they won’t have to pay the debit card transaction fee. I win because I won’t have to pay the debit card monthly fee.
The bank will lose twice: First because my checking account balance won’t be as high (I’ll be carrying it in my pocket) and second because there won’t be a transaction fee from the store.
Screw Congress.
And if the bank decides to charge a flat monthly fee on my debit card? I’ll go to all cash and switch the debit card for an ATM-only card. And if the bank decides to charge a flat monthly fee on the ATM card? I’ll go back to writing checks. And if the bank decides to start charging for my checking account? There’s always the credit union. They appear to really want my business.
The bank will NOT win. I won’t let them.
The Left and many on the Right agree than banks are evil. Include me out!
Every time the Democrats set out as a party to help the little guy it’s the little guy that ends up getting shafted.
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ditto.