This is all because Obama just changed the laws. The banks used to collect a merchant fee from the vendors where you used your debit card, just the way credit card companies do. It’s a processing fee, and somebody’s got to pay it.
Obama said that they cannot raise the fee to the merchant or collect enough to pay for the service anymore. So guess what? They’ve got to get paid for this service somewhere, and who else are they going to get it from?
Banks borrow almost free.
Credit card interest rates do not go down.
More margin of profit results.
Go local or bury it in the back yard.
“Obama said that they cannot raise the fee to the merchant or collect enough to pay for the service anymore. So guess what? They’ve got to get paid for this service somewhere, and who else are they going to get it from?”
So tell me, just who do the consumers think were paying these fees before? Just like corporations passing along taxes to the consumers, the banks, loosing the ability to charge the businesses (who were just passing the costs along to the consumer), now just charge the consumer directly. I hate BofA as much as the next guy, but this isn’t their problem. The Marxist/Demorats are to blame. It’s just more of the same old class warfare bullshit! They think that they can keep selling the free lunch. The “poor consumer” is getting screwed. I don’t think so. He’s just now getting to actually see what he’s been paying for all along. So go ahead and leave BofA, but do it for the right reason.
Obama said that they cannot raise the fee to the merchant or collect enough to pay for the service anymore. So guess what? They’ve got to get paid for this service somewhere, and who else are they going to get it from?
While Obama certainly supports it, it was Dick Durbin's amendment to the Dodd/Frank "screw-over-the-bank-customer-bill."
Mark