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Location: Democratic Peoples Republic of Redneckistan
11,078 posts, read 15,076,944 times
Reputation: 3937
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Let's give them the benefit of the doubt folks,maybe they are just raising money to pay us,the taxpayers back...I'm sure it's something honest like that.
When debit cards were introduced, one of the advantages cited was that debit cards saved the banks billions of dollars, because the consumer was able to manage all sorts of transactions personally, without using bank staff. Now that their use has become so widespread, banks are trying to maximize their profits, claiming the caps on the fees they charged merchants hurt their bottom line. This isn't the fault of Democrats, or legislators. It's greed on the parts of banks.
No, this is what you get when government tells businesses how to price their products.
Government price controls destroy the balance that comes with a free market.
If they follow through with this i'm closing my account.
Yep, me too. It will be a pain because I've had my account for SO long and I've got so much automatic stuff coming out of it, but I won't pay this fee. Period.
Some banks are starting now others early next year. Who will be hit the hardest? Students who don't have a credit card, people who maxed out their credit card....
And all because the government is going hard after the banks and in the end the consumer is the one paying the fees!
Thanks Obama, Dodd, Frank! Another way of giving us a harder time.
The banks are just tacking fees on the products that had no fees to make up for the fees they had to give up under that Consumer bill that was passed to ......HELP THE CONSUMER.
Do you feel like you've been helped ? Doesn't it feel good to know that the banks worked with Congress to write that bill to make sure YOU WERE HELPED ?
Some banks are starting now others early next year. Who will be hit the hardest? Students who don't have a credit card, people who maxed out their credit card....
And all because the government is going hard after the banks and in the end the consumer is the one paying the fees!
Thanks Obama, Dodd, Frank! Another way of giving us a harder time.
For all your rambling about responsibility, you sure seem quick to exculpate the banks for their own actions. Interesting.
No, this is what you get when government tells businesses how to price their products.
Government price controls destroy the balance that comes with a free market.
But they sure make politicians look good.
I truly do empathize with your point of view. Generally, I do support free markets. I just think that banks and the finance industry in general, have developed a culture that overcompensates their management, at the expense of the public. Bank of America is a very good example of that, their management is grossly overcompensated, and their customer service is regularly cited as one of the worst in the industry.
The thing is, as a country, we want people to use banks, we want banks to invest in communities. We want people to make investments, and to start businesses, we want a thriving economy, and banks have a key role in that. Government intercession is often problematic, and yet it's also often necessary. Usury was, and sometimes still is, a problem in the loan industry. The government prohibits usury. That's an example of the government telling a business how to price their products. Do you remember the Hunt Brothers and their move to corner the silver market? The government stopped that, because they could have held industry hostage by pricing silver incredibly high. That's an example of the government telling business how to price their products. Government intercession is problematic, but sometimes it's just necessary.
I don't think much of this law. It was essentially gutted during the negotiation process, and frankly, while there seems to be no problem with the quantity of laws coming out of our Congresses these days, there does seem to be a problem with the quality of those laws.
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Banks going to start to charge monthly fees for using your debit card
