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Why wouldn't the banks take some of this blame? If the introduction of debit cards saved them money to begin with, by allowing bank customers to personally handle transactions such as withdrawals, deposits, and transfers rather than using bank personnel to process those transactions, then debit cards themselves were hugely profitable to banks. They didn't pass those profits back to customers, did they? When we used our debit cards, we didn't get any return on what the bank saved? And banks are still profiting, and quite handsomely, actually, on what they charge to businesses when people use those debit cards. Actually, some businesses are paying substantially more to banks because of the new rules. So, why not blame banks?
For some reason, you forget to mention the convenience debit cards have been to the consumer.
Do you think banks should just swallow a $9 billion loss in revenue because a dim bulb democrat didn't think of the consequences?
You know, a bank IS a business, with employees, investors and stockholders. Did you see BofA stock tumble 8% yesterday because of durbin's remarks? A LOT of value was lost there for those invested in BofA.
Maybe in your world all these services should be free.
Aren't you glad that they play nice with you? It is important that you feel that way, because back stabbing just makes it a bit more convenient. I prefer smaller banks and credit unions. You can have your "BOA".
They play nice for a reason, don't you think?
Maybe because we have a sterling record of paying bills on time and excellent credit.
No one else to blame but the democrats.....who included the restriction of debit card fees by retailers in the Dodd/Frank bill.
See, they were warned the banks would just pass on the loss in revenue to the consumer.
'Durbin fee' will cost bank customers billions | Campaign 2012 (http://campaign2012.washingtonexaminer.com/article/durbin-fee-will-cost-bank-customers-billions - broken link)
What's funny here is the amendment benefits retailers like Walmart, which the Left/dems despise.
So......the blame goes squarely on the shoulders of the democrats.
'Durbin Fees' are coming, thanks to 'progressives' | Examiner Editorial | Opinion | Washington Examiner (http://washingtonexaminer.com/opinion/2011/10/durbin-fees-are-coming-thanks-progressives - broken link)
Blame every Congress rodent who voted for Dodd-Frank. I still want to know why Dodd and Frank have not been called up on ethics hearings. Dodd got the heck out of Congress as not to draw attention to the profits he was making from his banking legislation. He should be in a prison.
Last edited by lifelongMOgal; 10-04-2011 at 09:07 AM..
Reason: typo
For some reason, you forget to mention the convenience debit cards have been to the consumer.
Do you think banks should just swallow a $9 billion loss in revenue because a dim bulb democrat didn't think of the consequences?
You know, a bank IS a business, with employees, investors and stockholders. Did you see BofA stock tumble 8% yesterday because of durbin's remarks? A LOT of value was lost there for those invested in BofA.
Maybe in your world all these services should be free.
I didn't forget to mention their convenience because it is irrelevant. The bank saves money, has saved billions of dollars, because consumers personally manage the transactions without using bank personnel. Billions of dollars that benefited banks, and did banks pass those dollars back to consumers? No. Now banks are going to have a revenue stream reduced, NOT eliminated, but reduced, and they are going to pass those costs on the consumer.
What services should be free? Are the banks still charging business a fee when a debit card is being swiped? Why yes, they are! And some businesses are being charged even more for those swipes.
There are a lot of businesses that have taken big hits in profits over the past two or three years. And banks share some of the responsibility for that. You know, a bank is a business. Maybe Bank of America shouldn't have compensated its CEO $10,000,000.00 in 2010. Maybe Bank of America stockholders should have looked at the amount being paid to top-tier management, and questioned just how this bank expected to remain profitable.
What the idiots in washington didn't consider is, the retailers were not losing anything. Any money they paid out in fees were simply added to the cost of goods and services purchased by US, the consumers. So now they don't have that fee, they COULD reduce the costs of their goods and services, and to make up for it, MANY banks are instituting new fees, and restructuring current accts to get more fees, and we the consumer are still being stuck with it.
One time, they even waived over a hundred bucks in NSF fees because I had forgotten to transfer funds into checking for bills coming in.
Silly me.....this terrible, evil bank made the offer before I could ask them to do it.
I have no problem with banks or any other business making a profit (which benefits stockholders) on services or products offered.
Why does the Left think all these services should be free?
Sanrene, you've made your position clear. You like BOA. I like my small banks who go the distance and sometimes beyond. To me, a bank paying ATM charge that other banks demand for using their ATM is exceptional service, as opposed to a mega bank that is trying to pathetically implement a fee for a service it has made you a dependent upon. If it floats your boat, stop complaining.
Next you're going to tell me that it is government that prompted American Airlines to short change customers on its services and even charge $60/bag beyond one. When its competitors from Europe aren't just friendlier, they actually laugh at the idea. No wonder I would rather send them my money.
What the idiots in washington didn't consider is, the retailers were not losing anything. Anyone money they paid out in fees were simply added to the cost of goods and services purchased by US, the consumers. So now they don't have that fee, they COULD reduce the costs of their goods and services, and to make up for it, MANY banks are instituting new fees, and restructuring current accts to get more fees, and we the consumer are still being stuck with it.
Join a credit union, the ONLY good union around!
They DON'T have that fee? You think the fees went away? The banks are still charging businesses a fee when you swipe your debit card. Some businesses are even being charged a larger fee when you swipe your debit card. The bank is still making billions of dollars when you swipe your debit card. The bank is still saving billions of dollars because you use a debit card and they don't have to have staff to process the check, or to stand behind a counter and count out money to you when you make a withdrawal so you'll have cash to use. Banks are using this change in the law, not to make up for lost revenue, but to get another HUGE source of revenue up and going. Banks are scape-goating the government for the GREED of the banks. And you're right, credit unions and smaller banks are the better choice.
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