Blame Sen. Durbin/Dems/obama for Debit Card Rate Hikes (Dodd, cost)
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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)
Quote:
After Sen. Dick Durbin, D-Ill., successfully added his "swipe fee" amendment to last year's Dodd-Frank financial regulation bill, he promised, "By requiring debit card fees to be reasonable ... small businesses and their customers will be able to keep more of their own money." That was the theory, at least.
Durbin pitched his amendment, which empowered federal bureaucrats to fix the fees banks can charge merchants for each debit card transaction at 24 cents, as a blow to the "excess profits" of "big banks." Banks currently charge an average of just 44 cents per transaction, but for big retailers like Wal-Mart, all those transactions can add up.
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.
If we had a "Dim Bulb of the Year" award, we would give it to Sen. Dick Durbin, D-Ill. How better to honor someone who so ostentatiously proposes a policy with obvious unintended consequences, then gets angry when they predictably come to pass?
Every time you pay that extra "Durbin Fee" to use your bank card, remember that this is what happens when "progressives" govern.
Then you must also credit Obama and the democrats for banks that cover ATM charges levied by some banks on their customers for using ATM. But then, you're among those who believe that banks and other corporations didn't really care about adding charges until 2-3 years ago. So, trying to get the point across just may be a moot point.
Then you must also credit Obama and the democrats for banks that cover ATM charges levied by some banks on their customers for using ATM. But then, you're among those who believe that banks and other corporations didn't really care about adding charges until 2-3 years ago. So, trying to get the point across just may be a moot point.
How many of those banks just recently started doing that in the last few months? My bank has been giving me 4 foreign transactions a month for the past 5 years. That was well before Skippy and the Nitwits got voted in.
How many of those banks just recently started doing that in the last few months? My bank has been giving me 4 foreign transactions a month for the past 5 years. That was well before Skippy and the Nitwits got voted in.
The banks and unions I choose to do business don't work on excuses, they work for customers. Go small. And if you don't like my post, explain this...
How many of those banks just recently started doing that in the last few months? My bank has been giving me 4 foreign transactions a month for the past 5 years. That was well before Skippy and the Nitwits got voted in.
Free checking used to be "free" and only people who overdrew their accounts were penalized with these fees.
Free checking used to be "free" and only people who overdrew their accounts were penalized with these fees.
Speaking of which, BOA was involved in raising Overdraft fees, as well as sued for deliberately posting charges to people's account, not following the bill date but largest to smallest amount, to get people to pay up NSF.
The idea that corporations work in people's interests should have died with Mussolini and his baby... fascism.
Funny, I use BofA and they don't charge me for my checking/debit card or ATM use.
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".
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)
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?
Just charge everything to a credit card, pay it off at the end of the month and collect rewards.
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