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Old 10-04-2011, 07:45 AM
 
Location: Chicagoland
41,325 posts, read 44,881,088 times
Reputation: 7118

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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.

http://washingtonexaminer.com/opinion/2011/10/durbin-fees-are-coming-thanks-progressives (broken link)

Quote:
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.

Last edited by sanrene; 10-04-2011 at 08:06 AM..
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Old 10-04-2011, 07:48 AM
 
Location: Dallas, TX
31,767 posts, read 28,769,662 times
Reputation: 12341
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.
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Old 10-04-2011, 07:52 AM
 
6,484 posts, read 6,606,150 times
Reputation: 1275
Quote:
Originally Posted by EinsteinsGhost View Post
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.
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Old 10-04-2011, 07:54 AM
 
Location: Dallas, TX
31,767 posts, read 28,769,662 times
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Quote:
Originally Posted by Calvinist View Post
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...

Bank of America Raises ATM Surcharge

Why would they do that? Bush's policies?
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Old 10-04-2011, 07:58 AM
 
Location: Fairfax, VA
3,826 posts, read 3,380,853 times
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Quote:
Originally Posted by Calvinist View Post
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.
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Old 10-04-2011, 08:02 AM
 
Location: Dallas, TX
31,767 posts, read 28,769,662 times
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Quote:
Originally Posted by LetsRock View Post
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.
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Old 10-04-2011, 08:25 AM
 
Location: Chicagoland
41,325 posts, read 44,881,088 times
Reputation: 7118
Quote:
Originally Posted by EinsteinsGhost View Post
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...

Bank of America Raises ATM Surcharge

Why would they do that? Bush's policies?
Funny, I use BofA and they don't charge me for my checking/debit card or ATM use.

This thread is about the unintended, but completely predictable, consequences of dem ideas and policy.
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Old 10-04-2011, 08:27 AM
 
Location: Dallas, TX
31,767 posts, read 28,769,662 times
Reputation: 12341
Quote:
Originally Posted by sanrene View Post
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".
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Old 10-04-2011, 08:33 AM
 
42,732 posts, read 29,812,481 times
Reputation: 14345
Quote:
Originally Posted by sanrene View Post
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?
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Old 10-04-2011, 08:47 AM
 
9,855 posts, read 15,182,463 times
Reputation: 5481
Who uses debit cards anyway?

Just charge everything to a credit card, pay it off at the end of the month and collect rewards.
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