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Old 10-06-2011, 09:47 PM
 
16,755 posts, read 19,006,796 times
Reputation: 6842

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Quote:
Originally Posted by cyclone8570 View Post
BOA needs this to survive. They are on the ropes financially.
They may be close to bankruptcy... I wonder if Obama is going to bail them out? And I wonder how many liberals will defend that action...
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Old 10-06-2011, 09:50 PM
 
Location: Hoboken
19,891 posts, read 15,838,365 times
Reputation: 3123
Durbin pays off Wal Mart while screwing the American people and BoA.

"Last June, on the eve of a key Senate vote on the “interchange fee” issue in which Wal-Mart was deeply invested, the company announced it would donate $20 million to charities and opening scores of new stores in the Chicago area, in Durbin’s home state of Illinois.

Asked about the conspicuous donation by the Washington Times, Durbin not only claimed he was “not familiar” with it, but said “I’ve had no contact, personally, with Wal-Mart on this issue.” (In June, Wal-Mart spokesman Steve Restivo said the donation was unrelated to the interchange fees issue or Durbin.)

Notably, while Durbin was having “no contact” with Wal-Mart, two of his former aides, now lobbyists for the top Democratic powerhouse firm Podesta Group, were lobbying for Wal-Mart on the interchange fee issue, according to federal lobbying disclosure forms.

The form covering from April 2010 to June 2010 shows repeated contacts between the former staffers and Durbin’s office.

Then, one month after the Dodd-Frank financial reform bill passed, both of those former aides, Melissa Merz and Donni Turner, attended an Aug. 10 fundraiser for Durbin hosted by the Podesta Group. A group of lobbyists mostly from the Podesta Group gave Durbin $5000 on Aug. 10 and a $5000 check from Wal-Mart’s PAC cleared shortly afterward, on Aug. 27."



Read more: Dick Durbin Wal-Mart Home Depot retail lobby | Dick Durbin's cozy alliance with Wal-Mart, Home Depot and the giant retail lobby | The Daily Caller
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Old 10-06-2011, 09:53 PM
 
2,721 posts, read 3,650,278 times
Reputation: 1290
BOA has a fiduciary obligation to do what is best for its shareholders. Not you, or the American public, or even its customers.

Don't like it? Change banks...
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Old 10-06-2011, 09:56 PM
 
Location: Dublin, CA
3,813 posts, read 3,545,167 times
Reputation: 3962
The fact is: Low dollar amount banking customers, cost the bank more then it makes on them. So, they really could care less if a couple of thousand or even a million, low account members left. In fact, it would benefit them.
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Old 10-06-2011, 09:57 PM
 
Location: Limbo
6,459 posts, read 5,939,879 times
Reputation: 6228
Quote:
Originally Posted by evilnewbie View Post
They may be close to bankruptcy... I wonder if Obama is going to bail them out? And I wonder how many liberals will defend that action...
As long as I don't lose money on my BoA stock
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Old 10-06-2011, 10:00 PM
 
789 posts, read 532,184 times
Reputation: 754
I highly doubt that the line between BOA making a profit and losing money is on this new fee. This is what has made so many people angry at wall street and the top 1%. BOA is basically deciding between making a profit at providing a service and making even more profit by squeezing their customers. They chose the latter of the 2.
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Old 10-06-2011, 10:05 PM
 
Location: Missouri
3,725 posts, read 2,989,626 times
Reputation: 1608
Quote:
Originally Posted by thecoalman View Post
You were being charged outrageous fees before, you just never saw it because it was hidden in the cost of the product. That's why the banks hate this bill, they have to list the fees in B&W and people like you are suddenly angry.
Not only hidden, but spread out among consumers. And I'm not so much angry as I am skeptical about anyone's motives nowadays.
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Old 10-06-2011, 10:10 PM
 
Location: Hoboken
19,891 posts, read 15,838,365 times
Reputation: 3123
Quote:
Originally Posted by yeahboy79 View Post
I highly doubt that the line between BOA making a profit and losing money is on this new fee. This is what has made so many people angry at wall street and the top 1%. BOA is basically deciding between making a profit at providing a service and making even more profit by squeezing their customers. They chose the latter of the 2.
That is simply untrue. The banks are imposing this fee because Dick Durbin had to payoff Wal Mart. The banks were charging a fee for the use of debit credit cards to retailers. Wal Mart instructed Durbin to cut the fee in half, in exchange for political donations. The banks have to make up that revenue somewhere.

http://articles.latimes.com/2011/oct...e-fee-20111003


"Bank of America announced the fee days before new limits went into effect on the amount banks can charge merchants in "swipe fees" for debit card transactions. Durbin led the charge for limiting bank card swipe fees as part of the financial reform legislation approved last year, saying the charges were costing retailers too much. The new limits went into effect Saturday.

When Bank of America announced the new $5 fee, it was quickly seen as a result of the swipe fee reform -- and dubbed the "Durbin fee" by some.

Bank of America has said the reduced "swipe fees" would cost the institution $2 billion annually."
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Old 10-06-2011, 10:15 PM
 
3,493 posts, read 2,395,609 times
Reputation: 2345
His job only exists because the American taxpayer rescued his rear after his idiot company made a series of bad decisions. If he's going to turn around and attempt to steal from the taxpayer while blaming the government I hope his bank goes out of business. He's a greedy little man and his company sucks. They have the bad customer service, nasty employees and a bank account you practically have to check on a daily basis to make sure they aren't taking your money. Five times this year I've had to get them to put back fees they wrongly charged me.

I am withdrawing my account from them this year. I hope Moynihan loses his job because he sucks at it.
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Old 10-06-2011, 10:16 PM
 
26,866 posts, read 15,105,729 times
Reputation: 12628
Tough talk from a bank that needed billions in taxpayer bailouts to survive after almost going under from incompetence and unethical business practices.

Should of let em fail.
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