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Old 10-06-2011, 10:30 PM
 
23,851 posts, read 19,187,388 times
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They do.
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Old 10-06-2011, 10:32 PM
 
789 posts, read 530,266 times
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Quote:
Originally Posted by shorebaby View Post
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.

Debit card fees: Dick Durbin: Bank of America customers should 'vote with their feet' - Los Angeles Times
I don't think you read what I wrote. I don't doubt they are not making as much profit as they did before....the point is they are still making a profit. why is making a profit not enough anymore? they have to make even more profit by squeezing customers.
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Old 10-06-2011, 10:38 PM
 
Location: Hoboken
19,891 posts, read 15,793,079 times
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Quote:
Originally Posted by yeahboy79 View Post
I don't think you read what I wrote. I don't doubt they are not making as much profit as they did before....the point is they are still making a profit. why is making a profit not enough anymore? they have to make even more profit by squeezing customers.
For many reasons, banks have an existential threat right now, Bernanke had to come out the other day to reassure the country that the banks are solvent. Next, they have to return shareholder value. Shareholders are not fat cats, they are me and you, if you have any money in any investment 401Ks etc. Finally what right does Durbin have to boost himself, while boosting Wal Mart, while hurting us and the banks? losing $2 billion a year in revenue is significant, It represents about 25% of BoAs annual profit.
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Old 10-06-2011, 11:11 PM
 
48,519 posts, read 81,227,998 times
Reputation: 17979
Quote:
Originally Posted by 11thHour View Post
BofA's Moynihan: We have a 'right to make a profit' - Oct. 5, 2011





True, you do have right to make a profit, as do your customers the right to take their business elsewhere. I really hope people do leave en mass and send a message!
Certainly you do. But I thni you are just startig to see changes o who pays with new obama rules coming into effect. hat sai their intent;making people who uae the service pay for the service. Nothing is free.
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Old 10-07-2011, 04:25 AM
 
37,072 posts, read 38,424,597 times
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Quote:
Originally Posted by shorebaby View Post
Durbin pays off Wal Mart while screwing the American people and BoA.
How do you figure that? Ever pay cash for something? You're still paying this fee because it's added into the cost of the product. The fees the banking industry charge merchants is just a sneaky way to get around putting in on their customers bills. Now it's going to be listed on your statement, is that such a bad thing seeing it itemized on your bill instead hidden in the cost of products?

As far as the politics behind it's business as usual.....
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Old 10-07-2011, 04:28 AM
 
37,072 posts, read 38,424,597 times
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Originally Posted by cyclone8570 View Post
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...
Exactly and now that the fee will be listed on the consumers bill instead of hidden in the cost of products they purchase so they can make more informed decisions. Those of us paying cash are closer to paying what we should be paying and not subsidizing purchases with cards as much. Frankly the fees banks charge merchsants for CC purchases should be eliminated altogether, if they want to charge for their use charge their customers.
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Old 10-07-2011, 04:32 AM
 
Location: Chicago
38,691 posts, read 86,982,965 times
Reputation: 29357
I cannot for the life of me figure out why the President of the United States thinks this is any of his damn business. A private company is charging a fee for its services. Its customers have been put on notice of that fee. They can choose to continue their business relationship with that bank or terminate it. That's between the bank and its customers. The President has no business micromanaging that relationship from the White House. He has -- or should have -- far, far more pressing issues to attend to.
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Old 10-07-2011, 05:42 AM
 
Location: Hoboken
19,891 posts, read 15,793,079 times
Reputation: 3123
Quote:
Originally Posted by thecoalman View Post
How do you figure that? Ever pay cash for something? You're still paying this fee because it's added into the cost of the product. The fees the banking industry charge merchants is just a sneaky way to get around putting in on their customers bills. Now it's going to be listed on your statement, is that such a bad thing seeing it itemized on your bill instead hidden in the cost of products?

As far as the politics behind it's business as usual.....
Do you think Wal Mart will reduce their prices now? Hardly, they are pocketing the difference. How is it "sneaky" for a bank to charge a vendor for the convenience of it's product?
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Old 10-07-2011, 06:38 AM
 
Location: in a cabin overlooking the mountains
3,079 posts, read 3,585,291 times
Reputation: 2247
BoA has a right to make a profit.
They also have a right to go belly up if the people at the top make bad business decisions.
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Old 10-07-2011, 06:43 AM
 
Location: West Coast of Europe
19,865 posts, read 18,364,586 times
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Quote:
Originally Posted by geofra View Post
To where? Every bank and credit union will be charging outrageous fees sooner than later because every other bank is.

Might as well buy yourself a safe and store your cash in that.
I agree, even if you did not mean it. If necessary, people should boycott banks and other financial services institutions into non-existence by going cash only.
People have gradually become dependent on plastic and all the other non-cash options and thus yielded their privacy and sovereignty.
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