Free Market at Work: Big Banks blink on Debit Card fees (Obama, crime)
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You see folks all of this bellyaching over debit card fees and many of the banks that were considering it have decided against it. Even B of A is scaling down the impact of the fees.
Yet the Dems and Obama lit in B of A and wanted to pass yet more legislation. Why don't Dems understand how markets work?
Following eight months of consumer testing, J.P. Morgan Chase & Co. has decided that it won't charge customers who use their debit cards to make purchases, according to a person familiar with the bank's plans. The New York bank's Chase retail unit is one of the largest U.S. consumer banks, with 26.5 million checking accounts and 5,300 branches.
J.P. Morgan joins U.S. Bancorp, Citigroup Inc., PNC Financial Services Group Inc., KeyCorp and other large banks that have said in recent days that they won't impose monthly fees on debit cards. None of those banks said they made their decisions because of the outcry over Bank of America's fees.
"We looked at all options and quickly decided it didn't fit with our overall strategy," said David Bowen, who runs the consumer-product business at Cleveland-based Key, which ranks among the 20 largest banks in the country.
that's why people got pissed in the first place; these banks survived thanks to Fed money and the generosity of the American people, in suspending the free market to save these banks.
In return, they jack up their bonuses to executives, jack up their dividends to shareholders, and jack up the fees to joe sixpack who uses a debit card.
You see folks all of this bellyaching over debit card fees and many of the banks that were considering it have decided against it. Even B of A is scaling down the impact of the fees.
Yet the Dems and Obama lit in B of A and wanted to pass yet more legislation. Why don't Dems understand how markets work?
Interesting timing. Couldn't possibly have anything to do with November 5th being right around the corner. Nah. They did this out of the goodness of their hearts.
You see folks all of this bellyaching over debit card fees and many of the banks that were considering it have decided against it. Even B of A is scaling down the impact of the fees.
Yet the Dems and Obama lit in B of A and wanted to pass yet more legislation. Why don't Dems understand how markets work?
Nice try but, FAIL. Are you really suggesting that no outcry should have been made about the fees? Nutz to that. Americans are finally learning that they can't win but they can sure try and hold the losses down by fighting back.
You see folks all of this bellyaching over debit card fees and many of the banks that were considering it have decided against it. Even B of A is scaling down the impact of the fees.
Yet the Dems and Obama lit in B of A and wanted to pass yet more legislation. Why don't Dems understand how markets work?
Everything is always "blame the dems" right,..
The big banks are just trying to screw the american people out of every dime they can, while taking billions in handouts on our dime. Nice people they are
Interesting timing. Couldn't possibly have anything to do with November 5th being right around the corner. Nah. They did this out of the goodness of their hearts.
Move Your Money OUT of the big banks and into a small community bank or credit union. Banking with local banks doesn't mean giving up ATM convenience- you will still have access to many ATMs without incurring additional fees.
that's why people got pissed in the first place; these banks survived thanks to Fed money and the generosity of the American people, in suspending the free market to save these banks.
In return, they jack up their bonuses to executives, jack up their dividends to shareholders, and jack up the fees to joe sixpack who uses a debit card.
So why doesn't joe sixpack buy stock in these companies? That seems like joe is pretty stupid not to.
You see folks all of this bellyaching over debit card fees and many of the banks that were considering it have decided against it. Even B of A is scaling down the impact of the fees.
Yet the Dems and Obama lit in B of A and wanted to pass yet more legislation. Why don't Dems understand how markets work?
Move Your Money OUT of the big banks and into a small community bank or credit union. Banking with local banks doesn't mean giving up ATM convenience- you will still have access to many ATMs without incurring additional fees.
I can't support Bank Transfer Day enough. Regardless of politics, joining a credit union is an excellent way to save money and support your local community.
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