BofA, other banks drop plans for $5 Debit fees (Representatives, Congress, salaries)

[Gurbie]

Banks change rapatious habits because of popular revolt

All you go-it-alone Ayn Randists, here is evidence that determined social activism, as we're seeing the beginnings of on a MASSIVE world-wide scale, can effect the behavior of huge corporations, even if our elected representatives are too corrupt or too scared to help.

There is POWER in a union (and 99% of us are in the same union )

http://www.washingtonpost.com/busine...gcM_story.html

[VTHokieFan]

Originally Posted by Gurbie

Banks change rapatious habits because of popular revolt

All you go-it-alone Ayn Randists, here is evidence that determined social activism, as we're seeing the beginnings of on a MASSIVE world-wide scale, can effect the behavior of huge corporations, even if our elected representatives are too corrupt or too scared to help.

There is POWER in a union (and 99% of us are in the same union )

Bank of American drops debit card fee - The Washington Post

So now that these fees are dropped, where will the banks make up the new regulatory costs?

[AeroGuyDC]

I think its pretty obvious the public backlash contributed this change of course.

But lets not forget that Congress is the reason the new fees were initiated in the first place. And lets not forget that corporations are still in business to provide services and make money off those services.

I myself see this as more about BOA analyzing other ways to make money off of you that aren't so blatantly in your face. They will NOT eat the cost leveled upon them by Congress. That's simply not how it works.

[rw47]

And customers' social activism fits perfectly within a free market. Nobody has a problem with that. It's the legislation.

[EinsteinsGhost]

Originally Posted by VTHokieFan

So now that these fees are dropped, where will the banks make up the new regulatory costs?

The same place where they look for profits, golden parachutes and massive bonuses... you.

[Versatile]

I started the same thread at 12:09 pm today!

[LetsRock]

Originally Posted by VTHokieFan

So now that these fees are dropped, where will the banks make up the new regulatory costs?

They will shave a few more points off the interest they pay on deposits or not open additional branches that employee people.

[rw47]

Originally Posted by EinsteinsGhost

The same place where they look for profits, golden parachutes and massive bonuses... you.

So then you agree. They won't eat the cost.

[Strel]

Originally Posted by VTHokieFan

So now that these fees are dropped, where will the banks make up the new regulatory costs?

Slashing CEO salaries and golden parachutes would be a good start.

How many yachts does one really need?

[EinsteinsGhost]

Originally Posted by SamBarrow

So then you agree. They won't eat the cost.

What cost?