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Local Rep. Ted Budd R-13 has decided to push a new bank friendly idea. Eliminate the Durbin Amendment of Dodd-Frank. Its called the Financial Choice Act. Allowing banks to charge whatever they want on debit use. Who care about the consumer or small business, not the GOP
Just another example of the GOP trying to make a mud hole look like gold. So the Financial Choice act is to allow the banks to choose how they get your paycheck.
Good point to bring up here.
Dodd-Frank was very important in protecting consumers. Gutting it or eliminating it will be profitable for banks and harmful to consumers. Not likely to actually create jobs either, the extra money goes straight to the bottom line of banks and straight off the top from people.
This move is just one more way to enrich Trump's base: the banks and mega-businesses ... at the expense of his faux base: the American people.
Looked at in one way this could be a good idea. That it can is why it won't pass. Governments want to move away from paper money. It's hard to track unlike electronic transactions.
If this could get people to move back to paper money, it could be a good thing. I doubt either will happen though.
Its funny my grand kids laugh at me when I pull cash out of my pocket to pay.
Why does the thread title say "getting rid of fees"?
That is correct, but I think many respondents are confusing fees banks charge to maintain a debit card with potential "convenience fees" merchants could add on to a purchase when using a debit card. A while back, merchants were permitted to do that with credit cards. Merchants could offer discounts for cash customers or debit customers. I see that at gas stations where margins are tight, but not too many other places.
Local Rep. Ted Budd R-13 has decided to push a new bank friendly idea. Eliminate the Durbin Amendment of Dodd-Frank. Its called the Financial Choice Act. Allowing banks to charge whatever they want on debit use. Who care about the consumer or small business, not the GOP
Just another example of the GOP trying to make a mud hole look like gold. So the Financial Choice act is to allow the banks to choose how they get your paycheck.
What the hell are you talking about? The Dodd Frank bill is what caused all of the higher fees. Man are people stupid.
Local Rep. Ted Budd R-13 has decided to push a new bank friendly idea. Eliminate the Durbin Amendment of Dodd-Frank. Its called the Financial Choice Act. Allowing banks to charge whatever they want on debit use. Who care about the consumer or small business, not the GOP
Just another example of the GOP trying to make a mud hole look like gold. So the Financial Choice act is to allow the banks to choose how they get your paycheck.
I have never been charged to use ATM at grocery store, gas station or my bank. Only charged when I use
Another bank's ATM.
I say keep Dodd-Frank and keep those banks honest!
Dodd-Frank was very important in protecting consumers. Gutting it or eliminating it will be profitable for banks and harmful to consumers. Not likely to actually create jobs either, the extra money goes straight to the bottom line of banks and straight off the top from people.
This move is just one more way to enrich Trump's base: the banks and mega-businesses ... at the expense of his faux base: the American people.
Dodd/Frank allowed the banks to steal depositors money when they fail next time. Consumers were thrown a couple small bones. It is true that it is the consumer that pays the fee's whichever way this is done.
What the hell are you talking about? The Dodd Frank bill is what caused all of the higher fees. Man are people stupid.
I've given up trying to explain that to people. There are a million articles online explaining the cost of Dodd-Frank on banks and their atiitude is well, it's just a business expense the bank has to eat. Sigh.
Banks and brokerage firms have had to hire thousands of people to work compliance to keep on top of the mess DF has created. All those expenses filter back to the customer.
I've given up trying to explain that to people. There are a million articles online explaining the cost of Dodd-Frank on banks and their atiitude is well, it's just a business expense the bank has to eat. Sigh.
Banks and brokerage firms have had to hire thousands of people to work compliance to keep on top of the mess DF has created. All those expenses filter back to the customer.
So it turns out D-F was a job creator along with protecting consumers. Banks need to follow ethical standards, the owners seem to forget that, as we saw in 2007-2008.
I've given up trying to explain that to people. There are a million articles online explaining the cost of Dodd-Frank on banks and their atiitude is well, it's just a business expense the bank has to eat. Sigh.
Banks and brokerage firms have had to hire thousands of people to work compliance to keep on top of the mess DF has created. All those expenses filter back to the customer.
Dodd/Frank also put many small local banks out of business to be gobbled up by the big banks also making the problem worse.
I doubt very seriously I will support anything the GOP comes up with here BUT Dodd/Frank was nothing more than a way to institutionalize the big banks.
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