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They DON'T have that fee? You think the fees went away? The banks are still charging businesses a fee when you swipe your debit card. Some businesses are even being charged a larger fee when you swipe your debit card. The bank is still making billions of dollars when you swipe your debit card. The bank is still saving billions of dollars because you use a debit card and they don't have to have staff to process the check, or to stand behind a counter and count out money to you when you make a withdrawal so you'll have cash to use. Banks are using this change in the law, not to make up for lost revenue, but to get another HUGE source of revenue up and going. Banks are scape-goating the government for the GREED of the banks. And you're right, credit unions and smaller banks are the better choice.
Borrowed this link form NWjersey girl on the NJ forum.
This should take us back a step or two and help to understand the current dilema the banks are having and who prompted it. Amazing these folks and many of their brethren haven't resigned......in thie own words.
Who will be proud to stand shoulder to shoulder with these incompetent legislators?
They DON'T have that fee? You think the fees went away? The banks are still charging businesses a fee when you swipe your debit card. Some businesses are even being charged a larger fee when you swipe your debit card. The bank is still making billions of dollars when you swipe your debit card. The bank is still saving billions of dollars because you use a debit card and they don't have to have staff to process the check, or to stand behind a counter and count out money to you when you make a withdrawal so you'll have cash to use. Banks are using this change in the law, not to make up for lost revenue, but to get another HUGE source of revenue up and going. Banks are scape-goating the government for the GREED of the banks. And you're right, credit unions and smaller banks are the better choice.
So you think this service should be free to retailers too?
Sanrene, you've made your position clear. You like BOA. I like my small banks who go the distance and sometimes beyond. To me, a bank paying ATM charge that other banks demand for using their ATM is exceptional service, as opposed to a mega bank that is trying to pathetically implement a fee for a service it has made you a dependent upon. If it floats your boat, stop complaining.
Just like you, I'm not charged an ATM fee or a debit card fee or a checking fee....that's BofA for you.
Just like you, I'm not charged an ATM fee or a debit card fee or a checking fee....that's BofA for you.
Running free ads for BOA, aren't you? Too bad, many of us know better. Small banks and credit unions rule. Not your style? Well, likes of BOA need you.
The Tim Carney piece is excellent and gave me the "rest of the story" (as Paul Harvey used to say) whereas my newspaper (Seattle Times) was utterly remiss
Basically Dick Durbin's former PR person went to work as a lobbyist for WalMart and got Dick to put this law thru which greatly benefits WalMart at the expense of the banks. The stories in the Times did not even mention the WalMart connection.
The whole saga could really be a poster-child for how our system is broken. Walmart invests a few thousand bucks in campaign donations, and gets in return a law that benefits them to the tune of millions (Carney reports that a Home Depot exec told investors that he thought it would be worth $35 million per year to them). Where else do you invest 4 figures and get a return of 8 figures?
I guess if you're a Solyndra it's 9 figures. And if you're a Gibson Guitars, and haven't made the 'correct' donations, you get raided by a SWAT team. That's our system, in a nutshell.
And btw the new changes affect only debit cards, not credit cards. So who will be most negatively impacted? The poor, who cannot qualify for a credit card, or can't afford the deposit for a collateralized card.
The rest of people can aviod the new fees by using only credit cards at stores. No doubt in my mind that the big losers from this law will be the poor.
So you think this service should be free to retailers too?
Why?
You keep on trying to re-frame the argument. I've not argued that the service should be free. Not once. Please find where I have. Otherwise, this is a strawman argument by YOU.
I think that banks have made obscenely high profits from the services they provide, and they have developed a culture where their top-tier management is over-compensated, and where high-risk behavior is overly rewarded, even when such high-risk behavior incurs terrible losses. I think that part of the "finance culture" is to always pocket the profits, and to always pass the costs on to consumers, even when such practices are extremely short-sighted and damage the business in the long-run. Short-term profits have become the goal, to the detriment of the long-term health of banks and the American economy at large.
Even though banks ARE businesses, the "take the money and run" philosophy is not sound banking philosophy. The long-term success of banking businesses depends on a healthy, growing and vibrant economy. The "take the money and run" philosophy that has come to dominate national banks and Wall Street does not promote a growing, healthy economy, as was evidenced by the bank bail-out. The banks' management structured compensation not on solid, dependable returns, but on risky ventures, subsidized by high fee structures designed to off-set losses when those risks didn't pay out. And banks are continuing the same philosophy now by charging customers fees to use a financial instrument. The debit card is a financial instrument that gives banks a solid, dependable return, saves the bank in overhead and personnel costs. But that's not enough for the bank. They want more. That's GREED.
I find it funny how Republicans always side with big banks over main street and consumers. The GOP is a bankster's best friend.
Really?
Then why do i refuse to use a big bank and do all my financial transactions through a small credit union, and hate Obama?
probably because I am smart and NOT democrat.
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borrowed link
