BOA Charging $5 on Debit Cards - Thank you Democrats - you F'ng Morons

[Soul Crusher]

This is capitalism at its finest.

The creative company will always increase revenue.

This is Dodd frank imposed regulatory costs, not capitalism.

[tu_holmes]

This is Dodd frank imposed regulatory costs, not capitalism.

Yes and it's capitalism that has allowed Bank of America and other Banks to reach out and recoup the money they feel they lost.

[Soul Crusher]

Yes and it's capitalism that has allowed Bank of America and other Banks to reach out and recoup the money they feel they lost.

and?   So what?   

[tu_holmes]

and?   So what?   

I have no issue with it... It's capitalism and I'm all for it.

People can leave those banks if they don't like their practices. 5 bucks extra a year for me is nothing for the ability to walk into any bank almost anywhere in the nation and get service on my account if I need it.

[Soul Crusher]

I have no issue with it... It's capitalism and I'm all for it.

People can leave those banks if they don't like their practices. 5 bucks extra a year for me is nothing for the ability to walk into any bank almost anywhere in the nation and get service on my account if I need it.

It's no capitalism and it's not 5 dollars a year.   It's 60 dollars a year and it's going to be all banks soon. 


It's you getting fucked because of democrat commie fucks like durbin.  If you are cool e that fine, more power to you.   

[tu_holmes]

It's no capitalism and it's not 5 dollars a year.   It's 60 dollars a year and it's going to be all banks soon. 


It's you getting fucked because of democrat commie fucks like durbin.  If you are cool e that fine, more power to you.   

That's citibanks decision, not BOA. I'm wouldn't say I'm getting fucked either... I can always do business with someone else.

That's the American way.

[Straw Man]

Yes and it's capitalism that has allowed Bank of America and other Banks to reach out and recoup the money they feel they lost.

with a healthy dose of socialism too

at least the losses were socialized

too bad none of the profits got the same treatment

[Straw Man]

It's no capitalism and it's not 5 dollars a year.   It's 60 dollars a year and it's going to be all banks soon. 


It's you getting fucked because of democrat commie fucks like durbin.  If you are cool e that fine, more power to you.   

how is a discretionary fee charged by ANY company not an example of capitalism

it's their choice to charge it and hope they'll make more in the long run from the customers they retain than the ones they lose

it's the same for any business anywhere

[tu_holmes]

with a healthy dose of socialism too

at least the losses were socialized

too bad none of the profits got the same treatment

I agree... Those banks should have never gotten bailouts at all.

Capitalism would have dictated that they failed, and they should have.

[Straw Man]

I agree... Those banks should have never gotten bailouts at all.

Capitalism would have dictated that they failed, and they should have.

I still think the Govt should break up BofA and probably Citi as well

We bailed out Goldman Sachs at 100 cents on the dollar for their CDS with AIG and those fuckers were a big cause the problem

[240 is Back]

33,

Do you think private company BoA shouldn't be able to charge whatever they want for their services?

Do you favor MORE REGULATION?  

[Soul Crusher]

33,

Do you think private company BoA shouldn't be able to charge whatever they want for their services?

Do you favor MORE REGULATION?  

Dodd frank !   Lmfao. 

[240 is Back]

Dodd frank !   Lmfao. 

I'm okay if BoA charges $100 per transaction.  Charge whatever you want.  people will leave and go elsewhere.

[Soul Crusher]

I'm okay if BoA charges $100 per transaction.  Charge whatever you want.  people will leave and go elsewhere.

Either you are too stupid or too uninformed to realize that these fees are a a direct result of dodd frank.

[Straw Man]

Either you are too stupid or too uninformed to realize that these fees are a a direct result of dodd frank.

direct result ?



some things to keep in mind:

banks could have charged a fee for a debit card prior to DF

DF does not require a fee for a debit card

banks can still choose to not charge a debit card fee post DF

you're the only one that is getting hysterical about it
 

[240 is Back]

33 is mad - why?

Wait a second - dodd frank are owned by the big banks... and now the big banks like boA are victims of dodd frank policy?

it can't be BOTH, dude  Either the banks own the dems, or the dems are destroying the banks with their policy.  No such world exists where the dems are bought and paid for by the banks (something for you to cry about) but dodd/frank are also destroying the banks (another thing for you to cry about).

unless the banks are so goddarn stupid they continue buying off politicians who are destroying them - in which case you are crying for morons who deserve to lose their money for bribing dem bags of shit.


Which is it?

[240 is Back]

The dems are owned by the banks.
The dems are destroying the banks.

IMO, the banks are some dumbshits if they keep paying off politicians who are destroying them, no?   

[Soul Crusher]

The dems are owned by the banks.
The dems are destroying the banks.

IMO, the banks are some dumbshits if they keep paying off politicians who are destroying them, no?   

Go read confidence men

[Soul Crusher]

The Durbin Fee : Amendment to Dodd-Frank Will Cost Debit Card Users. Hold on to your wallets.
National Review ^ | 10/03/2011 | The Editors
Posted on October 3, 2011 1:04:02 PM EDT by SeekAndFind

Hold on to your wallet: The Durbin Amendment goes into effect Saturday. The once-obscure amendment to the Dodd-Frank financial-reform bill limits “interchange fees,” which banks charge to merchants for providing the service that allows stores to accept debit-card payments. The fees were cut by some 80 percent, which makes it less profitable for banks to offer debit-card services. So the banks have done the natural thing and begun to transfer the fee from merchants to their customers, with Bank of America announcing a new $5-per-month fee for debit-card users.

Naturally, the amendment’s author, Sen. Dick Durbin (D., Ill.) is in a rage, complaining that the banks are “sticking it” to consumers. He ought not be surprised: What is happening is precisely what was predicted by industry experts and by the banks themselves. Running a debit-card network costs money, and banks are not going to do it for free or suffer reduced profits gladly. As is usually the case, what we have here is one special-interest lobby (retailers) using its political clout to prevail over a marketplace rival (the banks) to secure for itself a bigger piece of the action. Mr. Durbin, being a senator and a Democrat, cannot resist the urge to stick his nose into controversies better left to the marketplace. Not coincidentally, one of the nation’s largest retailers, Walgreens, is located in his state, and the firm’s CEO lobbied hard for the new federal price controls on debit-card fees.

The new fees are a textbook example of the unintended consequences of regulation — unintended, yes, but not unforeseeable.

Indeed, they were almost universally foreseen. In the Michigan state legislature — hardly a hotbed of free-market fundamentalism — a resolution calling for abandoning the Durbin amendment was passed unanimously by both houses. Sen. Darwin Booher, who sponsored the Michigan resolution, said at the time: “I sponsored this resolution to send a strong message to Congress: Stop any rules from being adopted that would harm our community banks, credit unions, and the millions of Michigan consumers that use them. As currently proposed, the rules would force credit unions and community banks to absorb the costs of fraud and data security. That would result in less credit available for job providers, increased fees, and the ending of popular services like free checking.”

Free checking accounts were the first casualty, with almost every major bank in the country restricting that popular option to larger accounts and imposing new fees on customers who keep lower balances. Again, Bank of America was the first mover, a position it was impelled to take in no small part by the fact that the new regulation forced it to suffer a $10 billion writedown of future earnings. “I’ve seen more regulation in last 30 months than in last 30 years,” Robert Hammer, a banking expert, told the Associated Press. “The bottom line for banks is shifting enormously, swiftly and deeply, and they’re not going to sit by twiddling their thumbs. They’re going to change.” Unintended, not unforeseeable.

Dodd-Frank is a bad piece of legislation, and the Durbin Amendment may not even be the worst part of it. But when Americans start seeing those $5 monthly fees on their bank statements (and if you get a paper bank statement, expect a fee for that, too), we should thank Senator Durbin, who did it all to save us money.

[Option D]

This is a good one 3333. You are blaming someone else for the bank charging people.. God forbid the bank being blamed for trying to increase profits.. you go and blame govt...

You act like its a nationalized bank or something.. if you dont like the fee.. switch to a smaller bank... switch to a community bank... but to get mad at a bank for fees and blame it on the govt.. that shows you dont know the first thing about capitalism and the free market...

dumb ass...

Its like being mad at a car company for having to pay to maintain a car you purchased.. if the maintenance is too much... buy a different car...

WTF man... "The weather is bad.. its 10000000000% Obama's fault..."

fuckin dumbass

[Soul Crusher]

This is a good one 3333. You are blaming someone else for the bank charging people.. God forbid the bank being blamed for trying to increase profits.. you go and blame govt...

You act like its a nationalized bank or something.. if you dont like the fee.. switch to a smaller bank... switch to a community bank... but to get mad at a bank for fees and blame it on the govt.. that shows you dont know the first thing about capitalism and the free market...

dumb ass...

Its like being mad at a car company for having to pay to maintain a car you purchased.. if the maintenance is too much... buy a different car...

WTF man... "The weather is bad.. its 10000000000% Obama's fault..."

fuckin dumbass

I know you are generally little more than a leftist drone, but seriously  - have you ever heard of Dodd Frank?  The durbin Amendment?   interchange Fees? 

Read below and getting a freaking clue.   

________________________ ________________________ _________________


...Thank Wal-Mart for your new bank card fee
by Timothy P. Carney Senior Political Columnist



Exterior of Walmart in San Jose, Calif., Wednesday, Aug. 13, 2008. (AP Photo/Paul Sakuma)


When Bank of America announced last week that it would charge $5 a month to customers who make purchases with their debit card, customers railed against the bank.

Many conservatives and libertarians said the anger should be aimed at Congress and the Obama administration, which, through last year's Dodd-Frank financial regulation bill, effectively outlawed the old debit card business model, spurring Bank of America to make this change.

But the real culprit is Walmart and the retail lobby, which used government to squeeze banks and fatten their own bottom line. Walmart won, banks lost, and now customers are stuck with a new monthly fee.

Here's the background: Whenever you use a credit card or debit card to buy something at a store, the credit card processor (like Visa or Mastercard) and the issuing bank (like Bank of America or Chevy Chase Bank) both take a cut. The store may only get $9.70 on a $10 purchase.

How is that rate -- the "interchange fee" -- set? Until this year, it was set by market forces. Visa and Mastercard offer stores a service that facilitates sales and brings in more business. In return, they demand a cut of the sale. Walmart and Joe's Corner Store aren't required to accept debit cards or credit cards, but they do, which means that they decided the price was worth it.

Retailers, of course, wish the card issuers and processors would provide this service for free. Businessmen are always looking for a better deal. The businessmen in this case decided to employ regulatory robbery to get their way. Led by Walmart and the Retail Industry Leaders Association, retailers pushed for a federal cap on interchange fees.

When the Dodd-Frank financial regulation bill came up, Sen. Dick Durbin introduced an amendment giving the Federal Reserve the authority to cap the interchange fee on debit cards (but not credit cards). Durbin, in the misleading populist mold of his fellow Illinoisan, Barack Obama, painted himself as the scourge of the special interests, because he was battling against the banks. But some other special interests were firmly in Durbin's corner: the big retailers.


Melissa Merz, a former press secretary for Durbin, lobbied for Walmart on the financial regulation bill, as did former Durbin legislative aide Donni Turner. The Durbin alumna were both at the Podesta Group, and the firm's lobbying filings indicate both lobbied on "Senate financial services regulatory reform legislation."


At the same time, these retail lobbyists were helping fund Durbin's campaign. Daily Caller reporter Jonathan Strong wrote "one month after the Dodd-Frank financial reform bill passed, both of those former aides, Melissa Merz and Donni Turner, attended an Aug. 10 fundraiser for Durbin hosted by the Podesta Group. A group of lobbyists mostly from the Podesta Group gave Durbin $5,000 on Aug. 10 and a $5,000 check from Walmart's PAC cleared shortly afterward, on Aug. 27."

The returns to the retail industry were huge. As the Federal Reserve prepared its rules setting the maximum per-purchase interchange fee, a Home Depot executive told investors on a conference call "Based on the Fed's draft regulations, we think the benefit to the Home Depot could be $35 million a year."

That $35 million Home Depot gain is a $35 million loss for banks and credit-card processors. Their interchange revenue was central to the business model that allowed banks to offer free checking and free debit-card use.

That business model is now illegal, and so Bank of America has switched to the model they find second best. If they can't make the stores cover the costs of debit cards, make the consumers pay a share. The American Bankers Association calls Bank of America's $5-a-month charge "the Durbin fee."

Durbin, needless to say, doesn't like being blamed for this highly unpopular new fee. He blasted B of A for instituting the fee, calling it "unfair." Other liberals say B of A is just making excuses for fleecing their customers. But Bank of America was always free to charge a monthly fee to debit card customers. It didn't because it thought it could get more customers by charging the stores instead.

Debit-card users don't have the lobbying clout of Walmart and the retail industry. Bank of America customers can't get together and hire Durbin's old staffers.

It's the standard tale of government intervention in the economy: The guy with the best lobbyists wins, and the little guy -- this time, the consumer -- loses.

Timothy P.Carney, The Examiner's senior political columnist, can be contacted at tcarney@washingtonexaminer.com. His column appears Monday and Thursday, and his stories and blog posts appear on ExaminerPolitics.com.


http://campaign2012.washingtonexaminer.com/article/thank-wal-mart-your-new-bank-card-fee?utm_source=TEMPLATE:%20Washington%20Examiner%20Political%20Digest%20-%2010/03/2011&utm_medium=email&utm_campaign=Washington%20Examiner:%20Political%20Digest

[Option D]

are u forced to bank with bofa?

[Soul Crusher]

are u forced to bank with bofa?

uuuggghhhh  - this fee hits all banks who issue debit cards and all banks are starting to up the costs to compensate for Durbins corruption on behalf of Walmart.



more examples of Democrats sticking it to the average guy with higher costs, regulation, etc, and then blaming someone else.  No different than energy, health care, etc.     
   

[Option D]

uuuggghhhh  - this fee hits all banks who issue debit cards and all banks are starting to up the costs to compensate for Durbins corruption on behalf of Walmart.



more examples of Democrats sticking it to the average guy with higher costs, regulation, etc, and then blaming someone else.  No different than energy, health care, etc.     
   

not my bank

[Soul Crusher]

not my bank

Yet - Citi and others already also announced that they are upping fees on accounts to pay for this.