Banks preparing to charge for debit card usage

[SBXVII]

This is a simple solution......

All BOA customers need to take their money elsewhere and close their accounts. Maybe if all the other Big Banks see how the general public will not tolerate this then the other banks will be scared to pull the trigger on this extra fee also.

If I'm correct it's only BOA right now so if the other see a mass exodus they will not add the fee for fear of losing customers and money.

[Beemnseven]

Originally Posted by SBXVII

This is a simple solution......

All BOA customers need to take their money elsewhere and close their accounts. Maybe if all the other Big Banks see how the general public will not tolerate this then the other banks will be scared to pull the trigger on this extra fee also.

If I'm correct it's only BOA right now so if the other see a mass exodus they will not add the fee for fear of losing customers and money.

You do realize that the fee was imposed thanks to a law passed by Congress, right?

I have a better idea. Why not make it clear to Congress that we will no longer accept short-sighted interference into the market by placing arbitrary rules that favor one side over the other, creating an outcome that will only wind up costing the consumer money?

That's what happened here: Sen. Dick Durbin adds an amendment to the treacherous Dodd-Frank bill giving the advantage to retailers in a long dispute over who bears the cost of transferring funds electronically. The result? Banks get stuck with most of the bill, so they do what businesses naturally do when they have to answer to shareholders -- pass the expense to the consumer.

So don't blame the banks, blame Congress for screwing around with the free market.

[FRPLG]

Originally Posted by Beemnseven

You do realize that the fee was imposed thanks to a law passed by Congress, right?

I have a better idea. Why not make it clear to Congress that we will no longer accept short-sighted interference into the market by placing arbitrary rules that favor one side over the other, creating an outcome that will only wind up costing the consumer money?

That's what happened here: Sen. Dick Durbin adds an amendment to the treacherous Dodd-Frank bill giving the advantage to retailers in a long dispute over who bears the cost of transferring funds electronically. The result? Banks get stuck with most of the bill, so they do what businesses naturally do when they have to answer to shareholders -- pass the expense to the consumer.

So don't blame the banks, blame Congress for screwing around with the free market.

But but but more regulation is always better. Regulation looks out for the little guys. Us little guys couldn't possibly make it without the gov't regulating all the mean nasty businesses who wish to actually make money from us poor innocent and free-ride-deserving consumers.

Lesson of the day...gov't involvement has a tendency to screw sh*t up. For every problem it purports to fix it creates at least one other new problem. Sometimes these new problems are worse than the original problem. And the last people on Earth smart enough to figure out which "solutions" will work and which won't are...you guessed it ..politicians.