Banks preparing to charge for debit card usage

[SBXVII]

Beemnseven,

Just because the law allows them to add the charge or because of loop holes in laws does not mean every business must follow suit. I'm guessing all the banks probably sat down and agreed to add this but BOA was the first to implement it and if the public reacts fast enough the other banks will think twice before implementing the same sur charge.

That's all I'm saying.

[Beemnseven]

Originally Posted by SBXVII

Beemnseven,

Just because the law allows them to add the charge or because of loop holes in laws does not mean every business must follow suit. I'm guessing all the banks probably sat down and agreed to add this but BOA was the first to implement it and if the public reacts fast enough the other banks will think twice before implementing the same sur charge.

That's all I'm saying.

So the banks have to suck it up and eat the loss? That's not the way business works.

The law didn't "allow them to add the charge". The law arbitrarily interfered with and capped what banks could get from retailers in interchange fees. Bank of America did what every single business has to do when faced with a loss in revenue. They find a way to make up for it.

Whether the cause is higher taxes, higher production costs, higher labor costs, or capricious, misguided dictates from Congress -- all businesses MUST make up the lost revenue somehow. They don't just bend over and take it.