Magox Posted September 30, 2011 Share Posted September 30, 2011 (edited) Special courtesy from Dick Durbins amendment in the Dodd Frank Bill In early 2012, Bank of America customers with basic accounts will be charged a $5 monthly fee for shopping with their debit cards. The fee will be charged whether customers choose 'debit' or 'credit' at the point of sale. Industries Banking Services Financial Services Sector Commercial Banking Credit Card Fees and Penalties Business Personal Finance ATM usage fees will remain the same, and those customers who do not shop with their debit card will not incur the $5 monthly fee. Why is Bank of America making this move? It certainly fits a trend: ATM fees have been rising, bounced check fees have been going up, and free checking accounts are fast becoming a thing of the past. The move is partly prompted by a new federal regulation starting tomorrow (Oct. 1) will begin limiting the cut banks can take from merchants at the point of sale. Bank of America is expecting the new lower rate to reduce the revenue that those merchant fees currently bring to the bank. In 2009, those fees amounted to $19 billion in revenue. So in other words, Bank of America is shifting a part of the fee obligation from merchants to customers. I wrote about this stupid piece of legislation almost a year and a half ago? The part I placed in bold, I had referenced more than a few times, which is if you take away a revenue stream from a business (in this case bank) they will get it from somewhere else. I mean that's just common sense, I repeated that over and over. And you can pretty much expect other banks to follow suit. I don't know how many times we've spoken about the unintended consequences of these idiotic pieces of legislation. Sen. Dick Durbin (D) of Illinois responded bluntly to Bank of America's announcementL "After years of raking in excess profits off an unfair and anti-competitive interchange system, Bank of America is trying to find new ways to pad their profits by sticking it to its customers," Durbin said Thursday. "It's overt, unfair and I hope their customers have the final say." Yep, you know you !@#$ed up idiot. Way to try to cover your ass. Customers with lower-tiered accounts, including the firm’s online-banking option, may start getting assessed the fee for debit-card purchases in January, said Anne Pace, a Bank of America spokeswoman. Users won’t be charged for cash-machine withdrawals, and clients with premium accounts including those linked to the Merrill Lynch brokerage aren’t affected, she said. Bank of America, based in Charlotte, North Carolina, is joining rivals including JPMorgan Chase & Co. (JPM), Wells Fargo & Co. (WFC) and SunTrust Banks Inc. (STI) in rolling out new charges for debit- card users. The Federal Reserve’s rules limiting swipe fees, or interchange, take effect next month. Banking industry representatives have said the changes enrich merchants while penalizing lower-income consumers. “One of the unintended consequences is that this would disproportionately harm lower-income individuals,” said Trish Wexler, a spokeswoman for the Electronic Payments Coalition, which represents banks and networks. “If you can’t afford $5 a month, you’re going to stop using your debit card.” Thanks Dickhead Durbin, way to look out for the middle class. Edited September 30, 2011 by Magox Link to comment Share on other sites More sharing options...
Dante Posted September 30, 2011 Share Posted September 30, 2011 Special courtesy from Dick Durbins amendment in the Dodd Frank Bill I wrote about this stupid piece of legislation almost a year and a half ago? The part I placed in bold, I had referenced more than a few times, which is if you take away a revenue stream from a business (in this case bank) they will get it from somewhere else. I mean that's just common sense, I repeated that over and over. And you can pretty much expect other banks to follow suit. I don't know how many times we've spoken about the unintended consequences of these idiotic pieces of legislation. Yep, you know you !@#$ed up idiot. Way to try to cover your ass. Thanks Dickhead Durbin, way to look out for the middle class. Damn. What a worm. How low can some of these guys go? Link to comment Share on other sites More sharing options...
Gary M Posted September 30, 2011 Share Posted September 30, 2011 Special courtesy from Dick Durbins amendment in the Dodd Frank Bill I wrote about this stupid piece of legislation almost a year and a half ago? The part I placed in bold, I had referenced more than a few times, which is if you take away a revenue stream from a business (in this case bank) they will get it from somewhere else. I mean that's just common sense, I repeated that over and over. And you can pretty much expect other banks to follow suit. I don't know how many times we've spoken about the unintended consequences of these idiotic pieces of legislation. Yep, you know you !@#$ed up idiot. Way to try to cover your ass. Thanks Dickhead Durbin, way to look out for the middle class. And remember the businesses have the charges built into their prices, so we should expect to see some goods go down in price. Link to comment Share on other sites More sharing options...
GG Posted September 30, 2011 Share Posted September 30, 2011 Yeah, like this move hasn't been telegraphed when Durbin took the stage. How in the world did he think that consumers would benefit from this? Right now, retailers are paying the debit fee, and theory would hold that retailers will lower prices once the debit fee went away. Yeah, that is going to happen. Although the timing of the fines to take place in January leaves room to water down Durbin's Act. Link to comment Share on other sites More sharing options...
drinkTHEkoolaid Posted September 30, 2011 Share Posted September 30, 2011 Stupid libs failing to anticipate banks would pass the charge to consumers. Wtf. Wtf else is in this bill that will be coming out? No wonder businesses are scared and holding back This whole "I'm with the government and I know best and I'm here to help you with over regulation" is down right incompetence and arrogant and fundamentaly wrong with everything that made America great. Link to comment Share on other sites More sharing options...
Dante Posted September 30, 2011 Share Posted September 30, 2011 This whole "I'm with the government and I know best and I'm here to help you with over regulation" is down right incompetence and arrogant and fundamentaly wrong with everything that made America great. Unleash free enterprise and things will turn around. Will it be perfect? Of course not. But it will be the best for the most amount of people. And just imagine, being free without the government up your ass for something. Link to comment Share on other sites More sharing options...
erynthered Posted September 30, 2011 Share Posted September 30, 2011 No surprise here. Go Lib's How'bout that health care. Yeah baby!! Link to comment Share on other sites More sharing options...
drinkTHEkoolaid Posted October 1, 2011 Share Posted October 1, 2011 No suprise here. Go Lib's How'bout that health care. Yeah baby!! Yes we can !! Hope and change ! Unicorns and rainbows! We know best ! Link to comment Share on other sites More sharing options...
Barack Obama Posted October 1, 2011 Share Posted October 1, 2011 Yes we can !! Hope and change ! Unicorns and rainbows! We know best ! Get in the back seat Link to comment Share on other sites More sharing options...
drinkTHEkoolaid Posted October 1, 2011 Share Posted October 1, 2011 Get in the back seat Shouldn't you be busy shredding the constitution or squandering billions of dollars on bad loans ? Link to comment Share on other sites More sharing options...
/dev/null Posted October 1, 2011 Share Posted October 1, 2011 Shouldn't you be busy shredding the constitution or squandering billions of dollars on bad loans ? He's taking a break while his wife is out shopping at Target® Link to comment Share on other sites More sharing options...
Magox Posted October 4, 2011 Author Share Posted October 4, 2011 The president said the $5 per month charge “is exactly why we need somebody whose sole job it is to prevent this kind of stuff from happening” and noted that the Consumer Finance Protection Bureau is the type of strong watchdog agency the U.S. needs to crack down on cases like this. Keating hit back at Obama in POLITICO’s “Morning Money” on Tuesday, condemning the president for what he deemed an unfair attack on the bank’s response to new government rules that are forcing companies to drastically change their business practices. “It’s disappointing and puzzling that the President would attack a private corporation for responding to government price fixing that has fundamentally altered the economics of offering a debit card,” Keating said in “Morning Money.” “As a direct result of the Durbin Amendment, consumers have started paying for financial services they previously enjoyed free of charge. Unfortunately, this proves that whenever government tries to control pricing of a product or service, consumers lose.” A top financial industry source told “Morning Money” about Obama’s ABC interview, “It’s like he’s channeling his inner Hugo Chavez.” Read more: http://www.politico.com/news/stories/1011/65086.html#ixzz1ZpU6rLoR Link to comment Share on other sites More sharing options...
DC Tom Posted October 4, 2011 Share Posted October 4, 2011 The president said the $5 per month charge “is exactly why we need somebody whose sole job it is to prevent this kind of stuff from happening” and noted that the Consumer Finance Protection Bureau is the type of strong watchdog agency the U.S. needs to crack down on cases like this. We need a strong government to prevent the abuses caused by a strong government. If the CFPB's role is to prevent financial institutions from charging for services, the CFPB is a complete !@#$ing joke. Link to comment Share on other sites More sharing options...
GG Posted October 4, 2011 Share Posted October 4, 2011 The president said the $5 per month charge “is exactly why we need somebody whose sole job it is to prevent this kind of stuff from happening” and noted that the Consumer Finance Protection Bureau is the type of strong watchdog agency the U.S. needs to crack down on cases like this. Keating hit back at Obama in POLITICO’s “Morning Money” on Tuesday, condemning the president for what he deemed an unfair attack on the bank’s response to new government rules that are forcing companies to drastically change their business practices. “It’s disappointing and puzzling that the President would attack a private corporation for responding to government price fixing that has fundamentally altered the economics of offering a debit card,” Keating said in “Morning Money.” “As a direct result of the Durbin Amendment, consumers have started paying for financial services they previously enjoyed free of charge. Unfortunately, this proves that whenever government tries to control pricing of a product or service, consumers lose.” A top financial industry source told “Morning Money” about Obama’s ABC interview, “It’s like he’s channeling his inner Hugo Chavez.” Read more: http://www.politico.com/news/stories/1011/65086.html#ixzz1ZpU6rLoR What a bunch of incompetents. By passing stupid laws like this and manufacturing a problem that didn't exist before, they make it harder to pass true financial reform like raising capital standards & limiting prop trading. Link to comment Share on other sites More sharing options...
drinkTHEkoolaid Posted October 4, 2011 Share Posted October 4, 2011 This administration is as good at understanding the economy and private sector as I am at understanding Mandarin Chinese Link to comment Share on other sites More sharing options...
3rdnlng Posted October 4, 2011 Share Posted October 4, 2011 http://abcnews.go.com/blogs/politics/2011/10/durbin-to-bank-of-america-customers-get-the-heck-out-of-that-bank/ You gotta see what he said today! Link to comment Share on other sites More sharing options...
DC Tom Posted October 4, 2011 Share Posted October 4, 2011 http://abcnews.go.com/blogs/politics/2011/10/durbin-to-bank-of-america-customers-get-the-heck-out-of-that-bank/ You gotta see what he said today! Nice job, Dick. Encourage a run on the bank. Then, when they collapse, you can bail them out. Wait, what's that? They won't collapse, because they're "too big to fail?" You !@#$ing moronic dipshit. If it weren't for hats, Dick, your head wouldn't have any !@#$ing use whatsoever. Link to comment Share on other sites More sharing options...
/dev/null Posted October 4, 2011 Share Posted October 4, 2011 This administration is as good at understanding the economy and private sector as I am at understanding Mandarin Chinese Understanding Mandarin Chinese will help you in the future at understanding the economy and private sector Link to comment Share on other sites More sharing options...
erynthered Posted October 6, 2011 Share Posted October 6, 2011 BoA CEO responds... http://finance.yahoo...od=bb-budgeting Link to comment Share on other sites More sharing options...
DC Tom Posted October 6, 2011 Share Posted October 6, 2011 BoA CEO responds... http://finance.yahoo...od=bb-budgeting No, bonehead, you don't have a "right" to make a profit. You have a right to try to make a profit. Jesus...he sounds as stupid as his customers. Link to comment Share on other sites More sharing options...
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