Quote:Holding up a plastic debit card on the Senate floor this afternoon, Sen. Dick Durbin, D-Ill., had some advice for Bank of America customers angry about the new $5 monthly fee: leave.

Well Dick*head, it was your bill with Bawney Frawnk that changed the banking world. Here's a little bit of news for you, COMPANIES ARE IN BUSINESS TO MAKE A PROFIT. You took away one revenue stream so banks will replace it with another, or stop offering the service. Nothing is free, unless it comes from the gubment.

Senator Turbin

It is unreal how stupid most democrats are.

Considering BoA is my bank and has been super-reliable for me for a long time...

It is sad that this is what it is coming to. The yahoos in Congress need to go. Seriously.

Ahhhhh, the cost of regulations.

Durbin single handedly took about 14 BILLION in revenue out of the banks when he added this stupid amendment. It's worth pointing out that the transaction fees that he decided, in his all knowing wisdom, to decrease were set by the market. You can't take 14 BILLION in revenue from banks and not expect them to make it up elsewhere.

Barry's comments on it are even more troubling. He said banks should just be willing to take less profit. Why? Bank's, or any other business for that matter, aren't charities. They provide a service that the market sets a certain value to. When government decides to fix prices instead of letting the market do it this is what happens. It shows the fundamental ignorance that the liberal world view brings with it. Only a liberal would believe they are qualified to determine how much is "fair" for a company to earn. Only a liberal would think it's fine to take away 14 billion in revenue from an industry and that they should just be ok with it.

(10-05-2011 05:37 AM)THE NC Herd Fan Wrote:  

Quote:Holding up a plastic debit card on the Senate floor this afternoon, Sen. Dick Durbin, D-Ill., had some advice for Bank of America customers angry about the new $5 monthly fee: leave.

Well Dick*head, it was your bill with Bawney Frawnk that changed the banking world. Here's a little bit of news for you, COMPANIES ARE IN BUSINESS TO MAKE A PROFIT. You took away one revenue stream so banks will replace it with another, or stop offering the service. Nothing is free, unless it comes from the gubment.

Senator Turbin

It is unreal how stupid most democrats are.

You know it's funny the Democrats understand that if you lower income (taxes) in one area you'll have to raise it (other taxes) in another. But when they force a bank to stop applying fees to a retail store suddenly they are shocked when the bank finds another way to make money.

There are some other BoA responses that are troubling. What used to be processed overnight and credited to my account are now subject to an additional eight hour hold before funds are available.

(10-05-2011 09:20 AM)WMD Owl Wrote:  There are some other BoA responses that are troubling. What used to be processed overnight and credited to my account are now subject to an additional eight hour hold before funds are available.

I've never planned on my deposited money to be there for 3 days or so. It's easier to expect less than to worry about 2:00 vs. 4:00 vs. Friday vs. every other weekday etc.

I deposit it in the ATM, get my $100 instant credit, and then wait for the rest to get moved into it a few days later. There isn't really a reason for me to have a bank right now other than not having to carry cash around with me all the time. I get about $.02 a month in interest in my savings accounts. As soon as Wells Fargo starts charging, I'm moving to a credit union or an online bank.

I have no clue whats going on (a little more interested given that I use BoA), but let me understand this: BoA used to charge retailers 44 cents for debit transactions. A bill passed recently caps it to 24 cents, so now BoA is charging a monthly fee of $5 to make up for it? And Durbin, who I suspect voted for the law, is telling us to suck it up or leave our bank?

The real question is, if the merchant saves $0.20 in costs because of the lower debit card fee, do they eventually pass the savings on to us? Other than some gas stations that offer up a few pennies per gallon discount, I don't think so.

(10-08-2011 08:24 PM)chargeradio Wrote:  The real question is, if the merchant saves $0.20 in costs because of the lower debit card fee, do they eventually pass the savings on to us? Other than some gas stations that offer up a few pennies per gallon discount, I don't think so.

Keep in mind this 20 cent charge was really not all that much if you just used your card responsibly. If you go buy 100$ in groceries that accounts for .2% of the total cost. If you go buy a 500$ TV your in the .04% neighborhood.

Where this fee really got people was with purchase under 50$ which is not even a tank of gas today.

No I don't expect my grocery store to dick around with the prices of hundred of items to try to give make that 20 cents. The point is I used to have the ability to pay or not pay that fee when I chose and still have a card. Now, I don't.

Thanks again lib's...

In the guise of saving consumers money, this just costs consumers billions more. They took billions from banks and gave it to retailers so no saving there. And of course the banks are going to make up their losses somewhere else. Net result of government helping us... billions of less money in our pockets.

One more time, GOVERNMENT, STOP LOOKING OUT FOR ME!!!

(10-09-2011 09:25 AM)Paul M Wrote:  In the guise of saving consumers money, this just costs consumers billions more. They took billions from banks and gave it to retailers so no saving there. And of course the banks are going to make up their losses somewhere else. Net result of government helping us... billions of less money in our pockets.

One more time, GOVERNMENT, STOP LOOKING OUT FOR ME!!!

And previously, the expense was directly related to use.

I can guarantee that the banks aren't going to UNDER-charge their users for this service and lose money. They've chosen a model that doesn't charge the consumer a per-swipe fee, but a once a month charge. I'm a 25 year old, who lives and dies by his debit card (only carries <$20) and I don't make more than 25 purchases in a month. (just looked, I've averaged around 20 a month)

Govt. strikes again!

And then dicks like Durbin want to blame others for what they have wrought.