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September 30, 2011

Comments

Ed S

Other banks, like Wells Fargo and Chase, will follow.
I suggest joining a credit union, such as Western Federal.

Brandon

This is what happens when the feds pass regulations - companies find other ways to recoup the losses that occur as a result of regulation.

Keith Beesley

I plan to go back to using cash for most everyday transactions.

Jeffrey McMahon

I heard on NPR that ALL the banks will be doing this charge soon. They all act in sync.

Bob C.

We have the Durbin amendment to the Dodd–Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111- 203, H.R. 4173) to thank for all this. Bankers indicated that shifting costs from retailers to banks would have the result of screwing the consumer, but nobody in the mainstream media cared to adequately examine the issue. Now it has finally come to pass.

This is an example of why a lot of "big government" programs meant to "protect" the consumer have the opposite effect.

There is - for some reason - a total disconnect in Washington (particularly among those on the left) when it comes to the issue of what happens when you levy additional fees and taxes on businesses and on "the rich". What really happens is that those costs inevitably end up being shifted to the consumer. This is because businesses never actually 'pay taxes' - their customers do. In the end, these new taxes and fees are incredibly regressive and are worse than a full-on tax increase because the middle-class consumer has little recourse. This kerfuffle with the debit cards is a prime example of that. Shift fees from retailers to banks in order to help one particular senator's friends while claiming to stick it to the greedy bankers. And what happened? Well, retailers aren't cutting prices and the banks are raising fees en masse. And bailing out of B of A won't do anything because ALL of the banks will do the same thing. And even credit unions have more fees than they used to (I know because I've been shopping).

These lame attempts at reform always fail the middle class. Remember the Cable Television Reform Act of 1996? How do your cable bills compare with what they were in 1995? Or the service?

Again, all this shows a total disregard and/or lack of understanding as to how capitalism works.

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