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Some of those fees are courtesy of Dodd-Frank. At least that's what I learned from my small regional bank when I got charged for transferring money from my Savings to my Checking online.
I have used a Credit Union for the majority of my banking for about 13 years now. Big banks? No thanks.
Thats correct B5. Dodd-Frank cost the banks like $8B in revenue, thus all these new fees. Not agreeing with them, but the road to hell is paved in good intentions. You pass a bill that changes how banks can make money, they will find other (less "likeable") ways to do it.
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It was nothing but the same old pandering to special interests. Named after Illinois Democratic Sen. Dick Durbin, the amendment limited fees that banks can collect from sellers when their customers make debit card purchases — cutting 44 cent fees to 21 cents.
That little bomb is now why battered Bank of America has no choice but to impose a $5 monthly fee — $60 a year — to consumers to make up for lost revenue.
The "economics of offering a debit card have changed with recent regulations," a bank spokeswoman told ABC News Friday.
BofA says it stands to lose $2 billion from the arbitrary Durbin price-fixing amendment and now has no choice but to make up for the lost revenue some other way.
I'll tell you what they're supposed to do: exactly what they tried.
Their job is to make money. They have huge profits, and have had since the recovery began. They've got a buttload of free money to lend, and they refuse to do any lending.
Okay, you're right. They're doing their job, pleasing the shareholders, and passing on any new dent in their profits to the consumer.
Fine. Here's how it's supposed to work: The consumer looks at places not pulling that sh1t. And presto chango, suddenly they can afford to let you use your own debit card. They have to actually compete for your business.
Now suddenly they can afford to function without charging fees to use your own debit card. Wow, whoda thought. Maybe some of that comes out of the profits the bank is pulling in?
Hmmmm. So if the profit margin justifies the fees if there's no pressure, maybe the best thing to do is pressure these lame fu(ks into providing service, even if they are properly regulated.
"Let's be the big banks' best buddy" seems to be a somewhat dated approach, dontcha think?
And the financial system is that much more stable, the more personal savings are insulated by the web of wall street derivatives.