Patch up one crack in the dam, another one forms somewhere else...

[Rasputin_Vol]

Bank of America angers Democrats, loses billions - Yahoo! News

The bank levied the new monthly $5 charge after Durbin led a successful effort to enact legislation that curbed banks’ ability to levy debit-card charges on retailers. Once those curbs came into force, the financially strapped bank shifted the levy from retailers’ prices over to customers’ monthly accounts, prompting the political complaints.

BoA looks like the bad guy here (probably well deserved), but you had to know that the banks were gonna try to find someway to make up for that lost revenue.

One door closes, another one opens...

 

[volinbham]

Is this what we want our Senators doing?

“Bank of America customers, vote with your feet. Get the heck out of that bank. Find yourself a bank or credit union that won’t gouge you for $5 a month and still will give you a debit card that you can use every single day,” Durbin declared Monday.

I swear, everyday we go further into Bizarro World

 

[volinbham]

More goodies from that article:

Obama also criticized the bank. “Banks can make money, they can succeed, the old-fashioned way, by earning it by lending to small business and by lending to consumers, by making sure we are building the economy together,” Obama told ABC’s George Stephanopoulos in a Monday afternoon interview.
Obama used the interview to champion more federal oversight of the banking industry, and to urged the Senate to confirm Richard Cordray to head the new Consumer Financial Protection Bureau. (RELATED: Bank of America will slash 30,000 jobs)
“Without those kinds of protections, we’re going to continue to see these kinds of problems,” he said. “If you say to banks, ‘You don’t have some inherent right to get a certain amount of profit if your customers aren’t being mistreated, that you have you have to treat them fairly and transparently,” then some will hopefully get the message, he said.

How is what BoA doing not transparent? Each customer can decide if it is fair. I also love the "do it the old fashioned way" comment. Banking today is not what it was in oldy times. If the government enacts price fixing (max that can be charged on transaction fees) then the bank has to seek other revenue streams.

Oh yeah, and they are cutting 30K jobs and that will double if people take Durbin's advice.

We are screwed.

 

[Rasputin_Vol]

They only see the business, not the people involved.

That is why they can cheerlead and hope the business suffers... not really much thought about the consequences to the customers or employees.

 

[dreVol]

Is this what we want our Senators doing?



I swear, everyday we go further into Bizarro World

So, the Durbin amendment causes these fees and now he tells us to avoid banks that charge these fees? I'm confused..
Posted via VolNation Mobile

 

[MG1968]

democrats obviously don't give a damn about jobs

 

[lawgator1]

Bank of America announces the $5 a month charge.

1) If the administration proposes legislation to prevent it, you cry they are socialist and paternalistic.

2) If the administration proposes that people that bank there take their business elsewhere in protest, you cry that they are just anti-business and using this as class warfare.

3) If the administration does nothing in response, you point to campaign contributions by BoA executives and claim the administration doesn't care about the little guy.


Pretty much anything Obama does or doesn't do is met with knee jerk criticism by the right, especially the far right.

 

[utvolpj]

you realize the $5 fee was a reaction to legislation right? He is vilifying a business for not eating the cost he levied and losing money

people have the right to move on if they want but it shouldn't be at the direction of a Senator

 

[sjt18]

Bank of America announces the $5 a month charge.

1) If the administration proposes legislation to prevent it, you cry they are socialist and paternalistic.

2) If the administration proposes that people that bank there take their business elsewhere in protest, you cry that they are just anti-business and using this as class warfare.

3) If the administration does nothing in response, you point to campaign contributions by BoA executives and claim the administration doesn't care about the little guy.


Pretty much anything Obama does or doesn't do is met with knee jerk criticism by the right, especially the far right.

The law should not be in place. It is unwarranted and probably unconstitutional meddling in a private business.

HOWEVER, I have no problem with Durbin saying that customers should walk if they don't like it... though he's the primary cause.

FWIW, the Dems and this Admin particularly absolutely do not care about the "little guy". They care about grouping the "little guys" then herding them with carrots and sticks into dependence on them.