Banking Fees are being fiercely hiked across the nation. Debit Card fees have now been imposed by most banks such as Wells Fargo, Regions, Suntrust & Bank of America further squeezing the consumer thanks again to more government intrusion. by Jonathan Cymberknopf
(libertarian)
Thursday, October 6, 2011
By now you have seen Wells Fargo, Regions, Suntrust and Bank Of America announce they are charging YOU fees just for having a debit card. Today Citibank joined in and announced a $20 monthly maintenance fee.
So how did we get here? Why are the evil bankers suddenly doing this? It is extremely important we understand what happened here. This is the most important issue of the 2012 election if you ask me because it clearly spells out the difference between Democrats and Republicans and what has been transpiring the last three years.
You see Democrats believe in Bigger government, they believe Government is the answer to all our problems, which is why they cannot cut spending. They are addicted to spending and buying votes via entitlements. By keeping people dependent on the government they secure these votes for generations to come. This is why they are now asking to raise taxes so they can continue the insanity. But I do no want this topic to get away from me so I will focus on the issue of THE FEES.
This is a classic case of passing a bill when something was not broke. What’s the old saying? “If it ain’t broke don’t fix it”
The Democrats had to blame someone other than themselves because after all we live in a society today where it’s always someone else’s fault or in Obama’s case it’s always Bush’s fault. So now the fault became the one of the EVIL BANKERS.
Keep in mind I have over 10 years of banking experience and currently still work in the banking Industry.
Ok, So the government passed the The Dodd–Frank Wall Street Reform and Consumer Protection Act . Obama proudly signed this bill calling it “Common Sense”.
They basically capped what a bank can charge merchants to 22 cents per transaction. The Banking industry was averaging a charge of 44 cents. So Now this has become another industry regulated by the government. The free market was once again thrown out the window. Much like the laws of the Universe (Kabbalah) everything is cause and effect. The effect of government meddling results in BILLIONS with a B of lost revenue to the Banks. And how do the banks make up for this? You guessed it, in fees, which is why you are now seeing Free Checking go away and in addition debit card fees now being imposed.
So the question again is: How is that Hope and Change working out for you?
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Posted By: yrral86
Date: October 9, 2011 01:01:57 AM
The fees caps only apply to very large banks. As far as I'm concerned, this is exactly the effect we need. Raising consumer fees for the large banks is the only way to get people to move their accounts and bring more decentralization to the banking sector. The goal was to end too big to fail and this will help move us towards that end. I'd like to see more. Then, next time there's a big **** up, we can let the assholes who made bad calls go bankrupt, and use the FDIC to backup depositor accounts. Then those people can deposit their money into a bank that didn't help bring down the economy. Sure, it will probably cost just as much as TARP, but at least there will be a lesson learned that doesn't start with greed and end with a bailout. If we give them money when they **** the entire world in the ***, our asses are going to keep getting more and more sore. I use a local credit union for my primary account, and my other account is with a state-wide bank. I worked BoA customer service for a while, so I was lucky enough to learn how screwed up their view of customers is without having to become one first. On top of that, the $0.22 fee cap is still higher than the average in Europe, thanks to their much stronger anti-trust stand. Europe has been dealing with these fat cats for much longer. We have a lot to learn from them. No, I don't feel sorry for anyone in this situation. Consumers can move to cheaper alternatives (I still pay no fees, and out of network atm fees are refunded if I perform 12+ debit card transactions a month) and banks with over $10B can afford to become a little more streamlined.
