Bailed-Out, Not Lending, Not Paying Taxes, Rolling in Profits, US Parasitic

Discussion in 'Media' started by hvactec, Oct 1, 2011.

  1. hvactec
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    hvactec VIP Member

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    - BofA's New $5 Fee

    In other words, it's absolutely a given that Bank of America not only retain its current profit margin, it should be able to grow it off the backs of their overburdened customers. Free markets rock!

    The nation's beleaguered banking industry, which has been raising fees and doing away with free services, has a new target: debit-card users.

    Bank of America Corp. is laying plans to charge millions of customers a $5 monthly fee to use their debit cards, and other big banks are expected to follow suit. The industry says it needs the fees to recoup revenue it will lose because of new government regulations that cap what they can charge merchants for debit-card transactions.

    Bank of America, the largest U.S. bank by assets, disclosed the plan on Thursday in a memo to its senior staff. It intends to begin collecting the fees nationwide early next year.

    Several other large banks, including J.P. Morgan Chase & Co. and Wells Fargo & Co., are testing or plan to test similar fees in some states. Regions Financial Corp., a Birmingham, Ala.-based lender, has said it will start charging a $4 monthly debit-card usage fee on certain accounts on Oct. 1.

    New federal limits on debit-card "swipe fees" are expected to cost U.S. banks an estimated $6.6 billion a year in lost revenue.

    To offset that lost revenue, many banks have eliminated or scaled back debit-rewards programs, added monthly fees for checking accounts and raised minimum balance requirements for customers to avoid certain fees.

    The limits on debit-card swipe fees—one of the most contentious regulations to arise from the financial crisis—were finalized by the Federal Reserve Board in June and take effect on Saturday. The new rules will cap at 24 cents the fee merchants pay banks each time a customer buys something with a debit card, down from the current average of 44 cents. The rules apply to banks with $10 billion and more in assets.

    READ MORE Bailed-Out, Not Lending, Not Paying Taxes, Rolling in Profits, US Parasitic BofA's New $5 Fee | Crooks and Liars
     
  2. rdean
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    rdean rddean

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    Republicans see successful policy.
     
  3. Mr Clean
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    Mr Clean Gold Member

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    What, you got a problem with good, hard-working businessmen trying to make an honest buck?

    What are you, some kind of commie?
     
  4. Harry Dresden
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    Harry Dresden Adamantium Member Supporting Member

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    i havent seen any democrats including the president bitching about this yet....i bank at Wells Fargo,if they start i go to a local bank.....and i have a 450,000 dollar account with them....
     
  5. WillowTree
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    WillowTree Diamond Member

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    Hey ASSWipe,, in case no one has told you NO ONE forces ANY ONE to band with BOA... That's the beauty of capitalisim.
     
  6. WillowTree
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    WillowTree Diamond Member

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    Credit Union for me.
     
  7. Harry Dresden
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    Harry Dresden Adamantium Member Supporting Member

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    my Credit Union pissed me off so screw them....
     
  8. WillowTree
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    WillowTree Diamond Member

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    oh my
     
  9. Katzndogz
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    Katzndogz Diamond Member

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    Democrats passed the laws limiting bank fees and charges. The bank is finding a way to make up for those losses. Like no one realized they were going to do that.
     
  10. waltky
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    waltky Wise ol' monkey Supporting Member

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    Granny says, "Dat's right - Obama gonna tell Congress to put an end to dis chicanery...
    :cool:
    Obama blasts Bank of America debit card fee
    October 3,`11 - President Obama slammed Bank of America’s $5 debit card card fee in an interview with ABCnews.com and Yahoo on Monday, calling the charge “not good business practice.”
     

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