- Moderator
- #41
the banks chose to do this, regardless of new legislation...
those of you mouthing off about politicians are being played as fools by the banks....WAKE UP, you are being FOOLED.
banks planned on this long before legislation...ther banks with huge credit card businesses have been suffering in profits from their charge card area because many customers chose to use their debit cards to pay for things, which had no interest charge.... the banks were losing money on this, so these fees that they are adding is their move, to try to get their customers to move, back in to using their charge cards again.
If you think the Durbin amendment isn't directly responsible for BofA and other banks making this choice, you're the one who is being fooled. They aren't going to allow the government to force them to lose profits. A corporation's first responsibility is to its shareholders. That is Economics 101. If shareholders don't get a decent return on their investment then they don't buy stock. They don't buy stock, the company has less capital to invest. Less capital equals less employment equals higher unemployment.
That's the way the real world works. All this unnecessary bullshit regulation is why our economy is stagnating and all it does is hurt the little guy in the end.