Surprised ?

Recently President Obama slammed Bank of America for implementing a $5.00 per month fee for using one’s Debit Card to make a purchase. Sen. Dick Durbin, a chief proponent of the Dodd/Frank bill that has directly led to these charges called them an outrage.

First of all my bank, Suntrust, notified me of a similar fee over a month ago. Other banks have also initiated fees in recent weeks. The way the bill is crafted most large banks will be doing this and most likely smaller banks and credit unions will not. For supporters of Dodd/Frank, including the President, to express outrage or surprise at the banks’ actions is akin to one being surprised when a lottery ticket is found not to be a winner.

Comments

  1. Anonymous Politico says:

    It’s getting cheaper and more convenient to deposit our money into our respective mattresses and withdraw as needed.

  2. Randy in Richmond says:

    I agree. The gas stations have gone full circle here–it’s now 3-5 cents cheaper per gallon to pay cash (or 3-5 cents more to use your card). Again, in response to Dodd/Frank.

  3. The Lorax says:

    Not sure the Gas stations offering cheaper gas with cash has anything to do with Dodd/Frank. We’ve had it for years here – it specifically has to do with the merchandiser’s fees they pay for every transaction they accept. This is also why a lot of small places require a minimum purchase to use a card. It has nothing to do with Dodd/Frank.

  4. Randy in Richmond says:

    Lorax
    You are correct. It is the higher cost of gas that has driven gas stations here to charge less for cash-paid gasoline. But it is a new feature here–within the past 60 days.