How to Avoid Bank Fees
Finance Tuesday, October 11th, 2011
By Emily Driscoll | FOXBusiness
Just days before the Durbin Amendment went into effect on Oct. 1, Bank of America announced it would charge consumers a $5 monthly fee for using their debt card. Part of the Dodd-Frank financial overhaul package, the amendment limits the fees that banks can charge merchants when a consumer swipes their debit card to 24 cents, from 44 cents.
Although it seems like only a few pennies lost on every swipe, the numbers will start to add up for the banks. According to the Heritage Foundation, the total potential loss could amount to $12 billion.
Banks have long opposed the amendment warning that if the fees were lowered, the difference would have to come from somewhere else.
The $5 fee is designed to make up for Bank of America’s (BAC) loss of revenue. Experts note that that a customer making 25 debit card transactions a month would lead the bank to lose $5 it would have made before the Durbin Amendment. Bank of America is not alone: many of the larger banks, including Wells Fargo and Sun Trust, are making up for lost revenue by charging for debit card use, the cost ranging anywhere from $3 to $5 per month.
To read more, visit: http://www.foxbusiness.com/personal-finance/2011/10/11/more-bank-fees-are-coming/
Short URL: https://reteaparty.com/?p=3768
Dodd, Frank, Schumer and Durbin are why we need to term limit and salary elected officials and take control of our taxes by using a fair tax and ridding ourselves of the IRS and the progessive tax.
These guys live by the other laws, they are the elite and to them the rule of law will not apply because they write laws for their friends and them to profit by and hide behind, they are the reason why our government has been disgraced and brought down to this level of corruption.
Another example of why lawmakers must leave business alone – they don’t know what they are doing and always make matters worse.
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Dodd, Frank, Schumer, Durbin, et al. Support higher taxes, more spending, open borders, NAFTA and GAP to send millions of jobs overseas (only unemployment here), more stimulus for government jobs and union jobs (no jobs for the people there), Obamacare, Obama, growing the national debt for our children and grandchildren to pay, and onerous Czar regulations
The great ideas they have supported NAFTA and GAP to send millions of jobs overseas (10 million unemployed here), the first stimulus to prevent government job lay offs and provide Union job (nothing for the rest of us), changing regulations for banks, FANNIE, and FREDDIE to make risky loans and crash the wold economies, the DOEnergy 40 years ago to end our dependency on foreign oil, the DO Education 20 years ago to keep the US #1 in education, we are now between #9 and #20 depending on what criteria you look at … please no more of their “intelligent solutions” that benefit the special interests and their campaign donations. We need more Teapublicans who, like our Founding Fathers, actually want to do what is best for the People and the Nation