Thank you Bush and Obama for helping these crooks without any conditions...your awesome!




A top senator slammed Bank of America after the company, one of the largest recipients of U.S. taxpayer bailouts, announced it would charge customers a new $5 monthly fee for using their debit cards -- even if just to buy a $2 coffee.

Though the bank does not plan to charge customers for using the ATM, the fee would be triggered on a monthly basis if shoppers use their debit cards to make any purchase.

"It's overt, unfair and I hope their customers have the final say," Sen. Dick Durbin, D-Ill., said.

An industry representative said such fees may become more prevalent as banks try to make up for lost revenue from a different kind of fee that will be capped under a new set of financial regulations.

But the Bank of America decision drew outrage for several reasons. The company is the largest U.S. bank by deposits. And it reaped $45 billion in federal bailout money -- receiving the first chunk in 2008 and the rest in 2009 to cope with losses at Merrill Lynch.

Durbin excoriated the company for "sticking it" to customers.

"It seems that old habits die hard for Bank of America. After years of raking in excess profits off an unfair and anti-competitive interchange system, Bank of America is trying to find new ways to pad their profits by sticking it to its customers," Durbin said in a statement.

Though banks may be trying to make up for lost profit from the old system, Durbin said that system was unfair. Before, banks were collecting billions in fees from merchants from whenever customers swiped their debit cards. Starting Oct. 1, a regulation will cap those fees.

"Banks that try to make up their excess profits off the backs of their customers will finally learn how a competitive market works," Durbin warned.

Bank of America repaid all the bailout money it received in late 2009 -- the federal government made more than $4 billion off the arrangement.

The new fee will apply to basic accounts and will be in addition to any existing monthly service fees.

For example, one of the bank's basic accounts charges a $12 monthly fee unless customers meet certain conditions, such as maintaining a minimum average balance of $1,500.

A fee for using debit cards is still a novel concept for many consumers and was unheard of before this year. But there are signs it may soon become an industry norm.

SunTrust, a regional bank based in Atlanta, began charging a $5 debit card fee on its basic checking accounts this summer. Regions Financial, which is based in Birmingham, Ala., plans to start charging a $4 fee next month.

Chase and Wells Fargo are also testing $3 monthly debit card fees in select markets. Neither bank has said when it will make a final decision on whether to roll out the fee more broadly.

This summer, an Associated Press-GfK poll found that two-thirds of consumers use debit cards more frequently than credit cards. But when asked how they would react if they were charged a $3 monthly debit card fee, 61 percent said they'd find another way to pay.

If the fee were $5, 66 percent said they would also change their payment method.

Bank of America's debit card fee will be rolled out in stages starting with select states in early 2012. The company would not say which states would be affected first.

Read more: http://www.foxnews.com/politics/2011/09/30/durbin-slams-bailed-out-bank-america-over-new-debit-fee/#ixzz1ZSHcYCcE

I like this development. It is helping fuel the growth of participation in the Wall Street protest action. The financial industry is screwing itself.

http://thestir.cafemom.com/in_the_news/126727/debit_card_fees_adds_more

Right off the bat the hit on something that shows us yet another under sighted bill that doesn't go far enough to prevent banks from simply switching gears. Instead of gouging business (which is no doubt why the bill was passed) they will gouge the working class while making sure not to affect the rich everyday customer.

Let us remain with the facts here, Clinton was the one who opened the floodgates of Deregulation of banks especially allowing them to "regulate" their own lending practices.

The banks have ALWAYS been out to rape us. And the worst part is the SHPPELE continue to do business with them.

Bush and Obama are just following his lead and selling out to them since both parties get contributions from BANKS!

PAYOLA IS WHAT MAKES THE WHEELS OF CONGRESS GO ROUND!

That's right. The big banks have just about always been well-connected to Washington. (At least from the first National Bank) They get mafia (government) protection, and can thus get away with just about anything. That's why I got away from BofA a long time ago and switched to a local credit union. F*** the corporatists and their buddies in Washington!

Why anyone does business with a bank is beyond me, ,I think you gotta be stupid to do so. Credit Unions are the way to go, not saying they're perfect they're just not a bank.

True. F..... Them all.

I see many more people wanting to go the owner financing route cuz they can't qualify or the banks want more than double down than they wanted a year ago.

you can thank your congress for these charges

the retail outlet has been granted a limited to how much
your financial institution can charge the retail outlet for the use of plastic

they say it was to get the retail outlet to charge less

i have not notice any price drops have you

again govt for the corporation by the corporation

how stupid are elected officials to think that limiting retail plastic cost would actually lower prices

the ""PEOPLE" take it in the rear-end again by the elected officials



http://www.foxnews.com/politics/2011/03/16/federal-crackdown-debit-card-swipe-fees-spark-showdown/

Now would be time for the true 'market forces' to show.

Like switching banks.

I went through many banks before I found one that treated me like a valuable customer instead of a source of funds.

Wonder what will happen to the street value of that bank.

I have no doubts that the lawyers for the banking lobby wrote the bill and you know the rest.

Very likely! Much like how the student loan industry lobbyists bought enough congressmen to get a law passed that prevents student loans from being dismissed in a bankruptcy.

I think Obama earlier this year signed a bill cutting out the middleman (Sally Mae etc.) so students deal directly with the feds.

So miss that loan paynment, we dare you...

If these problems are truly a major concern, the least we can do is sign this petition.

http://www.getmoneyout.com

I did.