Dodd and Frank stuck it to us again.
U.S. Sen. Christopher Dodd and U.S. Rep. Barney Frank successfully passed a bill, the Wall Street Reform and Consumer Protection Act, that takes more money out of your pocket again.
A portion of their banking bill reduces the fees that a bank will charge merchants to handle debit card transactions. With this loss of revenue, most banks now add a monthly charge to the consumer (my bank charges $4) for the use of your debit card. In other words, if I use my debit card during the statement cycle, I will get charged $4. My bank does not charge for the use of an ATM.
Check with your bank and consider what I will do, which is get a “no fee” card that gives cash back rather than pay the bank a charge that is only an electronic transaction and does not cost the bank a thing. They just lost some revenue and will now get more revenue back on the customer.
Thanks to Dodd, Frank and my greedy bank.