Bank bill sneaks more money out of us

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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.

Comments (14) Add comment
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shrimp for breakfast
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shrimp for breakfast 10/06/11 - 02:42 am
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Yea my bank charges $3 a

Yea my bank charges $3 a month. I too am not charged for using an ATM as long as it belongs to my bank. Maybe I'll just start using cash.
Who am I kidding. I find the card too convienient so I guess I'm stuck paying the 3 bucks so the banker doesn't starve.

carcraft
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carcraft 10/06/11 - 06:22 am
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Shrimp for breakfast- No

Shrimp for breakfast- No thank you to Country wide Chris Dodd and Barney (if it ain't broke I ain't fixing Fannie Mae..) Frank?

Techfan
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Techfan 10/06/11 - 06:50 am
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Why blame Dodd and Frank and

Why blame Dodd and Frank and not just the banks?

Craig Spinks
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Craig Spinks 10/06/11 - 08:07 am
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"Penny-wise and

"Penny-wise and pound-foolish?"

Chillen
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Chillen 10/06/11 - 08:39 am
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You folks are at the wrong

You folks are at the wrong bank. My banks pays ME to use my debit card. As long as you use it 10 times per month, you earn almost triple the interest that you do on savings accounts (up to $25K).

Tell your bank how you feel with your feet. Walk away.

Now, on to the socialists Dodd & Frank. Can we please implement some term limits in this country? These 2 crooked clowns are textbook examples of exactly why we need them. Their constant meddling in the private industry is hurting Americans and American businesses.

justthefacts
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justthefacts 10/06/11 - 08:53 am
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Chillen, bet it changes.

Chillen, bet it changes.

allhans
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allhans 10/06/11 - 08:53 am
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The $3.00 a month flat fee

The $3.00 a month flat fee doesn't bother me.
The machinery must be expensive and I admit that I am spoiled-I love the convenience.

Chillen
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Chillen 10/06/11 - 08:55 am
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You are right justthefacts.

You are right justthefacts. But so far it hasn't. When it does I'll switch banks or just use cash. Makes no difference to me. I don't need the banks. But I'll use them while they are willing to pay me to keep my money there :)

Jane18
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Jane18 10/06/11 - 09:10 am
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My bank doesn't have a charge

My bank doesn't have a charge either, and I was told they did not plan to. I called last week when I read of three banks that have the charge or will begin it soon. I like the convenience of my card, but I will go back to cash if need be...........

dougk
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dougk 10/06/11 - 09:22 am
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Chillen....I have that bank,
Unpublished

Chillen....I have that bank, too. Everyone should protest their charging banks and move over....can't we name the bank here??

justthefacts
46938
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justthefacts 10/06/11 - 09:33 am
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I hear that, Chillen.

I hear that, Chillen.

justthefacts
46938
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justthefacts 10/06/11 - 09:35 am
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Jane, why not just use a

Jane, why not just use a credit card and pay it off monthly. Same thing, right? What am I missing. I never used a debit card.

carcraft
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carcraft 10/06/11 - 10:02 am
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dichotomy- Great post

dichotomy- Great post

KSL
238307
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KSL 10/06/11 - 07:46 pm
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I agree with carcraft.

I agree with carcraft.

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