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
5641
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shrimp for breakfast 10/06/11 - 01:42 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
28495
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carcraft 10/06/11 - 05:22 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
6462
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Techfan 10/06/11 - 05:50 am
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Why blame Dodd and Frank and

Why blame Dodd and Frank and not just the banks?

Craig Spinks
818
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Craig Spinks 10/06/11 - 07:07 am
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"Penny-wise and

"Penny-wise and pound-foolish?"

Chillen
17
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Chillen 10/06/11 - 07:39 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
25084
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justthefacts 10/06/11 - 07:53 am
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Chillen, bet it changes.

Chillen, bet it changes.

allhans
24899
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allhans 10/06/11 - 07:53 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
17
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Chillen 10/06/11 - 07:55 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
12332
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Jane18 10/06/11 - 08:10 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
3
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dougk 10/06/11 - 08:22 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
25084
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justthefacts 10/06/11 - 08:33 am
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I hear that, Chillen.

I hear that, Chillen.

justthefacts
25084
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justthefacts 10/06/11 - 08:35 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.

dichotomy
37534
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dichotomy 10/06/11 - 08:58 am
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"Why blame Dodd and Frank and

"Why blame Dodd and Frank and not just the banks?"

And all you Democrats were so proud when they "punished" the banks with the Consumer Protection Act. Ha!

First, the Democrats pressure the banks to make mortgage loans to people who were not qualified to get them. And when that policy came to it's inevitable fruition and bad mortgage loans caused the banking industry to collapse, Dodd and Frank decided to try and take the heat off of their criminally poor oversight at Fannie and Freddie by demonizing the banks and "saving" the American consumer with their Consumer Protection Act. Well, as usual, the anti-business Democrat policies of class warfare only served to cost American consumers more money. Please notice that in all of that boilerplate mumbo jumbo of the Consumer Protection Act there is nothing that kept the banks from charging us more money for the things we used to get free. There was NO consumer protection in the Consumer Protection Act. And who did Dodd and Frank hurt the most with their Consumer Protection Act? Probably the people who could least afford another fee.....AS USUAL. And, oh by the way, my guess is that the cost of even having a checking account will soon go up too. When will people learn that the cost of any regulation you put on a business gets passed down and paid for by the consumer. Blaming the banks for this is like blaming the phone companies for raising your phone bill when the government made them collect 3 or 4 "fees" for each phone line. And for all of those class warfare Democrats clamoring for the government to raise taxes on corporations.....who do you think will pay those taxes? It won't be the corporations I assure you.

It amazes me that half of the people support these idiotic policies, either thinking that they will "punish the rich" or that they will get more freebies. Funny how it never quite works out that way isn't it?

carcraft
28495
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carcraft 10/06/11 - 09:02 am
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dichotomy- Great post

dichotomy- Great post

KSL
144096
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KSL 10/06/11 - 06:46 pm
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I agree with carcraft.

I agree with carcraft.

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