Horrible man! Look how fast he is on to something else. No questions asked of him regarding his bill within the Dodd-Frank Act. He is now on to MLB regarding chewing tobacco for the World Series. Its Democrat ADD so that no one will think long enough about what is actually going on. Durbin is a horrible man!
Gov forced banks to change their business structure they have to be profitable somewhere. Are the retailers lowering their prices now because they are saving money from debit purchases probably not... government intervention screwed consumers twice!
It's NO SURPRISE that the California Employee Development Department stopped issuing paper Unemployment checks in October 2011, and have switched unemployed individuals receiving benefits to a "debit card" issued by Bank of America.
People really need to shift this anger on the real source to this. And the source is Dick Durbin, the author of this video andauthor of the part of that bill that screwed you over. The banks warned Durbin of the concequences of this defective amendment before he tossed it in. He didn't listen, and now you, the taxpayer, are paying for it.
But this is not the first time Government price control screwed people over ('70s gas crisis anyone?) , and it won't be the last.
This fee does not simply "make up" for lost revenue. This fee creates a much higher profit than they had even before the swipe fee regulation. BoA is a money hungry corporation and anyone who supports this fee or bank who is not an employee of it is incredibly stupid. Switch to a credit union or another bank soon. Consumers determine this economy, not corporations.
@gemi41106 Please, show us some facts before you make this assumption. And if "consumers demanded tgis economy", then the "consumers deserve what they get", which is shit if the average "consumber" is people like you.
I said "determine" not "demand" idiot. You speak of "consumers" as if you aren't one...I guess that means you don't purchase anything or own anything. If so, then this topic shouldn't even concern you. And if you have such a clear distaste for this country, LEAVE! I'm sure you won't be missed.
@gemi41106 Says the idiot that was called out on showing "facts", and like all the other idiots who blindly follow bog government, they can't show shit. Resorting to juvenile insults.
Again, show us some information that big banks made "big profits" on swipe fees. Otherwise, just switch banks and shut your pie hole. The fee will eventually follow you everywhere you go.
@JSWill1963 Bank of America itself said that the new regulation would result in billions of dollars lost for the bank! Are you insinuating that Bank of America does not make large profits?? Why on earth would they be the leading bank in the U.S if they weren't?? Turn on any news channel (except Fox) or read any major publication, they all cite evidence that this monthly fee will not only make up for lost revenue but generate a large profit. Am I arguing with a child for BoA excec???
@gemi41106 Ok, you win. I'll pick up my 15 years tenure of working for BofA marbles and go home. You know so much, right?
And so what if BofA makes a profit? Do you think we should run on deficit spending like the US Government does?
I thought in Amerika, businesses were supposed to make a profit.
But regardless, BofA eats millions each DAY in fraud and gives it back to the customer. And the "profit" money pays for other stuff, like your free checking acct, for example.
Of course businesses need to make profit. I'm not saying "how dare BoA make a profit" I'm saying that it is ridiculous for this bank to cry victim and say that this fee is simply to break even. It's not! They already make an enormous amount of profit. This extra fee just adds more to this multi-billion dollar company AND takes money from the little middle-class citizen like myself. Excuse the hell out of me for being an angry customer that is getting screwed once again!
@gemi41106 Dude, I understand and don't blame your anger. *I* am paying for this shit too. I am shoulder to shoulder with you. Make no mistake, I feel it too.BofA is not crying victim here, but it must make up a needed profit in a section that already costs the bank, and Durbin only made it worse. So the bank had no other choice. It was either that, or stop offering debit cards to customers.
The only reason BofA is taking the heat, is we had the balls to tell people about it first.
Btw, you're grammar is pitiful. I wouldn't trust your judgment on anything let alone politics and economics. If there is a lack of demand from CONSUMERS for a product then that product will eventually fade out. Such as the walk-man, pagers, etc. Businesses are no different. If enough CONSUMERS choose not to have their money handled by a faulty bank then that bank suffers. Us CONSUMERS have countless other banks to choose from.
The new rules limit how much it can make on per-swipe fees they had charged businesses. but there is also another reason for the discrepancy between the senator claims and the banks: The bank also got rid of their overdraft fees for everyday debit-card purchases. (bank estimates the 2 cuts amount to 3 billion a year; if its 38.7 million debit-card customers pay $5 a month, that comes to about 2.3 billion a year.
B of A stock is down to $5. a share. Stop complaining and tank this bank. The CEO goes home to his multimillion dollar house while others are barely putting food on the table! God Bless America the land that is supposed to be a Democratic role model for the world!
@hellotexasbrad Of course you do realize that what this senator is proposing is a run on the banks. And if history served me well, large bank runs was the catalyst of the first Great Depression.
And the reason I say "first" is because we're on our way to another one. So, let the banks all tank. Once that happens, I'll be back here listening to you bitch about not being able to pay the bill for your iPhone.
First he makes an amendment to the Frank-Dobson bill that made this possible, the banks warned him, and now this baffoon is passing the blame because banks delivered their promise to make up for lost revenue because of his defective amendment?
And he has the balls to call on a run of the bank. Not only should Durbin be impeached, but tried for TREASON!
News Flash Durbin: Businesses are supposed to make money.
@1989Videokiller Agreed. It seems that the government is demonizing ANY businesses in this country turning a profit. So WHAT if banks make a profit. Banks are a business, after all.
The only way for this country to make a comeback is if businesses make a profit and start to thrive. Idiots like the bozo featured in this video are certainly not making that happen.
And a run on the bank? "Senator", please. You started this mess! Stop being a useless puck and take accountability for this mess!
I hope you all realize that what this senator bozo did was shift a needed income from the merchant to the consumer. Banks (not just BofA) were to have billions of dollars in loss. And as any successfull business in this country does to make a profit, banks simply switched the source of that income. Onto you.
Unlike the government, banks don't work on deficit spending and we can't print our own money.
You can thank this idiot for the kidnapping of Abraham Lincoln out of your wallet each month.
@JSWill1963 The worst part is, thanks to Durbin's idiotic amendment, the expenses are now shifted away from the rich cardholders and onto the poor ones! When the banks were allowed to determine their own transaction fees, the people that spent the most with their cards were the ones providing the bulk of the debit card revenue. Now everyone pays the same.
@11:00: This estimate doesn't take into account the unknown number of cardholders who leave the bank altogether, taking with them the monthly fee and their swipe fees. BoA is passing the increase in cost on to the customers, just as Country Market does with Visa/MC's fees. You can just as easily make the argument that Durbin's friend Carl is gouging his customers in recouping his costs. The donuts and coffee in his example are loss leaders.
Actually Durbin, your idiotic regulation is what caused this in the first place. The fact that you respond by claiming it's "sticking it to the consumer" and "padding profits" instead of "trying to stay in business" only shows that you have NO BUSINESS HAVING CONTROL OVER AN ECONOMY.
Bullshit! It's idiots like you that make it so hard for middle-class consumers to keep our heads above water. No government regulation gives a billion dollar corporation the right to charge it's middle class customers to use their own money!! That's the end of it. Get a fucking clue
@gemi41106 You're really very stupid. No one charges you when you pull cash out of your [I'm assuming hemp] wallet. When a bank holds your money for you, accepts it from your employer, sends it to whatever head shop or vegan bakery you wish so that you can get the goods you want immediately, and builds branches and ATMs so you can access your money anywhere, all while keeping meticulous records of each transaction, it has EVERY RIGHT to charge you for that service. Don't like it? Change banks.
@patuw you forgot they charge everyone else exorbitant fee to loan money that is not the banks but the account holders in fact. That should be enough to run banks just fine; the ability to compile our (account holders) assets to create wealth for the bank. They already receive payment from the account holders. We essentially loan them our money to use to loan back to us.
@gemi41106 You have every right to be angry about the fee and close your account. What makes you stupid is your adolescent indignation about the banks having "no right" to charge you for the service they provide. Is this really that hard to comprehend?
It was not a lack of comprehension idiot. Legally, they have the right to do that. My anger was from a morality stand-point, that after billions of dollars spent on this bank, they would do that to their customers. It was the fact that they have no right to do THAT to their customers. I was not referencing their policies. What boggles my mind is the idiots here who defend this bank as though they don't have a clearly tainted track record. WE ARE ALLOWED TO EXPRESS OUR ANGER OF THIS FEE.
@gemi41106 "WE ARE ALLOWED TO EXPRESS OUR ANGER OF THIS FEE."
Yes, and misguided idiots like you are shifting your anger to the WRONG SOURCE! My suggestion is shift your anger to Turbin Durbin, Obama (who recently admitted this country is more fucked now than it was 4 years ago), and the Congress and Senate. NOT businesses like banks who are right now the only real thing keeping this country afloat right now.
@gemi41106 "that after billions of dollars spent on this bank, they would do that to their customers"
Oh wait, you still harping on that TARP fund shit? Like any good misinformed idiot does? Bank of America paid that shit back with interest in less than 2 MONTHS.
So you got your money back already for the umpteenth time. So STFU about it.
@EGarrett01 hey stupid you ever heard of redistribution of wealth. that's what bank fees, gold buy back, and foreclosures are all about. Durbin didn't cause these issues. Politicians have no control over an economy just the laws that regulate it. Central banks control the economy. quit listening to pundit talking points and open your eyes to what is really going on.
@EGarrett01 they think americans are so lazy they would rather pay the fee than change banks , direct deposit, online billing... it's a lot of work to switch banks. your an idiot if you don't get that. Which bank do you work for? I'll make sure not to go there.
Actually, sir. You're the idiot. You can't even form a coherent argument and immediately fall into accusing me of working for a bank. You weren't the brightest bulb in the box in school, were you? I can tell.
@EGarrett01 how is that incoherent? you need me to draw you a picture? are words too hard for you to understand? keep spitting pundit lines zombie. Oh and actually I am a college graduate and work for one of the most respected engineering firms in the area. The only dim bulb around here is you. I bet you still believe in the two party oligarchy we live in. Oh wait.. that's them big words again (sarcasm) so I guess you will just say I am incoherant. ass clown.
@EGarrett01 Boa received 30 billion dollars from the american taxpayer through TARP and you think the american people should pay them larger fees? wow... are you a self loathing emo? You pay the higher fee because you think the banks earned it. I will move to a local credit union or bank who appreciate the use of my assets for their gain. I shouldn't have to pay a fee. You need to research how the banking system works because you seem to think the only way banks make money is through fees.
@horizen12 While BofA did indeed receive TARP funds, it was imposed upon them. BofA did not want, nor need, those funds. The goverment shoved it down their throats. So it basically sat in a vault for a couple of months. BofA repaid that TARP, every penny, with Interest, back to the American people Bofa was the first bank to repay it.
If BofA NEVER repaid it, you would have a point. But they did, and to rehash the same old bullshit on the TARP only comes from uninformed idiots.
Which one is it? Am I a corporate sell-out bank employee or a self-loathing emo hippy? You can't even get your own ad hominem bullshit straight.
You failed royally to answer the one question I asked of you. If the bank is just trying to "stick it to" the consumer and pad their profits, then why didn't they do it BEFORE the government started monkeying with their business model?
@EGarrett01 i never stated you are anything. I asked a question. you made the inference. Not me. I answered your question. Banks don't need to sneak stuff past us to stick it to consumers. Americans are to stupid to balance their checkbooks much less check for fees being charged.
You don't even understand what I'm asking you. Calm down, take a deep breath and read it again. Don't give me some garbage that "the banks don't need this or that." Pay attention to what I'm saying. If the banks are doing this just to stick it to the consumer, why did they WAIT until the government started screwing with their business model to add the charge? Why weren't they doing it already?
@EGarrett01 I am completely calm it would take more than you to upset me. The title is inaccurate. They are supplementing lost income. But... that income was originally padded profit so in a misleading way it is true.
@EGarrett01 do you really think if you keep saying the same shit i will get bored and go away. I have this pit bull personality so i will argue this point with you til the day I die if necessary. So talking in circles won't work cointelpro.
@EGarrett01 you figure it out. I have told you many times in many ways my answer. Life is not black and white like your question is. They are screwing the consumers. The banks can no longer be sneaky about fees and have to be upfront. So yes they are padding their profits. They should not need to charge us for an account. They use our money to loan businesses and consumers. Then receive interest on the loan. That's payment enough in my book.
@EGarrett01 and i have answered you shill. when people are starving in the streets and riots start because assholes like you shilling for Banks we will see who is wrong. you can't get blood from a stone and the american people are bled dry. Like I said before you must work for a bank, in the financial industry, or are just an disinfo agent. you talk in circles jackass and you say i can't put forth a coherent thought. You spout political talking points and no original or rational thoughts.
You also said I was a hippie. You're so fucking dumb you can't even keep your own childish ad hominems. You don't understand the first thing about economics and you're lucky to have been born in this country you leeching fucking baboon. You live in paradise due to the blood and sweat of men far greater than you could ever be and don't even appreciate it.
@EGarrett01 I asked if you were emo ...not a hippie. My ancestors where original settlers of Savannah and have been fighting and dying for this country since it's inception. My family is filled with veterans of every American war that there has ever been. I am descendant of John Paul Jones you piece of trash. My family helped build this country and banker loving shills like you are trying to destroy it. It was men just like me that built this country. Not boot licking cowards like you
You don't even know what the fuck they were fighting for...you don't understand how the free market functions, which, along with personal freedom, are the reasons this country became what it is. You blaming banks and wall street and businesses just show that you're a dumb fuck who gets fed by things you don't understand and have the sickening nerve to insult it. You're just a worthless animal.
@EGarrett01 I know what we are fighting for...."I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered." Thomas Jefferson
@EGarrett01 you talk about free market and personal freedom but giving the money changers more money and more power will never lead to freedom. Our politicians are bought and paid for before they ever step on stage. Banks don't feed me. They have enslaved me my whole life. You must like the feel of chains around your neck lap dog.
@EGarrett01 "Our system of credit is privately concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men ... [W]e have come to be one of the worst ruled, one of the most completely controlled and dominated, governments in the civilized world—no longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and the duress of small groups of dominant men." Woodrow Wilson
Durbin is a worthless chunk of fecal matter! These fees that were going to be passed on to the consumer were known about before the Dodd-Frank act was signed into law on 7-21-10. Durbin even wrote a portion known as The Durbin Amendment which regulates how banks can charge fees. What a hypocritical ass. He even had the audacity of behaving like this on the Senate floor. How disrespectful!
I am glad that some of these fee's are now being either limited or passed on to the consumers, because as a business, especially small business, you really have no power over negotiating those fees because only a handful of real credit card processing companies are in control of what they charge, but now consumers can surely expedite the market adjustment by switching their bank to the one that doesn't charge $5/month to have their stupid plastic... Now what about credit (not debit) cards?
Probably 40% of bank customers maintain a near zero balance these days. What the bank is really banking on is enslarling people in to overdraft charges when the $5 service fee is charged the 28 of each month. Service fees DO overdraft accounts. Even though the bank woulld not let me overdraft my own accout , they seemed fine doing it to me with their service fees. A $1 fee (always read fine print) led to 80 in od charges. It wasn't bofa, but what's the diff.
Horrible man! Look how fast he is on to something else. No questions asked of him regarding his bill within the Dodd-Frank Act. He is now on to MLB regarding chewing tobacco for the World Series. Its Democrat ADD so that no one will think long enough about what is actually going on. Durbin is a horrible man!
alwayssmile4u66 4 months ago
theses pricks make the law and making sound like as if its a massive thing they cant control.
SuperDeluxe80 4 months ago
Gov forced banks to change their business structure they have to be profitable somewhere. Are the retailers lowering their prices now because they are saving money from debit purchases probably not... government intervention screwed consumers twice!
vtfanmike 4 months ago
It's NO SURPRISE that the California Employee Development Department stopped issuing paper Unemployment checks in October 2011, and have switched unemployed individuals receiving benefits to a "debit card" issued by Bank of America.
scphotogirl 4 months ago
Turbin Durbin for President! Endorsed by Osama Bin Laden himself!
This guy is all that is bad for America.
moonport1 4 months ago
People really need to shift this anger on the real source to this. And the source is Dick Durbin, the author of this video andauthor of the part of that bill that screwed you over. The banks warned Durbin of the concequences of this defective amendment before he tossed it in. He didn't listen, and now you, the taxpayer, are paying for it.
But this is not the first time Government price control screwed people over ('70s gas crisis anyone?) , and it won't be the last.
JSWill1963 4 months ago
I find it funny that even *I* have more subscribers, channel and video views than this dick. LOL
JSWill1963 4 months ago
This fee does not simply "make up" for lost revenue. This fee creates a much higher profit than they had even before the swipe fee regulation. BoA is a money hungry corporation and anyone who supports this fee or bank who is not an employee of it is incredibly stupid. Switch to a credit union or another bank soon. Consumers determine this economy, not corporations.
gemi41106 4 months ago
@gemi41106 Please, show us some facts before you make this assumption. And if "consumers demanded tgis economy", then the "consumers deserve what they get", which is shit if the average "consumber" is people like you.
I give this country less than two years to fold.
JSWill1963 4 months ago
@JSWill1963
I said "determine" not "demand" idiot. You speak of "consumers" as if you aren't one...I guess that means you don't purchase anything or own anything. If so, then this topic shouldn't even concern you. And if you have such a clear distaste for this country, LEAVE! I'm sure you won't be missed.
gemi41106 4 months ago
Comment removed
JSWill1963 4 months ago
@gemi41106 Says the idiot that was called out on showing "facts", and like all the other idiots who blindly follow bog government, they can't show shit. Resorting to juvenile insults.
Again, show us some information that big banks made "big profits" on swipe fees. Otherwise, just switch banks and shut your pie hole. The fee will eventually follow you everywhere you go.
JSWill1963 4 months ago
@JSWill1963 Bank of America itself said that the new regulation would result in billions of dollars lost for the bank! Are you insinuating that Bank of America does not make large profits?? Why on earth would they be the leading bank in the U.S if they weren't?? Turn on any news channel (except Fox) or read any major publication, they all cite evidence that this monthly fee will not only make up for lost revenue but generate a large profit. Am I arguing with a child for BoA excec???
gemi41106 4 months ago
@gemi41106 Ok, you win. I'll pick up my 15 years tenure of working for BofA marbles and go home. You know so much, right?
And so what if BofA makes a profit? Do you think we should run on deficit spending like the US Government does?
I thought in Amerika, businesses were supposed to make a profit.
But regardless, BofA eats millions each DAY in fraud and gives it back to the customer. And the "profit" money pays for other stuff, like your free checking acct, for example.
But you know so much.
JSWill1963 4 months ago
@JSWill1963
Of course businesses need to make profit. I'm not saying "how dare BoA make a profit" I'm saying that it is ridiculous for this bank to cry victim and say that this fee is simply to break even. It's not! They already make an enormous amount of profit. This extra fee just adds more to this multi-billion dollar company AND takes money from the little middle-class citizen like myself. Excuse the hell out of me for being an angry customer that is getting screwed once again!
gemi41106 4 months ago
@gemi41106 Dude, I understand and don't blame your anger. *I* am paying for this shit too. I am shoulder to shoulder with you. Make no mistake, I feel it too.BofA is not crying victim here, but it must make up a needed profit in a section that already costs the bank, and Durbin only made it worse. So the bank had no other choice. It was either that, or stop offering debit cards to customers.
The only reason BofA is taking the heat, is we had the balls to tell people about it first.
JSWill1963 4 months ago
@JSWill1963
Btw, you're grammar is pitiful. I wouldn't trust your judgment on anything let alone politics and economics. If there is a lack of demand from CONSUMERS for a product then that product will eventually fade out. Such as the walk-man, pagers, etc. Businesses are no different. If enough CONSUMERS choose not to have their money handled by a faulty bank then that bank suffers. Us CONSUMERS have countless other banks to choose from.
gemi41106 4 months ago
This is only one side of the facts:
The new rules limit how much it can make on per-swipe fees they had charged businesses. but there is also another reason for the discrepancy between the senator claims and the banks: The bank also got rid of their overdraft fees for everyday debit-card purchases. (bank estimates the 2 cuts amount to 3 billion a year; if its 38.7 million debit-card customers pay $5 a month, that comes to about 2.3 billion a year.
NO one, senator included - mentions this.
ObservationObjective 4 months ago
1. Does he state the same thing about McDonalds or Coca Cola? A 3 cent coke - and charging 1.50
2. What about Starbucks? Charging 5 dollars for 25 cent drink?
3. What about government charging 50 cents per gallon of gas in the State of Florida? or the "temporary" toll that has never been taken down?
The Government is singling out a 41 cent transaction and yet I can give you thousands of examples both in the Government and Business.
This is a form of Discrimination.
ObservationObjective 4 months ago 2
Comment removed
cec808 4 months ago
B of A stock is down to $5. a share. Stop complaining and tank this bank. The CEO goes home to his multimillion dollar house while others are barely putting food on the table! God Bless America the land that is supposed to be a Democratic role model for the world!
LH
hellotexasbrad 4 months ago
@hellotexasbrad Of course you do realize that what this senator is proposing is a run on the banks. And if history served me well, large bank runs was the catalyst of the first Great Depression.
And the reason I say "first" is because we're on our way to another one. So, let the banks all tank. Once that happens, I'll be back here listening to you bitch about not being able to pay the bill for your iPhone.
Then you'll be happy, right?
JSWill1963 4 months ago
What an irresponsible jerkoff!
First he makes an amendment to the Frank-Dobson bill that made this possible, the banks warned him, and now this baffoon is passing the blame because banks delivered their promise to make up for lost revenue because of his defective amendment?
And he has the balls to call on a run of the bank. Not only should Durbin be impeached, but tried for TREASON!
News Flash Durbin: Businesses are supposed to make money.
Yes, vote with your feet. Vote this idiot OUT!
1989Videokiller 4 months ago 5
@1989Videokiller Agreed. It seems that the government is demonizing ANY businesses in this country turning a profit. So WHAT if banks make a profit. Banks are a business, after all.
The only way for this country to make a comeback is if businesses make a profit and start to thrive. Idiots like the bozo featured in this video are certainly not making that happen.
And a run on the bank? "Senator", please. You started this mess! Stop being a useless puck and take accountability for this mess!
JSWill1963 4 months ago 5
@JSWill1963
all that profit is turning to shit, the whole world is feeling the effects stock market been dead & dropping for months
SuperDeluxe80 4 months ago
I hope you all realize that what this senator bozo did was shift a needed income from the merchant to the consumer. Banks (not just BofA) were to have billions of dollars in loss. And as any successfull business in this country does to make a profit, banks simply switched the source of that income. Onto you.
Unlike the government, banks don't work on deficit spending and we can't print our own money.
You can thank this idiot for the kidnapping of Abraham Lincoln out of your wallet each month.
JSWill1963 4 months ago 3
@JSWill1963 The worst part is, thanks to Durbin's idiotic amendment, the expenses are now shifted away from the rich cardholders and onto the poor ones! When the banks were allowed to determine their own transaction fees, the people that spent the most with their cards were the ones providing the bulk of the debit card revenue. Now everyone pays the same.
patuw 4 months ago
I closed my account. You go do it too. This they will listen to.
wired1000 4 months ago
@11:00: This estimate doesn't take into account the unknown number of cardholders who leave the bank altogether, taking with them the monthly fee and their swipe fees. BoA is passing the increase in cost on to the customers, just as Country Market does with Visa/MC's fees. You can just as easily make the argument that Durbin's friend Carl is gouging his customers in recouping his costs. The donuts and coffee in his example are loss leaders.
ssaylor 5 months ago
Would this constitute encouraging a run on a bank?
whothewu 5 months ago
Actually Durbin, your idiotic regulation is what caused this in the first place. The fact that you respond by claiming it's "sticking it to the consumer" and "padding profits" instead of "trying to stay in business" only shows that you have NO BUSINESS HAVING CONTROL OVER AN ECONOMY.
EGarrett01 5 months ago
@EGarrett01
Bullshit! It's idiots like you that make it so hard for middle-class consumers to keep our heads above water. No government regulation gives a billion dollar corporation the right to charge it's middle class customers to use their own money!! That's the end of it. Get a fucking clue
gemi41106 5 months ago
@gemi41106
You're not the brightest bulb in the box in regards to economics, are you?
EGarrett01 5 months ago
@gemi41106 You're really very stupid. No one charges you when you pull cash out of your [I'm assuming hemp] wallet. When a bank holds your money for you, accepts it from your employer, sends it to whatever head shop or vegan bakery you wish so that you can get the goods you want immediately, and builds branches and ATMs so you can access your money anywhere, all while keeping meticulous records of each transaction, it has EVERY RIGHT to charge you for that service. Don't like it? Change banks.
patuw 5 months ago
@patuw you forgot they charge everyone else exorbitant fee to loan money that is not the banks but the account holders in fact. That should be enough to run banks just fine; the ability to compile our (account holders) assets to create wealth for the bank. They already receive payment from the account holders. We essentially loan them our money to use to loan back to us.
horizen12 4 months ago
@patuw
Believe me I will! If I'm stupid then so are thousands of Americans who find this fee as an outrage. Kiss my ass and have a nice, pathetic life.
gemi41106 4 months ago
@gemi41106 You have every right to be angry about the fee and close your account. What makes you stupid is your adolescent indignation about the banks having "no right" to charge you for the service they provide. Is this really that hard to comprehend?
patuw 4 months ago
@patuw
It was not a lack of comprehension idiot. Legally, they have the right to do that. My anger was from a morality stand-point, that after billions of dollars spent on this bank, they would do that to their customers. It was the fact that they have no right to do THAT to their customers. I was not referencing their policies. What boggles my mind is the idiots here who defend this bank as though they don't have a clearly tainted track record. WE ARE ALLOWED TO EXPRESS OUR ANGER OF THIS FEE.
gemi41106 4 months ago
@gemi41106 "WE ARE ALLOWED TO EXPRESS OUR ANGER OF THIS FEE."
Yes, and misguided idiots like you are shifting your anger to the WRONG SOURCE! My suggestion is shift your anger to Turbin Durbin, Obama (who recently admitted this country is more fucked now than it was 4 years ago), and the Congress and Senate. NOT businesses like banks who are right now the only real thing keeping this country afloat right now.
Tru.
JSWill1963 4 months ago
@gemi41106 "that after billions of dollars spent on this bank, they would do that to their customers"
Oh wait, you still harping on that TARP fund shit? Like any good misinformed idiot does? Bank of America paid that shit back with interest in less than 2 MONTHS.
So you got your money back already for the umpteenth time. So STFU about it.
JSWill1963 4 months ago
Comment removed
gemi41106 4 months ago
@EGarrett01 hey stupid you ever heard of redistribution of wealth. that's what bank fees, gold buy back, and foreclosures are all about. Durbin didn't cause these issues. Politicians have no control over an economy just the laws that regulate it. Central banks control the economy. quit listening to pundit talking points and open your eyes to what is really going on.
horizen12 4 months ago
@horizen12
If it was about padding profits then why didn't Bank of America institute the fee BEFORE the regulations cut off their business model?
EGarrett01 4 months ago
@EGarrett01 because americans are lazy and the banks are betting you won't do anything.
horizen12 4 months ago
@horizen12
That makes no sense whatsoever.
EGarrett01 4 months ago
@EGarrett01 they think americans are so lazy they would rather pay the fee than change banks , direct deposit, online billing... it's a lot of work to switch banks. your an idiot if you don't get that. Which bank do you work for? I'll make sure not to go there.
horizen12 4 months ago
@horizen12
Actually, sir. You're the idiot. You can't even form a coherent argument and immediately fall into accusing me of working for a bank. You weren't the brightest bulb in the box in school, were you? I can tell.
EGarrett01 4 months ago
@EGarrett01 how is that incoherent? you need me to draw you a picture? are words too hard for you to understand? keep spitting pundit lines zombie. Oh and actually I am a college graduate and work for one of the most respected engineering firms in the area. The only dim bulb around here is you. I bet you still believe in the two party oligarchy we live in. Oh wait.. that's them big words again (sarcasm) so I guess you will just say I am incoherant. ass clown.
horizen12 4 months ago
@EGarrett01 Boa received 30 billion dollars from the american taxpayer through TARP and you think the american people should pay them larger fees? wow... are you a self loathing emo? You pay the higher fee because you think the banks earned it. I will move to a local credit union or bank who appreciate the use of my assets for their gain. I shouldn't have to pay a fee. You need to research how the banking system works because you seem to think the only way banks make money is through fees.
horizen12 4 months ago
@horizen12 While BofA did indeed receive TARP funds, it was imposed upon them. BofA did not want, nor need, those funds. The goverment shoved it down their throats. So it basically sat in a vault for a couple of months. BofA repaid that TARP, every penny, with Interest, back to the American people Bofa was the first bank to repay it.
If BofA NEVER repaid it, you would have a point. But they did, and to rehash the same old bullshit on the TARP only comes from uninformed idiots.
JSWill1963 4 months ago
@horizen12
Which one is it? Am I a corporate sell-out bank employee or a self-loathing emo hippy? You can't even get your own ad hominem bullshit straight.
You failed royally to answer the one question I asked of you. If the bank is just trying to "stick it to" the consumer and pad their profits, then why didn't they do it BEFORE the government started monkeying with their business model?
EGarrett01 4 months ago
@EGarrett01 i never stated you are anything. I asked a question. you made the inference. Not me. I answered your question. Banks don't need to sneak stuff past us to stick it to consumers. Americans are to stupid to balance their checkbooks much less check for fees being charged.
horizen12 4 months ago
@horizen12
You don't even understand what I'm asking you. Calm down, take a deep breath and read it again. Don't give me some garbage that "the banks don't need this or that." Pay attention to what I'm saying. If the banks are doing this just to stick it to the consumer, why did they WAIT until the government started screwing with their business model to add the charge? Why weren't they doing it already?
EGarrett01 4 months ago
@EGarrett01 I am completely calm it would take more than you to upset me. The title is inaccurate. They are supplementing lost income. But... that income was originally padded profit so in a misleading way it is true.
horizen12 4 months ago
@horizen12
So you admit then that the claim that the bank is just doing it to screw consumers is not true?
EGarrett01 4 months ago
@EGarrett01 no jackass. they are still screwing consumers just not anymore than they already are.
horizen12 4 months ago
@EGarrett01 do you really think if you keep saying the same shit i will get bored and go away. I have this pit bull personality so i will argue this point with you til the day I die if necessary. So talking in circles won't work cointelpro.
horizen12 4 months ago
@horizen12
Then answer the question.
EGarrett01 4 months ago
@EGarrett01 you figure it out. I have told you many times in many ways my answer. Life is not black and white like your question is. They are screwing the consumers. The banks can no longer be sneaky about fees and have to be upfront. So yes they are padding their profits. They should not need to charge us for an account. They use our money to loan businesses and consumers. Then receive interest on the loan. That's payment enough in my book.
horizen12 4 months ago
@horizen12
No, it's not "you figure it out." You replied to me you god-damned twit.
EGarrett01 4 months ago
@EGarrett01 and i have answered you shill. when people are starving in the streets and riots start because assholes like you shilling for Banks we will see who is wrong. you can't get blood from a stone and the american people are bled dry. Like I said before you must work for a bank, in the financial industry, or are just an disinfo agent. you talk in circles jackass and you say i can't put forth a coherent thought. You spout political talking points and no original or rational thoughts.
horizen12 4 months ago
@horizen12
You also said I was a hippie. You're so fucking dumb you can't even keep your own childish ad hominems. You don't understand the first thing about economics and you're lucky to have been born in this country you leeching fucking baboon. You live in paradise due to the blood and sweat of men far greater than you could ever be and don't even appreciate it.
EGarrett01 4 months ago
Comment removed
horizen12 4 months ago
@EGarrett01 I asked if you were emo ...not a hippie. My ancestors where original settlers of Savannah and have been fighting and dying for this country since it's inception. My family is filled with veterans of every American war that there has ever been. I am descendant of John Paul Jones you piece of trash. My family helped build this country and banker loving shills like you are trying to destroy it. It was men just like me that built this country. Not boot licking cowards like you
horizen12 4 months ago
@horizen12
You don't even know what the fuck they were fighting for...you don't understand how the free market functions, which, along with personal freedom, are the reasons this country became what it is. You blaming banks and wall street and businesses just show that you're a dumb fuck who gets fed by things you don't understand and have the sickening nerve to insult it. You're just a worthless animal.
EGarrett01 4 months ago
@EGarrett01 I know what we are fighting for...."I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered." Thomas Jefferson
horizen12 4 months ago
@EGarrett01 you talk about free market and personal freedom but giving the money changers more money and more power will never lead to freedom. Our politicians are bought and paid for before they ever step on stage. Banks don't feed me. They have enslaved me my whole life. You must like the feel of chains around your neck lap dog.
horizen12 4 months ago
@EGarrett01 "Our system of credit is privately concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men ... [W]e have come to be one of the worst ruled, one of the most completely controlled and dominated, governments in the civilized world—no longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and the duress of small groups of dominant men." Woodrow Wilson
horizen12 4 months ago
@EGarrett01 The words of 2 former presidents took the wind out of your sail. .... I'll take American History for $1000 Alex!!!!!
horizen12 4 months ago
@horizen12
Yeah because presidents NEVER make mistakes on the economy. All your arguments are stupid fallacious bullshit.
EGarrett01 4 months ago
@EGarrett01 did i make you mad? hate to be wrong don't you. Our forefathers fought for freedom not so our country men could end up debt slaves.
horizen12 4 months ago
@horizen12
Do you admit that the claim that the bank is trying to screw consumers is false?
EGarrett01 4 months ago
@EGarrett01 do you admit all you do is ask the same question over and over and think you have so new grand argument?
horizen12 4 months ago
@horizen12
I can ask it all day because you can't admit it nor can you escape it.
EGarrett01 4 months ago
Durbin is a worthless chunk of fecal matter! These fees that were going to be passed on to the consumer were known about before the Dodd-Frank act was signed into law on 7-21-10. Durbin even wrote a portion known as The Durbin Amendment which regulates how banks can charge fees. What a hypocritical ass. He even had the audacity of behaving like this on the Senate floor. How disrespectful!
alwayssmile4u66 5 months ago
I am glad that some of these fee's are now being either limited or passed on to the consumers, because as a business, especially small business, you really have no power over negotiating those fees because only a handful of real credit card processing companies are in control of what they charge, but now consumers can surely expedite the market adjustment by switching their bank to the one that doesn't charge $5/month to have their stupid plastic... Now what about credit (not debit) cards?
etraderx11 5 months ago
Probably 40% of bank customers maintain a near zero balance these days. What the bank is really banking on is enslarling people in to overdraft charges when the $5 service fee is charged the 28 of each month. Service fees DO overdraft accounts. Even though the bank woulld not let me overdraft my own accout , they seemed fine doing it to me with their service fees. A $1 fee (always read fine print) led to 80 in od charges. It wasn't bofa, but what's the diff.
danesworld 5 months ago 2
*applauds the Senator*
fenraven 5 months ago 2
Down with This Fraudulent Criminal Activitys through the Banking Systems!! SHUT THEM DOWN !!!!
chales1967 5 months ago 2