Now we get to see if the Market works

Debit card fees: Dick Durbin: Bank of America customers should ‘vote with their feet’ – latimes.com http://www.latimes.com/news/politics/la-pn-durbin-swipe-fee-20111003,0,441522.story?track=rss

Durbin of Illinois, the No. 2 Democrat in the Senate, said Bank of America customers who don’t want to pay a new $5 monthly debit card fee should “vote with their feet” and find a financial institution that won’t charge them for accessing their accounts. “Get the heck out of that bank,” Durbin said Monday on the Senate floor. “Find yourself a bank or credit union that won’t gouge you for $5 a month. … What Bank of America has done is an outrage.”

The underlying “problem” here is that banks have changed their business model from making money off of interest from their customer’s money, to one where they make money by charging people to access their own money.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s