Due To Regulation

The Obama Administation was proud to stick it to the banks, limiting the transaction fees they could charge.

Now, the banks are sticking back:

Reuters reports that Bank of America next year will start charging $5 a month for customers who use a debit card.

And when one bank seizes on a revenue stream, the others will follow suit:

“Wells Fargo & Co, JPMorgan Chase & Co and SunTrust Banks Inc are already testing or plan to fully roll out monthly debit card fees.”

But is it really due to more government regulation?

Yep:

Recent regulations — such as restrictions on overdraft programs — have cut into banks’ fee income. And thanks to the Wall Street reform law, starting next month banks will collect less revenue from merchants to process debit card transactions.

Banks have responded by raising fees or introducing new ones for services that traditionally have been free.

Since Barack Obama is the smartest president ever, he should be able to answer this simple question: where do you think “free checking accounts” come from?

The free account fairy?

6 thoughts on “Due To Regulation

  1. In Lake Wobamagon, all the checking is free, all the energy is green and all the taxes are paid by the wealthy.

  2. Basically if you are responsible, Barry and the Liberals want you to pay more to cover for those who aren’t responsible.

  3. Mitch, anyone you know?

    Associated Press
    Updated: 09/30/2011 06:53:03 AM CDT

    JAMESTOWN, N.D. – An 82-year-old Jamestown man held an intruder at gunpoint before turning him over to authorities.
    Police tell The Jamestown Sun that the man’s wife was awakened by a loud noise about 4 a. m. Wednesday and saw someone in the house. Her husband grabbed a handgun and held the intruder at bay until officers arrived.
    Police didn’t identify the man. They arrested the 26-year-old suspect on felony charges of criminal trespass and criminal mischief.

  4. Yup! Again, we see idiotic libturd “solutions” to perceived problems that they can pander to, while creating five more problems that also cost more! Unfortunately, the entitled class isn’t bright enough to figure this out.

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