{"id":23212,"date":"2011-09-30T06:29:58","date_gmt":"2011-09-30T11:29:58","guid":{"rendered":"http:\/\/www.shotinthedark.info\/wp\/?p=23212"},"modified":"2011-09-30T06:29:58","modified_gmt":"2011-09-30T11:29:58","slug":"due-to-regulation","status":"publish","type":"post","link":"http:\/\/www.shotinthedark.info\/wp\/?p=23212","title":{"rendered":"Due To Regulation"},"content":{"rendered":"<p>The Obama Administation was proud to stick it to the banks, limiting the transaction fees they could charge.<\/p>\n<p>Now, the banks\u00a0<a href=\"http:\/\/www.baltimoresun.com\/business\/consuming-interests-blog\/bal-bofa-to-charge-5-fee-20110929,0,1310376.story\">are sticking back<\/a>:<\/p>\n<blockquote><p>Reuters reports that Bank of America next year will start charging $5 a month for customers who use a debit card.<\/p><\/blockquote>\n<p>And when one bank seizes on a revenue stream, the others will follow suit:<\/p>\n<blockquote><p>&#8220;Wells Fargo &amp; Co, JPMorgan Chase &amp; Co and SunTrust Banks Inc are already testing or plan to fully roll out monthly debit card fees.&#8221;<\/p><\/blockquote>\n<p>But is it really due to more government regulation?<\/p>\n<p>Yep:<\/p>\n<blockquote><p>Recent regulations\u00a0&#8212; such as restrictions on overdraft\u00a0programs &#8212;\u00a0have\u00a0cut into banks&#8217; fee income. And thanks to the Wall Street reform\u00a0law, starting next month\u00a0banks will collect less revenue from merchants to process debit card transactions.<\/p>\n<p>Banks have responded by raising fees or introducing new ones for services that traditionally have been\u00a0free.<\/p><\/blockquote>\n<p>Since Barack Obama is the smartest president ever, he should be able to answer this simple question: where do you think &#8220;free checking accounts&#8221; come from?<\/p>\n<p>The free account fairy?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Obama Administation was proud to stick it to the banks, limiting the transaction fees they could charge. Now, the banks\u00a0are 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57,123],"tags":[],"class_list":["post-23212","post","type-post","status-publish","format-standard","hentry","category-economy-and-the-market","category-taxes"],"_links":{"self":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/23212","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23212"}],"version-history":[{"count":1,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/23212\/revisions"}],"predecessor-version":[{"id":23213,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/23212\/revisions\/23213"}],"wp:attachment":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23212"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}