For those of you that have not heard the wonderful news Bank of America, the nations largest bank, is soon to be adding a new $5 a month usage fee for actually using the debit card you they offer. To me it seems the same as buying a gym membership and then charging you to get in to the gym each time you visit, or paying for cable TV only to find out every channel is pay per view. If you don't bank at Bank of America don't worry nearly every single bank has plans to follow suite as well. If this doesn't upset you I'm sure many of the NEW fees banks are preparing to institute will sure to hit a nerve.
The problem is, as usual, congress is sticking it's nose into things it has no clue about, rarely does regulating anything ever save the consumer money in the long run. One industry leader compared it to mandating restaurants give away free soft drinks with the purchase of a cheeseburger, we all know the restaurant would simply charge more for the cheeseburger, did you really save anything from the free drink? The rule going into effect Saturday, known as the Durbin amendment after its sponsor Senator Richard J. Durbin, is a crucial part of the Dodd-Frank financial overhaul law. Where Congress was looking to cut into the profits banks are making on the backs of every consumer. At the time the law was enacted stores paid banks .44 cents on every transaction, now they pay .24 cents and the additional loss revenue to the banks is made up by the consumer with the brand spanking new monthly fee.
Please congress, create a few jobs, balance your budget, bring our men and women home from over seas, but please don't try to do me any more personal favors like Dodd-Frank, I'm sure I can't afford any more of your help.