Dodd-Frank Law Forces Banks to Charge Customers for Using Debit Card
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- Created on Friday, 30 September 2011 11:22
Bank of America announced yesterday that they will begin charging customers a $5 monthly fee when they use their debit card for purchases. The announcement is long overdue and was expected, as banks will have to look for new revenue streams in order to comply with the Dodd-Frank Financial Reform law, which adds over 420 new rules and regulations enforced by the government. What liberal Democrats and President Obama failed to share with consumers is that the law, put together by two of the housing crisis architects, Chris "Countrywide" Dodd and Barney Frank, will end up costing consumers more, even for banking services that have always been free. This is yet another example of how liberalism generates the exact opposite of its stated intent...or was this their intent?