The Latest News | Before We Turn Into the U.S.S.A.
- Monday, 03 October 2011 13:50
On Friday we reported that Bank of America was introducing a new $5 fee to all debit card users. The announcement was met with backlash and finger pointing, as expected. Their company website was down on Friday and Saturday, but is now back online, though, intermittently, as they're likely seeing a surge in traffic. Bank of America, by adding this new fee, was actually doing so as a result of the Dodd-Frank Financial Reform bill that was rammed into law last summer, again, against the will of the American people. In particular, it was little Dick Durbin's amendment that is at the root of these new consumer fees. The banks are not to blame; the new government regulations are causing banks to find new revenue streams.
Over the weekend, Citibank also announced that they will be charging customers a $15 per month checking account fee if their balance isn't at the $6,000 minimum. Bank of America pointed the finger at little Dick Durbin, who commented by saying "old habits die young." This is coming from a man with zero financial industry experience, but one who follows the liberal motto of government knows best.
Every new bank fee is due to the Durbin amendment in the Dodd-Frank Financial Reform law. Liberal democrats claimed the law would help and protect consumers, but instead, it's costing them more money. It's exactly how liberalism works: it generates the exact opposite of its stated intent.
The bank fees from Citibank and Bank of America are only the beginning. Dodd-Frank is an unknown monster that largely hasn't been implemented due to its broad-reaching regulations. It's so big that the government hasn't been able to figure out how to handle it.
Cliff Levine is a contributing editor for Habledash.