Ladies and gentlemen, the second in command of the United States Senate:
Holding up a plastic debit card on the Senate floor this afternoon, Sen. Dick Durbin, D-Ill., had some advice for Bank of America customers angry about the new $5 monthly fee: leave.
“Bank of America customers, vote with your feet, get the heck out of that bank,” Durbin said on the Senate floor. “Find yourself a bank or credit union that won’t gouge you for $5 a month and still will give you a debit card that you can use every single day. What Bank of America has done is an outrage.”
Durbin said consumers are rightfully outraged about last week’s announcement.
“It is hard to believe that a bank would impose such a fee on loyal customers who simply are trying to access their own money on deposit at Bank of America,” he said. “Especially when Bank of America for years has been encouraging their customers to use debit cards as much as possible.”
Most basic checking accounts at Bank of America will see a 40 percent jump in monthly costs and the bank says the debit fee will be waived for customers who upgrade to “premium” accounts that require higher minimum balances.
The Dodd-Frank financial law this month lowers “interchange fees” that banks can charge retailers for debit transactions. Fees for retailers will shrink from 44 cents to a cap of 24 cents, which has led some debit card issuers to seek other ways to make up that lost revenue. Some people have blamed Durbin for his amendment, which capped the so-called swipe fees that banks can charge retailers.
You read that correctly. Senator Durbin is encouraging a run on the largest holder of cash deposits in the country. Am I the only one that finds this disturbing? This, in addition to the fact that Dick Durbin is entirely to blame for the amendment to the Dodd-Frank monstrosity which forced the bank’s hand in the first place?
Is anyone surprised? This is class warfare–pitting one group of citizens against another. But then again, it’s part of the weaponry there at the Democrat party.