Banks Need Our "Help"

While you may not believe it, the banking industry is asking Congress for money…again. More specifically, they’re asking for what will translate to about $230 for every American household per year. And though this is strange enough considering all the recent bail out money that’s been allocated to help these “struggling” corporate giants over the last few years, that’s not even the biggest issue at stake here.

Banks are maintaining that they aren’t making enough off of debit card fees (that’s right, you’re charged fees for using your debit card). Since this process is regulated by the government to protect consumer interests, including keeping this rate down so that while banks make a profit they don’t bleed customers dry, Congress must approve a hike in the price for debit card use. Seems simple enough, seems like Congress should just say no. But that’s only considering half the issue.

The banking industry has already decided that if Congress says no to this then they’re just going to have to cap a limit on debit card spending. May seem reasonable until, upon closer review, banks are stating that this limit would be from $50 to $100 a day. That means that no matter what, you’re debit card can only spend that much per day. This is a ploy by the banking industry that if allowed, would send us all back to mailing in checks and carrying around larger amounts of cash in our pockets daily. I’m not a fan, but I’m more so disturbed that the banking industry is effectively black-mailing Congress at the expense of their own American customers. Great job at bailing these bozos out as they’re once again proving when it comes to money they have no decency or shame. What’s next, charging me for calling customer service when I have a problem? Get over yourself banking industry and stop trying to take even more money from the taxpayer pockets will ya?


Posted on April 11, 2011, in News. Bookmark the permalink. Leave a comment.

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