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Bank of America's (BAC) stunning retreat in backing off its planned debit card fee may be a...

Bank of America's (BAC) stunning retreat in backing off its planned debit card fee may be a victory for consumers, but as sure as the sun rises in the morning, banks will search for other ways to make up the reduction in interchange fees merchants pay for debit card purchases. “When banks have their revenue streams cut in one area, they will find a way to make up for it in another area."
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Comments (13)
  • Wyatt Junker
    , contributor
    Comments (4501) | Send Message
     
    They could sell hamburgers.

     

    I guess people don't like banks anymore.

     

    We'll just craigslist for everything now.
    1 Nov 2011, 05:57 PM Reply Like
  • HiSpeed
    , contributor
    Comments (1210) | Send Message
     
    Banks aren't stupid. Short-sighted, reactive regulators are.
    1 Nov 2011, 05:57 PM Reply Like
  • Wyatt Junker
    , contributor
    Comments (4501) | Send Message
     
    Reminds me of the Berkley idiots in Cali who, outraged about ATM fees, passed a law against them.

     

    Now... no more ATM machines.

     

    *chuckle*

     

    In the end, the people get what they deserve.

     

    At least the San Fransickens don't have to pay ATM fees anymore. LOL. They'll just carry a wad of cash around now, at all times.
    1 Nov 2011, 06:06 PM Reply Like
  • Ted Bear
    , contributor
    Comments (655) | Send Message
     
    If BAC can afford to pay Uncle Warren 6% for 'money that they don't need', they can well afford to cover my fees on money for which they are paying me less than .5%.

     

    Even Moynihan is smart enough to figure out that you can't rape customers on both ends and still expect them to be favorably disposed towards your store.
    1 Nov 2011, 06:26 PM Reply Like
  • AJBaker
    , contributor
    Comments (98) | Send Message
     
    What proportion of bank revenue now goes to their bureaucracy compared to the proportion that went to their executives in the 1960s? And are their shareholders any better off?
    1 Nov 2011, 07:08 PM Reply Like
  • orangutan
    , contributor
    Comments (250) | Send Message
     
    Shoulda let them collapse in 2008.
    1 Nov 2011, 07:10 PM Reply Like
  • Wyatt Junker
    , contributor
    Comments (4501) | Send Message
     
    Lotta wannabe backseat drivers as usual.
    1 Nov 2011, 07:13 PM Reply Like
  • warrenrial
    , contributor
    Comments (562) | Send Message
     
    They will waste no time to find another way to screw the customer.
    1 Nov 2011, 07:39 PM Reply Like
  • Dr. Poly
    , contributor
    Comments (370) | Send Message
     
    Why don't the banks just offer negative interest rates on deposits?
    1 Nov 2011, 10:33 PM Reply Like
  • acesfull
    , contributor
    Comments (376) | Send Message
     
    So are banks any different than any other for profit business? Colleges raise their tuitions every year regardless of inflation or anything else. Insurance companies raise their rates every year, and raise them again if you make a claim against your policy. Health insurance companies are guaranteed to raise rates every year. It just would'nt be any fun if they did'nt. How about grocery stores and other retailers? Have you checked the price of a gallon of milk lately? So what's the big beef with the banks? All this because a couple of politicians decided to eliminate a fee for debit card use? A fee paid by the retailer, albeit they pass it on in price of goods, because those politicians think they're doing some kind of social betterment thing? They should have kept their noses out of it and left everything alone. Then everyone would have been happy. But no, we have to have some liberal politicians decide he's going to punish big business and score some points with the masses. And so now, people who run the banking sector are evil and must be punished. And our liberal media goes into orgasm to play this up. In my opinion, the politicians who started this whole mess should be punished by being voted out of office. Now that would be worth reading about. You people have a nice day.
    2 Nov 2011, 07:38 AM Reply Like
  • Dakco
    , contributor
    Comments (9) | Send Message
     
    I totally agree with your comment except the part about " Then everyone would be happy". No matter what happens not "everyone" would be happy. There will always be the liberals and free loaders who can not be happy unless we become totally social.
    2 Nov 2011, 08:50 AM Reply Like
  • Wyatt Junker
    , contributor
    Comments (4501) | Send Message
     
    Not 'voted out of office'.

     

    Thrown in Supermax... where... they... belong.
    2 Nov 2011, 12:43 PM Reply Like
  • Showbiz1
    , contributor
    Comments (28) | Send Message
     
    Long BAC. Finding ways to compensate for lost revenue is not just endemic to banks as this can be said of any business. Moynihan is doing a great job. He's trying to clean up the mess left by Ken Lewis. His reasoning for coming out with the fee are two-fold: 1. To compensate for the loss of revenue brought on by Durbin's amendment, 2. He wanted to be straight-forward and honest with the consumers about the fee, unlike BAC's practices under Lewis in which everything was hidden and a surprise. It used to be that if a CEO was honest and upfront, he'd be commended. If you want to take your money out of BAC, then do it. But don't make it a media spectacle. But if you think other banks, whether they are national, local, regional or credit union are without fees, then contact me because I have a great deal in the Cayman Islands for you. There were also ways to avoid this fee. Using credit cards or maintaining minimum fees in your accounts were just two of them. I am beginning to believe the insane hatred for BAC by some is just an excuse for the poor choices made in their lives. It's always easier to blame another entity or person for the poor choices you made, esp. an entity like BAC which is constantly demonized in the media to an insane degree. I am fairly confident that within six years as BAC approaches seventy dollars, there will be many who look back in regret by viewing BAC as part of their problem when they should have viewed it as part of their solution.
    2 Nov 2011, 08:50 AM Reply Like
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