Bank of America, Adam Smith and a Fee Market System

This week, Senator Dick Durbin (D-Ill.) made a remarkably pithy statement on the floor of the Senate that Bank of America patrons should "vote with your feet, get the heck out of that bank." By now, everyone who reads, watches and listens knows that Bank of America instituted a five dollar per month charge for usage of its debit cards effective early next year, and, of course, that's what prompted Durbin's remark. While there will be no fee if you have at least $5,000 in a Bank of America...Full Story
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