Durbin to Bank of America Customers: ‘Get the Heck Out of That Bank’

Unmitigated gall. There was an equilibrium until Turban Durbin messed it up. Before, the merchant was bearing the cost. Now YOU are. Thanks to Obama, Pelosi,. Reid and DURBIN.

All these legislating from the bench have unintended consequences. People, why do you keep voting idiot like Durbin?

Sorry Durbin but it is the legislation passed by Congress that led to these fees. Every time Congress steps in to help the consumer it ends up costing us.

So what doea Durbin want..a run on the bank? I disagree with their $5 charge, and if I were a customer I might leave over it…but his statement in todays unsettled climate is ill advised to say the least.

So we bail them out only to put them out of business a couple years later. Any person in government who thought that BOA or any business would not pass taxes, regulation, and fees on to consumers, isn’t smart enough to hold their job. If banks made money off of savings and checking accounts they might care but they don’t, they can’t interest rates are too low for them to loan money, and the people that want the loans may or may not be able to pay it back, so they buy T-Bills with money loaned to them from the government and the Fed at 0%, it is free profit created by inflation. A run on BOA would destroy FDIC, and would cause all other major banks to collapse and echo through the economy for years, but it needs to happen, it should have happened 3 years ago.

Durbin is an irresponsible jerk. Why would a Senator basically call for a run on a bank? The best way to get the point across, that this is unacceptable is for us not to use the check card feature for a few months. Perhaps the loss of revenue from the fees would wake them up. Also, has anyone noticed a decrease in prices due to retailers getting a little extra money from the reduced fees? The only ones paying for this are the consumers.

Thanks Dick, for all the governement intervention over the years which led to those fees. We have you and your cabal of tax loving democrats to blame. We all know your role.

Closing my account this week. I’m over the bank. They get bailed out, then they rape us over a barrel? No thanks. Hope b of a goes under and we see bankers diving from the 13th floor soon.
Without risk capitalism doesn’t exist. It seems that they have the system rigged now to F us either way and I don’t want them to have a dime of my money. Corporate welfare on the peoples backs. No thanks.

Defending the banks who OWN both parties and trying to turn this into a left right thing is laughable. How much tarp money did these pukes get? Now they want to raise fees on us after we indebted our great grand kids to bail them out? Hahaha what a joke.

I have been a cust at a small town bank for 22yrs and could not be more satisfied.
The service and NO fees they provide is second to none. BOA is the problem and so are all the other,(to big to fail inc’s).Washington is to blame for the shaft the americans are once again getting.News headlines that read ,Huge merger pending Fed approval is a joke.They are ALL approved,2 big Entertainment co’s,2 big banks,2 big cell phone co’s.These idiots dont even know what the word monopoly means.So keep electing people with great 20 minute sound bites to hold office for 20 yrs.Teddy Roosevelt stood up to this culture,with his big stick.Now this culture beats us down with a big checkbook.YOUR Rep/Sen have sold you out to the highest bidder,BOA and friends.

Durbin Get The Heck Out Of Congress You Dumbass it was your freaking regulation that caused this whole mess!!!

Dick Durbin, a patriot – NOT

I do the opposite of what Dick Durbin tells me……

How irresponsible of Durbin. This will do nothing but hurt investors. As if the collapse of the stock market we are currently facing isn’t enough. The end of our Country can’t come soon enough for these progressives.

Seen on the street in Chicago about twenty years ago:

Guy with a sandwich board with the President and Sen. Durbin’s economic philosophy:

“Tax the Rich, Tax the Banks, Tax the Corporations…
Distribute the Money
ALL LIVE SWELL”

We’ve done the above, I’m waiting for the last part to kick in.

This fool caused this, stop with the lobbying!!! The bank is countering the regulations that this bafoon created!!!

They used a “run” to kill IndyMac and make billions, B of A’s new fee is a better reason than failing to tide suffincly.

I’ve never had a debit card, and I boycott all major banks, especially Citibank and Bank of America. These banks are insolvent.

Hey, Dick. It’s your fault this fee is being levied on customers in the first place. You slipped in that amendment to Dodd-Frank at the last minute that led to the banks having to pass on these new costs to consumers.

Schumer caused a deliberate run at IndiMac with his famous letter and George Soros bought it for pennies on the dollar. Now its Durbin’s turn to make Soros richer.

I wonder which bank is lining Durbin’s pockets these days…He looks like a Wells Fargo man to me. You are a despicable disgrace to the office sir and you should be reprimanded to prison for the damage that you and your comrades have caused to this once great country. I would like to throw rotten food at you, Barny Franks, and the rest of you disasters as they parade you down the street in shackles. shame on you low life.

I just made up my mind… I’ll KEEP all my BOA accounts. It’s now time to REPEAL Dodd/Frank, and get rid of ALL Democrats in 2012!

BoA is not the only bank charging the fee! Suntrust and others have already been doing it.

Nice…a member of Congress advocating civil unrest to bring down a financial institution.

Durbin introduced legislation to cut merchant fees in half and then wonders why the bank seeks to charge a fee to make up the lost income his legislation caused. Durbin then has the gall to call for a run on the bank. Illinois voters really need to pull their heads out of their anuses and quit voting for idiots like Durbin, Obama, Rahm, etc.

The stock markets are teetering towards another ’08-style crash, and the #2 democrat in the Senate is trying to crash one of the nation’s largest banks. . .

At this point I’m waiting for the ghost of henry clay or daniel webster to show up on the Senate floor and stuff this moron in a trash can

Very good advice. BOA *WILL* tank and the crooks in charge will scamper off with anything not nailed down. We re entering into the Next Great Depression and, in that world, Bank Of America, all of those “too big to fail” Wall Street institutions, have no chance whatsoever of survival. Their political connections to this rancid and corrupt White House wont help them and their late switching to supporting the Republican’s own corrupt and clueless version of this wont help them at all.

This is insanity. Durbin FORCED the banks to raise their fees, and them blames THE BANKS when they do so.

I no longer believe people like Dick Durbin and Harry Reid are incompetant idiots. I believe they are intentionally trying to bring about the downfall of America. Durbin needs to be impeached, tried for Treason, and imprisoned by the United States Government. The sooner this happens the better for America. Oh wait, we have Eric Holder in charge of Justice, and he has the same goals as Traitor Durbin.

I guess we’re all screwed now. Making a TRUE “change” on November 6, 2012, is our only hope.

Durbin is a tool for the big Box retailers. It was Walmart & Target who lobbied Durbin for this amendment. Not only is he tool but dumb fool. A very classic example of what happens when govt. gets in the way of business….regardless of their intentions, its always the the citizens who end up paying….
When will they ever learn?(never)….

“Why does BoA make the news when Suntrust doubled their fees over BoA?”

All banks are increasing fees for all customers to make up for the Govt. cutting penalty amounts banks charge to delinquent customers. So customers in good standing are paying more to make up for the deadbeats. Thanks Progressives!

My name says it all. isn’t precipitating a run on a bank a Federal crime?

these scumbag pols like Obama and Durbin sue the banks to force them to give bad loans now they go after the banks after they caused the banks their problems. ALL of them should be thrown in jail, Obama and Durbin are as guilty as anyone for the economic mess.

Shrink the government and regulation so that the role of lobbyists is diminished. No brainer.

First you need to understand that most of your house members and senators are lawyers. Now you have a useless puck like Duban, a lawyer, telling banks what they can make. But, let’s don’t even discuss tort reform, in other words telling a lawyer what he can make, no no no. DON’T SEND MORE LAWYERS TO WASHINGTON.

This is pretty frustrating. But I agree with one of the previous comments. I will refrain from using my debit card and will write checks and walk into the bank from now on to get cash. In the meantime, I will work towards moving my assets from BoA to a credit union I already belong to. Inconvenient and a pain in the arse but I’m done with this bank.

Get rid of Durbin all ready – does anyone believe that banking is free? How the hell do you think they pay for their computers and security? Employees, facilities – the ATM machines – all free?

Guess what, its called BUSINESS – not HOBBY. Durbin is a pandering fool and once again the Democrats win because we have so many lemmings in this country. You’re the same people that will pay endless amount of money for bottled WATER because it has a pretty picture on a plastic bottle – yet its no better than what comes out of your kitchen facuet.

Remember BUSINESS – not HOBBY. Is Durbin coming after your lively hood next because its not fair that you earn a paycheck for your hard work? My guess is yes. Illinois wake up already and get rid of this idiot Durbin.

Enough with the TARP funds. All of the banks, including BofA has paid them back with interest.
The only question remains is what did Little Timothy Geithner hide them?….hmmmm…..

I really don’t know why Democrats keep getting this unfair label of being anti-business??

Nice SPIN Durbin. This is a classic mis-direction that allows for politicians to get away with poorly thought out legislation. So how is Redbox going to survive in this new pricing scheme?

Frankly, this just takes the cake!
The idiots Frank and Dodd slapped a ton of restrictive regulations on Banks, and expects that the Banks won’t pass this added cost on to the consumer. You can’t make this stuff up…every bleeding Congressman/woman is an idiot when it comes to the private sector. EVERY ONE!
When are Americans going to tell the Government to stay out of business?
Well they say you get the Government you deserve, and we keep voting for the Schumers, Franks, Dodds, Pelosis, Reids and …wait, why are there so many Democrats?

It’s called, THE DICK DURBIN DEBIT CARD FEE. Now he is against it? hahahahahahahahaha

He’s right – it’s your choice as a customer to vote with your feet and leave. Now, the real question is whether or not your choice is based on logic, or emotion. So whats it gonna be, Hmmmm??

If you don’t want to pay a debit card fee, DON’T USE A DEBIT CARD. This is pretty simple stuff, Dick.

The problem is that BofA should be out of business already. The bailouts were a horrible idea.

But this issue of debit card fees is precisely the result of the Barney Frank and Chris Dodd. They cut a company’s income and then expect that the company won’t raise fees somewhere else? How idiotic are these two clowns? They’re definitely too damned stupid to be in Congress. And this fee will fall harder on those with less money, all thanks to democrats (the champions of the poor, no less).

Dems just don’t get it.

Just like minimum wage hikes. You pay your burger flippers $8/hour. New legislation requires them to now be paid $9/hour. What’s a business owner going to do? Take the extra labor costs in the short? Nope. They either increase prices or decrease services to maintain their profit margin.

This is EXACTLY the same thing. Did Durbin and his cronies actually believe that BofA, Wells Fargo, JPM, Citi and others would simply just eat the lost revenue? Those banks owe it to their shareholders to achieve maximum earnings. Only way that happens is to charge more. It’s so simple to understand that my 10 year old daughter gets it.

Just closed my account at B of A. More underlying problems than the new fee. Not a bank that I will
be referring ANYONE to.

The folks who are screaming to high heaven about $5/mo. are probably the same ones who have no problem paying $5/mo. more for cable channels, more texts on their cell phones, or coffees at the local Starbucks. When you do the math, it works out to 16 cents per day – this $5 increase. What most consumers don’t realize is that banks are charged on every transaction that those debit cards make. How did that happen? Government regulation. I despise Dick Durbin and find his comments to be nothing more than grandstanding. He and his ilk are the ones who set up transaction fees that these banks must absorb. Its not BOA’s fault their trying to recoup the cost in order to keep their company soluble as well as keep employees paid instead of on the Obama dole.

This story was linked on Drudge and I don’t understand what was meant by “bank run.”

Does that mean people that have money they earned in the bank and the bank sends them statements every month saying how much?

How does a person going to the bank to get what is rightfully theirs change anything?

Why is it different if every person goes to the bank to get what is rightfully theirs?

Does the bank not have what they claim?

Isn’t there a word for that?

I believe the word is “fraud.”

There is a general misnomer that the fed creates an “elastic” currency (NOT money) but it is false.

Elastic means the currency supply would have to contract but it only expands.

M3 is a measure of total currency. Why don’t they release those numbers any more? Trying to hide something?

What does that do to the value of the federal reserve notes that I’m paid with?

Is it not the stated policy of the federal reserve and the de facto policy of the us govt to perpetually devalue our units of trade and account?

Am I an evil “conspiracy theorist” for calling out the self evident fraud?

…….”homeless in the land their forefathers conquered.”

Now please do yourto own research and prove me wrong!

Does everyone notice the coordinated attack from the Durbin, Obama, MSNBC and NPR? Last Friday, the same day the fees were announced, NPR ran a story using interviews with people on the streets of Washington, DC that were so slanted that the questions could just as well been written by Dick Durbin – one the sponsors of legislation that set this up.

Durbin: “It is hard to believe that a bank would impose such a fee …”

Believe it Dick. You completely caused it.

Total Dufus. The thing that is IMPOSSIBLE to believe is that somebody would vote for you.

Ha! Never thought I would say this but I agree with Durbin 100% on this. BofA is the largest and dirtiest predatory lender in the world. I would NEVER have my money there in the first place but if I did, my tail would have withdrawn all of my cash by the end of that business day. Many people with BofA mortgages call me begging for help to refinance them away from BofA. Many stating they wouldn’t even care if the rate was higher and you wouldn’t believe the horror stories. I’m getting out of Chase as we speak for the same reasons. Stick to your local community banks and credit unions.

Paraphrasing Durbin: “Pay no attention to the man behind the curtain! Your competent and friendly government is not to blame for the unintended consequences of poorly thought-out interference in the free market. Blame the banks! How dare they defy us in an attempt to protect profits!”

Sovereign / Santander bank charges more for their ATM usage. Why was there no liberal uproar when they started charging $1.00 per TRANSACTION 3 years ago?

I would rather pay the $5 per month. Hypocrits, the lot of you!

Thanks Dick for screwing the entire country. Good luck with your re-election and subsequent retirement. You pretty much screwed the entire nation to the point where there’s not much left. You and your fellow BS salesmen can’t just go away, can you?

Congress needs to stop “fixing” things. I still haven’t forgiven them for stealing the interest write offs we used to have before they messed things up back in the 70′s. They need to restore what they stole, but that isn’t going to happen. Now we’re seeing the fees from the banking industry passed on to the consumer – exactly what we were told was not going to happen. Nice work.

What money?

The guy who caused the problem, is now asking you to leave the bank because of the amendment he had attached to the Dodd-Frank bill. Good grief he can’t even remember his own bill! He needs to be out of government

Obviously the people commenting here are not business owners. When a business accepts these credit/debit cards, we are charged all sorts of fees depending on the card. Accepting cards costs my small business over $4,000 a year in fees from the processor. If the customer wants the convenience of using a card instead of cash, then why shouldn’t the customer bear some of the costs?

Typical democrats, they screw it up and then blame someone else. Sub prime loans, debit cards, the economy, etc.

The consumer always pays this– either via the cost of products or direct to BoA. If it’s direct to BoA than only the folks using debit cards are paying for it vice the cost being distributed across all consumers. For example, Wal-Mart used to pay BoA by covering the cost of this by figuring it into the cost of their products which everyone paid. Now, they can lower prices and only those folks using debit cards will pay the fee– direct to BoA

October 4, 2011

Dear Mr. Durbin,

Let’s evaluate your notion that I should cease my relationship with The Bank of America. Let it be known that, like any other business I voluntarily decide to do business with, I’ve had my set of stresses and complaints with. For instance once Citibank upset me to such a degree I switched to Bank of America. I’m certain that the opposite has occurred too. No person or collection of persons is/are or ever will be perfect in all cases. Human beings are unique and when they do business they bring a completely new set of experiences to the door of that business and if the business does a good job of being inviting as well as innovative then that business does well, see Apple Computer. If the opposite happens that business is taken apart and absorbed into the stream of commerce where it’s parts are better able to function efficiently.

So. Mr. Durbin. The federal government is trillions in debt and deficit. Is losing customers, I mean tax payers, by the second, and you have the temerity to go to the floor of United States Senate and tell Bank of America customers to leave the bank? That takes chutzpah considering your voting record sir, a Mount Everest size portion of it! You’ve got as much credibility as Eric Holder does now and his gun running scam with the ATF, what is it with you liberals and guns anyway? Look, if you don’t want one. Don’t buy one. If you don’t want to be someones friend who owns one no one is forcing you to be their friend.

But thats the rub of it all isn’t it Mr. Durbin. If I, if “We The People,” can’t be forced into having to deal with a corrupt and immoral federal government, that corrupt and immoral federal government can’t function. If everyone stops paying their taxes because they can’t find jobs, the federal government is more then happy to print up some more funny money just so long as the federal government get’s more of my forgotten liberty in the deal. At least in the mob you got a meal and a few really good laughs before you were made an offer you couldn’t refuse. With you guys it’s all sand and no lube. Where do I go as a citizen if I believe that my government is no longer operating for the benefit of the American family at large? I go to the ballot box, I go to the editorial page of my local news paper, I go to the internet comment sections of websites and one day I may take what I’ve written and put it all in a book. I will not permit you Mr. Durbin to, on the one hand, say that America is evil while you use your other hand to stick it in American’s pockets and steal their liberty from them.

I have had enough.

So have my fellow Americans. On November 6, 2012 we finish what we started.

Respectfully,

Joe Doakes

Dickie Durbin
wears a turbin
and causes the banks to fail.
When he’s accused
he looks bemused
knowing HE won’t go to jail.

In honor of Durbin’s amendment, all Americans should call this debit card fee the Durbin Fee. Dick Durbin caused this fee on consumers, therefore, please direct your anger where it belongs — Durbin. The retail lobby provided enough incentive for Durbin to introduce the amendment; we the people got stuck with the consequences!

Show me a solution proposed by a democrat and I’ll show you a bigger problem than that which it was created to cure.

This is a good lesson on dynamic economics. Push here, bulge there. Push there, bulge elsewhere, etc. I agree, vote with your feet, but this likely should never have happened.

I am not a fan of B of A but for someone in Durbin’s position to try to instigate a run on a bank is irresponsible in the extreme.

Such a run could cause the bank to collapse, this would not be confined to B of A. Other banks could fall as well and the NYSE would tank. Thousands of people would lose EVERYTHING.

Of course Mr Durbin, like most of our over-fed, over-rich politicians probably has much of his money off shore plus a nice stash of bullion in his safe so he would not be hurt.

Just the “little people”.

The people that the politicians look down on so condescendingly.

People like you and I.

“If I read this to you and did not tell you that it was an FBI agent describing what Americans had done to prisoners in their control, you would most certainly believe this must have been done by Nazis, Soviets in their gulags or some mad regime — Pol Pot or others — that had no concern for human beings,” – Dick Durbin describing the U.S. military at Guantanamo Bay

A direct result of regulations created by this very man.

These are the same people who wanted cap and trade where it wouldn’t be $5, but hundreds of dollars more.

Dick Durbin. YOU VOTED FOR THE BILL WHICH ALLOWES BoA TO DO THIS!! You JERK! Now you’re calling for what amounts to a BOYCOTT??? My God, these people in congress are as thick as the day is long.

Yet another democrat patriot surfaces from the Land of Lincoln -

THE .44 CENT MAX FEE WAS ALREADY CORRECT THANKS TO OUR FREE MARKET SYSTEM. This is another example of our bureacracy creating inefficiencies in our economy. If it was profitable at 43 cents or lower, wouldn’t other banks step up and charge the lower fee and capture some business? They didn’t. 44 cents was the correct maximum fee and now thanks to THE DURBIN DEBIT CARD RULE the cost is now born by you!! What an idiot!

BOA should not take business advice from an Officer (Senator Dick Durban) of a company (USA) that is going bankrupt because of his and other Senators/Congressmen management. Don’t throw rocks when you live in a glass house. At least they are making tough decision to counteract the position that the Durban amendment put them financially. What a joke!

The reason for this fee increase is the following: The bank (Bank of America, Chase, etc) and the merchant (Discover, Visa, Mastercard, etc.) require fees in order to process the transactions to the merhcant. So, every time you use your card, both the bank needs to cover the transaction fee. The old fee was 44 cents. Durbin’s amendment lowered the fee to 22 cents. Now the bank needs to increase fees to cover the lost revenue. That amount that needs to be made up is now covered by guess who…that’s right, you. The 22 cent deficit now has to be made up so the bank can cover it’s overhead. And it is the consumer who has to make up the difference. Don’t blame Back of America. They fought to keep the fees the same because they knew that lowering the fees would hurt the customer. This is going to happen to all the banks by the way. In addition, look for transaction fees from the card companies to increase as well because now the revenue they get from the banks for processing transactions has been cut in half. If you really don’t like it, you can just use a credit card. Or more logically, you can vote Durbin and Obama out of office. Durbin should be jailed for calling out a an American business that employs thousands like that. This is Soviet style tactics.

Durbin’s amendment cut the transaction fee from 44 cents to 22 cents. This fee is what the banks have to pay to the card companies. It was fine the way it was as the bank covered it for the customer. Why did they do this? These liberals are really insane. Leave the banks alone. They got bailed out with taxpayer money – fine. But understand that the taxpayers made a 20 billion dollar profit off of this bailout as the banks were required to pay dividends on those loans. If the treasury did not keep that 20 billion dollar profit and rediribute it back to the people, then don’t blame the banks. Blame people like Durbin who spend, spend, spend other people’s money. These democrats are really going too far. I fear violence towards them if they don’t cool it. This is people’s lives their screwing with. How dare a US Senator call out a business like that. BOA employs thousands of people!!

Make no mistake—it was the Democrats’ lame “banking reform” law that messed all of us up. It’s very obvious. The old way worked great for consumers; now we have this democrat interference with the free market. Stop voting for democrats! HAVE YOU NOTICED THAT LIBERALISM ALWAYS SEEMS TO BE ABOUT PAYING MORE? FOR EVERYTHING??

Sen. Durbin is an idiot, but he’s right about one thing. BOA customers who don’t wish to pay the new fee may take their business elsewhere. That’s their prerogative.
But, Durbin is, after all, an idiot. There’s nothing wrong with BOA charging a fee for the services it provides. Its customers will decide whether the value of the services justifies the fee paid. That’s free market, free enterprise capitalism. Freedom. Freedom from idiot Senators or other government officials dictating what FREE people and FREE businesses can and can’t do.
BOA is in business to make a profit. If BOA (or any business in a FREE economy) fails to make a profit, they’ll be out of business faster than Dick Durbin can utter one more stupid thing…and that’s pretty fast.

This is exactly what happens when government gets in the way of the market. People and businesses have a choice in which banks they use. We don’t need Dick Durban’s “help”.

The bank has to pay for the costs of handling accesses and purchases with the cards. In the past this was subsidized by the interchange fees. Now that Frank and Durbin killed the interchange fees the bank still has the costs and has to charge directly. Durbin is such a moron. Somehow he believes that you can dramatically reduce income at a marginal bank and they will magically absorb the loss. Stupid. This guy has obviously never had to run a real business that has to pay its bills. Instead he has magical thinking.

Notice how Gutless Dick Durbin courageously made his attacks on BoA from the Senate floor. He can say anything he wants from there, and is protected from any lawsuit by the Constitution’s “Speech or Debate Clause.”

Didn’t this guy do the same thing to help start the crash of 2008, actually about this time 3 years ago. Something about Indymac???

Then I think Harry Reid said there was going to be a big bank failure, ” But he wouldn’t say which one”

Hey Dick Turbin, your addendum to the Dodd-Frank legislation is the reason for these fees by BofA! They are covering their costs which in the the wisdom of you idiots on Mount Olympus (Democrats in Congress).

YOU created this problem!

So you along with Christopher Dodd and Barney Frank should be wearing orange jump suits in some prison because of the damage you and there are others of your ilk that are destroying this country becuase you do not like captialism and the free market. Oh yeah, you radical left-wingers want to control and be masters over our lives!

Durbin, your first name says everything about you.

Looks like we joe taxpayer does have to make up for everything the congress and banks do.

Another reason to repeal the Dodd/Frank Bill!

Dodd/Frank Bill forces expenses for banks to go higher. In return, banks, just like any other business, will pass the cost on to the consumer. They could close branches and lay off workers or they can raise prices which is what BofA is doing. Some banks are closing branches.

This is Durbin’s fault as it’s his amendment that pertains to debit card transaction fees. These idiots who’ve never run a business have no idea what they are doing when they pass legislation.

Remember when banks wanted you to use debit cards and atm’s, because they said it was cheaper than paying for bank tellers?

I would change banks if i used a debit card that was going to get assessed the charge – but since I’m a Republican I don’t need a Senator to tell me what I need to do in order for me to take action.

Whatever national bank they take their money to will eventually be forced to impose the same fees, and as taxable revenues shrink, credit unions and community banks will be in the cross-hairs.

This whole thing is delightfully delicious. Durbin imposes the amendment in the Dodd-Frank law. Bank of America is a huge Democratic political contributor. Warren Buffett just sank $5B into the bank. The Democrats just threw a few loyal supporters under the bus.
Why doesn’t Congress just eliminate this, like the stupid 1099 requirement under the health care law?

Dodd/Frank takes the $30 overdraft fee away from those who can’t keep track of their money. So now everyone gets his by a $5 atm fee. That’s what Democrats call fair. What’;s outrageous is the Democrats and Durbins stupidity.

This problem was created because our wicked political leaders allowed all these bank mergers after the banks promised consumers would benefit from economies of scale. The only thing that happened is CEO compensation increased 1,000%. The big banks and liberals in Congress created the economic mess we are currently in. George Bush’s contribution was that he allowed it to happen because he is big government RINO. The big banks want to crush the small banks and eliminate all competition. The liberals want to redistribute wealth by forcing the banking system to make stupidly risky loans. Liberals publicly attack the big banks and privately they are married to each other. Wall Street is full of big money, big government liberals. The Obama administration is full of Wall Street liberals. The big banks got bailed out by taxpayers and the Fed, and the small banks and consumers get punished by Chicago style crony capitalism. The bankers get rich and the liberals get to blame capitalism for all the country’s ills. It is a win, win for these people.

Mission Accomplished, Durbin!

The Democrat Party War on the American Economy continues to be enormously successful!

BAC – is a financial terrorist organization. nuff said. nice to see someone start talking some sense.
Power of the people. Together we stand – divided we fall. Support your local bank!

I will gladly pay this fee. In fact I think that I (and my rich cronies) should pay $25 a month or more. It’s only fair that I pay more than my Secretary!

Typical lib….no clue as to how a free market works. Did you think BofA would just eat that cost and not pass it along to the consumer like any other business would do??? What happened is Durban thought he would make a few points with his constituents by tossing in a stupid ammendment at the very end that would cap these fees and make him a hero. Now that it’s backfired, it CYA time and he’s acting like an indignant fool. Reminds me of the kid who wasted his parents and then begs the judge for leniency because he’s an orphan.

Competition is a wonderful thing! It is unbridled capitalism at its best. I had an account with BofA over a decade ago and they started hitting us with fees left and right, so I left and went to Washington Mutual. WaMu was a great bank for many years until Chase took over, so I switched to Wells Fargo and have been very happy with them. Switching over bill pay services is a pain, but in some cases worth it. If the bank is nickle and diming you, switch to another. I also have an account with a credit union that I could jump into if Wells Fargo starts going fee crazy. For once, I fully agree with Durbin. The man is spot on! I’m surprised BofA is still in business with the stuff they have pulled over the years.

At least we can rest easy that since Durbin’s ammendment passed, the prices of products at our shopping venues will go down since they no longer have to pay that $.20/transaction. I’m sure Dick was thinking of the consumer when he bent over for the lobbyist… I mean middle class citizens.

This is the perfect example of why government needs to get out of the way. Quit regulating stuff and quit trying to CONTROL everything. Let suppliers and consumers figure out the winners and losers.

PS – Shut up, Richard!

Does anyone else here know someone that works at BOA? I do. People work at that bank, Mr. Durbin. Is your goal to cost them their jobs? Seems like reckless language to me. This man represents the government not the people. That’s what’s backwards about our system. These guys no longer represent us. They represent themselves. This is why they fear elections.

All of this is that idiot Durbum’s fault in the first place. The banks just passed this to the consumer. Morons.

“I just don’t get why republicans seem to believe banks should get to do whatever they wish.” I just don’t get why Dems don’t get the free market. If you don’t like what one bank is doing, go to another one. If they are all doing the same thing and the public is angry then a new bank will soon open to give the public what it wants. That bank will prosper until the other banks come to their senses and adopt better practices. This system works WAY better than congressional meddling ever has or ever will.

A little over a year ago, my wife and I (and her business) closed all our accounts with BOA. The mortage, the second mortage, our savings accounts, credit cards, checking accounts, CD’s, business credit account, business loans…….he whole kit and kabootle. We never looked back. We couldn’t do it all at once but every few days or week so, we’d go in and close another account. They wanted to know why we were closing all our accounts. We told them that we no longer considered them to be running an ethical business and we did not want to do business with them. We yanked about a millioin dollars out and an untold loss of future business for BOA. I hope they go bankrupt.

The bank claims that the move is in response to a pretty big anticipated loss in profit as a result of the so-called “Durbin Amendment.” The Durbin Amendment is an add-on to the Dodd–Frank Wall Street Reform and Consumer Protection Act (Public Law No. 111-203), signed into law by President Barack Obama on July 21, 2010. The Act was meant to protect us from all of those banks that were too big to fail – you know, the whole banking/financial sector meltdown that we just lived through.

The Durbin Amendment, named after Sen. Dick Durbin (D-IL), was added to the bill after flopping around for the better part of a year. The law applies to those big banks – the ones over $10 billion in assets – and was ostensibly passed as an effort to increase competition. It was supposed to be pro-consumer.

But here’s the kicker: the Amendment gave the Federal Reserve the power to regulate debit card interchange fees and other bits of banking admin, which they’ve done. Over the summer, the Fed released the final rule on the matter. The combination of fees, restrictions and caps is thought to cost banks subject to the amendment nearly $14 billion annually.
— From Forbes online

Wake Up !!
I’m no fan of BofA, but Why do you think Dodd’s saying Bail on the bank??
It’s because HE CAUSED THIS… It was HIS Rider to the Dodd-Frank Bill which caused this mess.
Now he wants to make the bank fail (and with it the economy).
Liberals may have the best intentions — But Can you see how dangerous and reckless they are?

Plus he’s from ILLINOIS. No doubt familiar with ‘Chicago Politics.’… Do you get the Picture?

Apparently Sen. Durbin is copying Gov. Christie’s advice to “get the heck out of the water”.

Chase bank and many others charge a 5-7 dollar fee per month for a debit card if you don’t use it. You have to make several purchases a month to waive the fee. What’s the difference between them and BOA. They are also charging a fee while trying to dictate to the customer what their spending habits shoud be.

It costs a bank about $2.95 to process a check — starting writing checks instead of using the debit card. Then B of A, Wells Fargo et al will begin charging for each check written.
Unintendend consequences created by a moronic legislative branch.
CREDIT UNION PEOPLE

What an idiot this liberal hack is….. This fee the bank is tacking on is because of this man!! No wonder the fee is now being called the “DURBIN TAX” Vote every DEM out of office next November!

Yes, SEEKER “Did pandoras box just get opened here?” This is nuts. Is this America????

For all you outraged over this just stop using the bank then. They can charge any fee they want. Its their bank not yours. They are not a charity. They debit card fee was a way for them to not lay off another 30k people. All I know is banking was cheaper before the government got involved. A few years ago checking was free most services were free and banks were competing for your business. Then the government fixed it.

This is beyond comprehension. Frank, Dodd and Durbin made the rules knowing full well what the consequences were going to be. When the housing bubble burst, Frank & Dodd has the nerve to go on TV and blame regulation. Umm, regulation they sponsored. Now Durbin goes on TV and blames the banks for reaction to his legislation. This is so absurd that it has to be a part of the plan to take the US down. To have a member of congress go after the largest bank, which is also in steep, deep trouble, one can only conclude this is purposeful action and has been all along. People are now beginning to realize what this administration is doing to our Country. It would be impossible to explain this craziness any other way.

Anyone that still has money in BofA, is a moron and desreves what they get.

Wow. Is there anyone left that is not convinced that the Democrats are DELIBERATELY trying to crash our economy? This is absolutely unbelievable. A US Senator is attempting to deliberately and willfully destroy a major bank. He is literally attacking our country.

Consider Illinois’s fiscal condition and you get an idea of Dick Durbin’s competence. I hope he keeps this rhetoric up. His position is untenable. He is responsible for this BoA debacle. No one else.

Fight back before it’s all gone. This isn’t a movie, people. The stakes are real.

let me get this straight…the government taxes the bejeesus out of you, gas tax ,property tax, sales tax, income tax,auot tax etc and yet youre up in arms about a $5 fee by a private company?

get real folks

agree with Dickie Durbin. People should vote with their feet. #1 Leave Illinois the most corrupt state in the Country. #2 Vote Dick Durbin out of office. These imbaciles pass laws thinking they are going to make life miserable for business and still just don’t get it that everything they wack business with, eventually gets paid for by John Q. Taxpayer.

Dick “Cabeza” Durbin is right in there with at mix that is writing the “as you go” bill by Dodd and Frank that allowed this kind of theft by banks to occur..more special interest spin-offs by deemer crooks.

I’ve been with a credit union for many years. Private banks are the greed infested swine houses.

Mr. Durbin how about your 1% tax on all bank transactions? At what point are we the people to tell you the government enough? POT CALLING THE KETTLE BLACK!!!!

I just don’t get why republicans seem to believe banks should get to do whatever they wish. Posted by: THOMAS | October 3, 2011, 9:09 pm 9:09 pm
————————————————————————————————————-
Still don’t get it do you? All the government interference caused this. The Democrats OWN this fee.

Hey Dick, just curious: which bank do you own stock in? (bet it’s a competitor.)

How about BofA sending a note to all their IL customers:

”
Tired of High IL Taxes, moved to the South, and tell Durbin goodbye. Or if you cannot move, vote Durbin goodbye.”

Would be great payback to Dick

First time I agree with a dem. BA is a sleeze organization. They bought a boat loan I had and tried to change the payment schedule to screw me out of the interest I had agreed to on the previous loan. I told them they couldn’t pull that crap in the state I lived in and got another loan to pay that loan off and cut then off completely. totally unscrupulous

This sounds all to familiar like when Chuck Schumer caused a run on Indymac Bank

Yes. Everyone listen to financial advice from those geniuses, the Democrats. They are so good with money.

the rich! the rich! TWEET! the rich! the rich! TWEET!

You know what? Liberals are downers. They are the “everything and everyone sucks” people. Never-ending complaints. It’s all bad news and we’re all going to die and it’s all our fault. I just don’t care to be around all their negative energy anymore. Go be all offended and doomed elsewhere.

I travel extensively, and Bank of America was the only bank I could find EVERYWHERE. I used them in Savannah, San Luis Obispo, Jackson and every big city and small village in between.

I was able to withdraw GBP from Lloyds London or Australian dollars from NAB WITHOUT PAYING A SINGLE WITHDRAW FEE. The list of banks you can withdraw from internationally is great, and the access to banks in the United States is unparalleled.

Of course, this is going to trickle through all banks, not just BoA as well, but BoA offered such great advantages to people who traveled extensively.

I do believe their fees are frustrating – I had having to use the ATM when sometimes I would prefer to go straight to a teller. I don’t want to pay to reorder checks. But, that is the account I signed up for, and I get it.

My biggest question is… Doesn’t the government know that the recession was caused by banks extending loans they could not pay off??? It had NOTHING to do with transaction fees being charged to retailers. What was the point of this law?!

Does the name Dodd/frank ring a bell?

“Big” Dick Durbin is an embarrassment to Congress and this country. But he’s only a symptom of the problem, the real problem is the delusional liberal idiots in Chicago and elsewhere who vote for this guy and those in league with him.

Calling for a run on a bank? Isn’t that tantamount to yelling “FIRE!” in a theater?

Irresponsible arrogant asshole.

Democrats want to destroy this country by any means necessary. If there were a run on this “too big to fail” bank, then it would devastate our economy! He needs to shut the hell up!

It’s amazing, the level of basic economic ignorance in this country. I’m a merchant and we don’t eat these fees, we try to pass them on to the consumer or we go out of business. When government says they are going to tax a business they are actually taxing the end consumer, you ‘NEED” to understand this. Why do you think it costs $1.89 for a bottle of pop at your local ‘stop & shop’? You have to pay for the ‘dufus’ putting his candy bar on his credit card and all the fees for doing that. ‘WAKE UP AMERICA’ the vast majority of us are ‘USEFUL TOOLS’ and we don’t even know it.

Not that I have any love for Bank of America, but isn’t it a crime to cause a run on the bank? Like yelling fire in a movie theatre. Of course, Durbin(and others) gave the Federal Reserve permission to print Trillions and give it to the big banks to keep them solvent (especiall BoA), so end the end it don’t matter

Blaming Durbin because BOA is now gouging its customers ??!! It’s about darn time someone stood up against the evil, profiteering corporate mega-rapists. First they were screwing the small merchants and now they want to screw people just to use their own money. Sell your stock, Warren. You are too good to be involved with bunch of usurers.

Guaranteed Durbin will be fingered for something within a week, the information mercenaries are digging, fabricating and scheming to rid this guy, the last guy that spoke out against this Bank lasted 2 days. I’d rather have the US government coming after me than the private complex, especially BofA, Assange figured that out quickly.

If it ain’t broke, government will still try to fix it – and cause a bigger problem. Durbin is such a joke.

I was in the banking business for 35 years. If anyone else but a dumbocrat senator encouraged a run on a bank, they would be prosecuted and thrown in jail. The dumb Durban is just p i s s ed that BoA reacted in a business like way to his idiotic new regulation. Durban forced this extra expense on the consumer and is now trying to place the blame on BoA. Politics is for fools!

Oh god, are you people insane? He didn’t order anyone to leave BOA. He said that if you’re unhappy about it, take your business elsewhere. You already do that with restaurants, retailers, insurance companies, lawyers, and anywhere else you spend your money. But you get offended when someone tells you to basically use common sense and do what you’d normally do when you’re unhappy with something?

This legislation is something that needed to happen. Banks make millions off of your deposits by using it to back loans they make to other customers. On top of that, they want to charge YOU for using your own money. If they don’t charge you, they’ll charge the retailers who will either jack up their prices, or simply not allow you to use debit cards (there’s already one store chain that I am aware of that does this for this exact reason). Either way, you’d end up paying for it.

The first time in at least the past two decades that the government actually does something that benefits us, and people get their knickers in a knot. I just don’t get it.

Democrats are good at this stuff. Remember when Chuck Schumer instigated a run on IndyMac? Either they don’t consider the consequences of what they’re saying before they say it or they fully intend those consequences.

Durbin (the moderator won’t let us use his first name here) is not the brightest bulb in the box. Standing in front of two former Presidents (Clinton and Bush) Durbin tells a joke about Presidential assassination. No Kidding, it gets better. Durbin reported that Abraham Lincoln must have been Jewish. Because his name was Abraham and (get this!) he was shot in the temple. What a kidder! Dedication of the Abe Lincoln Library in Springfield, Illinois. It’s on tape.

Someone earlier on here asked why Republicans think the banks should do whatever they want. First of all, you DO understand that it is a business, right? They don’t have to provide anything for free. BofA is trying to stay afloat. Granted, some of it is their fault for providing shaky mortgages, but let’s remember it was compounded by the fact that part of their deal for a bail out was that they take a LARGER amount than they needed so the gov’t could make some money off them. Also part of the plan was the purchasing of Countrywide, who would have gone belly up without the buyout. I live in Illinois. Politics here is just embarrassing. Our officials are either in jail, waiting to go to jail, or just plain stupid. We have a large lower income population who tend to believe that they will get “Obama money”. I guess they’re products of Arne Duncan’s public schools here. By the way, thanks to the education czar and b-ball buddy of Barry’s, our public school reading test scores haven’t improved in 20 years. I guess the evolution process has stopped for the public school students in Chicago. That explains a lot!!

It is beyond me how people in this country can not see the absolute hypocrisy here. Durbin and his cronies forced the banks to stop collecting their fees from ATM machines and other debit card usages, in other words, they thought that they knew how to run the bank better than the bank. Now they want you to boycott the business because it had to make a decision to pass those lost revenues on in the form of monthly service charges. What did they think was going to happen? The tooth fairy was going to come and magically put the money under the bank’s pillow? Are liberals all this dumb? Wake up America, these political hacks are morons.

Whatever campaign cash Durbin loses from BoA will be made up for by Home Depot and Walmart, who pushed this through. Now, the customer will take the hit for the Chinese crap they buy, instead of the big box store. Way to stand up for the little guy, dick!

Want to leave BOA, fine. Appreciate your credit union/local bank, great. Frankly, from my personal experience I hate BOA’s customer service/perspective toward retail customers. But none of that has anything to do with how irresponsible it is for a US Senator to encourage a run on a bank.

BOA, as noted somewhere above, basically agreed to become an arm of the federal government during the financial crisis to absorb some of the other failing institutions AFTER BEING HIGHLY PRESSURED BY BERNAKE/GEITHER ET AL to do so. In doing so they were a part of stabilization in 2008.

However the entire mess stemmed from policies democrats pursued related to housing that were a big *part* of the financial crisis in the first place – loans to people who couldn’t pay them.

Then Dodd-Frank with Durbin’s amendment effectively passed fees on to banks who in turn, as businesses always will, passed them on to customers.

Now here we are again with the people who advocated the law in the first place, thinking it would have no consequences, feigning outrage that the bank would pass along the fee. Durbin wrote the legislation that in effect mandated the fee and then pretends to be outraged when it is passed on.

The government can pass laws that force people and businesses to do things. They can’t, at least yet, however control the decisions people make in reaction to those laws and it pisses them off (it pisses Durbin off). Consequently, he urges a run on a business full of tax-paying (not tax-taking) workers in an effort to? Perhaps push more people out of gainful employment and into welfare.

If you can’t see this you need to start over in kindergarten (preferably not in a public school).

So now we have a congressman telling consumers what company to stay with or leave? I hope he realizes that other banks are going to charge also, it’s coming and several have said they will. This is what happens in crony capitalism…the politicians extract money from the companies, then they go on and waste a lot of it, send money to those who voted them in, then the company, being a business passes along that extra cost to the consumers (middle/lower classes) in fees and such. So when a politician from either side tells YOU that this is just going to affect the rich, the big corporations, etc. Stand up, write letters and let then know that you know, it’s all going to trickle down to YOU and demand they stay out of it!!! I don’t understand how many times Americans see the same thing happening, how many times the politicians screw you before you understand it is not about the R or the D in front of a politicians name, it’s the fact they are a politician. They are the ones holding you back, creating messes in your life, etc. Nobody in this current crop of Republlican candidates will do much different other than Ron Paul. The reason why big corporations, banks, etc don’t want Ron Paull, the reason why he is not being pushed by the media (and being minimized) is they know that they can control the others, but they cannot ever own Ron Paul. I wish more people on both sides of the D/R false bickering would finally see this.

“It is hard to believe that a bank would impose such a fee…”
It is hard to believe that you, Dick, of all people, would be so surprised.
Or is it, “It is hard to believe that you Dick–of all people–would be so surprised.”
Or maybe, “It is hard to believe that you, Dick of all people, would be so surprised.”?
I never was much good with punctuation…

“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.”

“Rich” or may i call them “job creators” find yourself a country that won’t gouge you unfair taxes. What the democrats are trying to do is an outrage.

I think the point about all these fees that most of the posters here are missing is that it is the MERCHANTS who were paying this fee until this ammendment went through. They were the ones paying the banks for the priviledge of taking and processing cards from the bank. The Durbin ammendment was designed to help small business by taking this burden off of small businesses across the nation.

Now what’s funny about all this is that Republicans want to help small business, yet they are yelping about this fee affecting THEIR accounts. And it’s the Republicans, when dealing with debt in the government, who insist that cutting costs is the way to deal with cutting debt and absolutely oppose increasing revenue. So why aren’t they squalling when BoA starts ‘raising revenue’ rather than ‘cutting costs’ in response to economic stress?

Why is cutting costs only good for the government and not good for big banking? Why is raising revenue only bad for the government and not bad for big banking? You can’t tell me BoA can’t afford to cut bonuses and perks and compensation. That’s billions of dollars a year. To survive in this economy, I have to cut costs – drastically – and I have to raise additional revenue at least for the time being. Do I sqawk about it to everyone? No — I just get it done. It is what it is.

BoA and big banking have to learn to live in the culture that THEY helped create. It means change. It means adjusting. This is a new era, and if they don’t get it right — well, they deserve to go under.

It is the fault of Dick Durbin. He is the one to blame not BOA. This is caused by Durbin’s meddling.
Call his office and complain. Do not blame BOA, it is nnot their fault. Yell at Durbin if you wnat to.
Durbin essentallly tried to start a run on the biggers bank in the country. Durbin should resign, he is to stupid to be a representative.

Time to get educated….The main reason this country is in such a mess is because the republicans, (not the democrats) wanted to enrich their big banker friends on Wall Street by deregulating the banks and repealing the Glass-Steagall Act (repeal legislation was introduced in 1999 by two republicans Phill Gramm and Jim Leach). The repeal enabled commercial lenders such as Citigroup, BOA, and other big banks to underwrite and trade instruments such as mortgage-backed securities and collateralized debt obligations and establish so-called structured investment vehicles. The Greed grew on Wall Street and spread through out the nation’s banking and mortgage lending industry and the they didn’t care that those CDO’s they were selling to investors and our pension plan trustees were going to go bust because the banks were lending to anybody regardless of their ability to make the loan payments. Regulation helps protect us from the greedy Banksters who gambling with our pension funds and are robbing the working class in America. Bring back the Glass-Steagall Act and end the Fed and place it under the control of the US Treasury.

For once I agree with a democrat. No one is forced to bank with Bank of America. This is the perfect opportunity to thank God that you live under a good ol’ fashioned capitalist system that provides you with plenty of opportunity to choose any bank you want. If you don’t like bank of america’s fees, take your money elsewhere. End of story.

It’s amazing how many right leaning people responded to this instead of the educated left. We sit on our as*es and say and do NOTHING! Bank of America is on a collision course with insolvency due to their own risky behavior and acquisition of bad debt from other institutions they acquired. We, the taxpayers, paid them once. They now need more money, admittedly due to Durbin et al. legislation. Take note, although Durbin has no right to sabotage the largest bank in America, he is trying to make a point. Glass-Steagall should be in effect AND all banks should return to being private institutions and make money the old fashioned way…BY EARNING IT!!!!

Does anyone besides me see the grand irony in this whole affair? They don’t like the way BofA does business, so they’re taking their business elsewhere.

This is the very essence of the Free Market system! Don’t pay for stuff you don’t want! Unfortunately, when it comes to the Bureaucracy, you don’t have that option – they take your money (taxes) whether you want their product (more bureaucracy) or not!

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