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Editorial: Round and round over debit card fees

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Banks’ recent imposition of monthly debit card fees has been one of the issues cited by Occupy Wall Street protesters, but what did these people expect? After Congress imposed restrictions on the “swipe fees” that banks charge merchants every time one of their customers buys something with a debit card, the banks had to find some other way to maintain their profit margins. The idea of getting something for nothing appeals to every consumer, and ...


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comments

steveg
October 18, 2011
7:25 a.m.

[ Flag Post ]

It's awfully hard for me to feel much sympathy for banks when deregulation has led to such catastrophic effects both for the world financial system itself and the employment picture for a large part of the population here. Letting the market determine economic justice has been the mantra that accompanied deregulation and the fantastic polarization of wealth that has resulted. The editor may be right in particular cases, and a lot of regulation is illogical and counterproductive, but the principle is sound. Maybe I'm reading too much into the argument, but I'm wary of both banks and the implied rejection of government regulation as a principle.

jerryrock
October 18, 2011
10:34 a.m.

[ Flag Post ]

With Bank of America's decision to apply a five dollar fee for purchases made with debit cards, we need some kind of regulation. Electronic direct deposits and purchases have become the norm in our society. When the entire cost is passed on to the consumer, it adds to our economic disparity.

Recently, some utility companies began charging extra to pay with cash! When will the madness end?

These fees should be regulated to protect the consumer.

Gerald J Skrocki

JLibertarian
October 18, 2011
11:49 a.m.

[ Flag Post ]

Oh my gosh! I couldn't believe my eyes when I read your editorial today. This normally left-wing newspaper and editorial writer is actually making sense. And they got it right!

To steveg and Gerald Skrocki I wish you two would read things other than the Occupy Wall Street and communist propoganda. steveg, what is economic justice? There is no such thing! This country was founded on justice for all. That means everyone has an equal chance to make of their life by their own efforts what they will. I don't know why all of you people are so jealous and envious of those who have more than you.

The deregulation argument that the Democrats and leftists keep pushing is a bunch of bunk. And the Democrats are just as much to blame for all of this mess as anyone. In fact, they designed this to happen. Don't take my word for it, it was written in a book written by two NY Times reporters that was published this year. (I don't remember the name.)

Gerald, you don't get it. The fees are a result of regulations that limit the banks ability to make money and EMPLOY PEOPLE. If you don't like the fees, go to another bank. Every time government tries to "correct" one so-called injustice, another one occurs. That is called the law of unintended consequences.

Instead of whining that you don't have your fair share, why don't you try to do something about it for yourself. I urge you not to rely on government but rely on God.

John Gaetani

robbump
October 18, 2011
4:30 p.m.

[ Flag Post ]

Never mind that those banks are paying out MY money when I make a debitcard purchase, and until the transaction were using MY money, charging others close to 25%, while paying ME less than 1%.

Seems that lop-sidedness alone should be enough compensation without a $5 extortion, I mean service fee.

dmorgan
October 19, 2011
7:08 a.m.

[ Flag Post ]

"I urge you not to rely on government but rely on God." You had me until that line. How about self reliance and personally responsibility? What does God have to do with it?

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