I knew this post was coming, and I'm not surrprised it was from you.
The overdraft section of Dodd-Frank isn't the key here. It's per-swipe fees that were being charged to businesses. Dodd-Frank put a cap on that, so banks are getting up to 50% less in swipe fees. Some businesses were being charged up to 44 cents per swipe. That adds up.
The overdraft protections are a good thing, too. Banks were charging outrageous fees for even the smallest of overdrafts.
I think consumers and businesses that know what Dodd-Frank does for them will be fine with it. And banks will find that they're going to lose a lot of customers to credit unions and banks who don't charge fees. That's how the market works, right?
Personally, I'm still at BoA and will be moving to a local credit union. BoA was shit before this announcement, and this is the last straw. Fuck them.
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Date: 30/9/11 17:29 (UTC)The overdraft section of Dodd-Frank isn't the key here. It's per-swipe fees that were being charged to businesses. Dodd-Frank put a cap on that, so banks are getting up to 50% less in swipe fees. Some businesses were being charged up to 44 cents per swipe. That adds up.
The overdraft protections are a good thing, too. Banks were charging outrageous fees for even the smallest of overdrafts.
I think consumers and businesses that know what Dodd-Frank does for them will be fine with it. And banks will find that they're going to lose a lot of customers to credit unions and banks who don't charge fees. That's how the market works, right?
Personally, I'm still at BoA and will be moving to a local credit union. BoA was shit before this announcement, and this is the last straw. Fuck them.