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

[thundley4]

Holding up a plastic debit card on the Senate floor this afternoon, Sen. Dick Durbin, D-Ill., had some advice for Bank of America customers angry about the new $5 monthly fee: leave.

“Bank of America customers, vote with your feet, get the heck out of that bank,” Durbin said on the Senate floor. “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.”

Durbin said consumers are rightfully outraged about last week’s announcement.
“It is hard to believe that a bank would impose such a fee on loyal customers who simply are trying to access their own money on deposit at Bank of America,” he said. “Especially when Bank of America for years has been encouraging their customers to use debit cards as much as possible.”

Most basic checking accounts at Bank of America will see a 40 percent jump in monthly costs and the bank says the debit fee will be waived for customers who upgrade to “premium” accounts that require higher minimum balances.

The Dodd-Frank financial law this month lowers “interchange fees” that banks can charge retailers for debit transactions. Fees for retailers will shrink from 44 cents to a cap of 24 cents, which has led some debit card issuers to seek other ways to make up that lost revenue. Some people have blamed Durbin for his amendment, which capped the so-called swipe fees that banks can charge retailers.

ABC News

Most knowledgeable people would blame the Durbin amendment for this. Now, will he get the blame if BofA goes under because of people taking out their money?

[Chris_]

“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.”

Yeah, good luck finding one now.  Durbin is a fool.

[CG6468]

Dickhead Durbin, who caused this problem, is a blazing asshole.

[Duke Nukum]

Durbin said, "And let me be clear, it isn't Fascism when I do it! Now go out and do as I bid you, serfs!"

[DLR Pyro]

Durbin said, "And let me be clear, it isn't Fascism when I do it! Now go out and do as I bid you, serfs!"

No kidding. I never thought I'd see the day that a sitting US Senator would try to destroy an American business on the floor of the US Senate.

[CG6468]

The increases in fees are referred to as the "Durbin tax."   

How appropriate.