Good stuff from Senator Dick Durbin on Bank of America’s recent decision to add a $5 fee for debit card users.
“It is particularly hard to believe this fee would come from a bank with a track record like Bank of America. After helping to drive our economy off the cliff’s edge in 2008, Bank of America was happy to accept a $45 billion federal bailout for their stupidity, their greed, and their stupidity and it was just as happy to take that money and hand out $3.3 billion in employee bonuses in the same year 2008.”
While I appreciate Bank of America getting ripped apart, Citibank has also added a $15-20 fee and other banks have added $3 fees. All of these banks are gouging their customers to preserve profit margins that they have no intrinsic right to maintain.
Whichever politician really steps out and tries to stop these banks from gouging debit card users will likely have a tremendous amount of support from the pu