Consumers Union just sent me an email opposing this new fee:
… And it’s not just BofA. Wells Fargo and Chase are testing out similar fees to decide if they want to follow suit.
It wasn’t that long ago that taxpayers had to rescue Bank of America because their get-rich schemes emptied their coffers and drove our economy to the brink. Now they’re whining that they don’t make enough money off electronic transactions that cost them almost nothing to process. …
CU fails to explain how debit card transactions work.
Banks charge the MERCHANTS!
For debit transactions (with PIN, not VISA or M/C), merchants usually pay a fixed fee. From the 6/29/11 NY Times article about legislation REDUCING the fees charged to merchants:
So true. The wealthy either inherited or they made their money using public infrastructure and services and of course utilizing workers educated with public funds.
I hadn’t planned on ever making another political contribution, but I recently donated $10 to Elizabeth Warren’s campaign for Senate. She is one of the rare exceptions, a politician with brains and spine. I just hope they won’t be able to blackmail her or otherwise make her part of the “system”.
A couple of years ago Elizabeth Warren was interviewed in an NBC Dateline documentary about debt collection abuses and she really knows what it’s all about. Unfortunately, NBC took the video down.
If I only had the time and money to put together a comprehensive summary of credit reporting and FICO scoring “bugs” that cause so many MILLIONS of people who PAY their bills ON TIME to have lower FICO scores than they deserve. Elizabeth Warren is one person who would comprehend the enormous damages to the people, although I don’t know what she could do about it.
I sure don’t have it in me to file more lawsuits and it simply takes too many years to get anything accomplished in the courts. We need LEGISLATION and ENFORCEMENT and the corrupt thugs at the FTC and at the Federal Reserve who are now in charge of consumer protection need to be relieved of their duties.
I still think the best way to make a difference is to vote with your money and to STOP paying credit cards and student loans if you are judgment-proof.
It never ceases to amaze me how incompetent so many consumer attorneys are. And it really irks me when they misrepresent themselves as credit experts and publish INCORRECT information about credit reporting and FICO scores. Many moons ago I would sometimes politely inform attorneys that they published incorrect info, but none ever got back to…
Last September I wrote: Elizabeth Warren reports to Geithner — how long will she last? Of course she was way too SINCERE and I suspect that she can’t be bought or blackmailed. Obviously she was NOT suitable for the job. Richard Cordray, former Ohio AG, is to supposed to be nominated to head the Consumer…
In 6/09, Citi Bank sued a reader after he had enrolled in the fraudulent FDRS debt elimination program. Cohen & Slamowitz represented Citi and hired Rondout Legal Services to serve him with the complaint and summons. On 10/10/09, the reader found the papers at his front door. We reviewed the affidavit of service and noticed…
Since Jan. 2008 I documented the Federal Debt Relief System (FDRS) debt “elimination” FRAUD. FDRS owner Mark Cella and his sales people promised “debt elimination”, charged consumers thousands of dollars and delivered NOTHING. Many victims have been sued by creditors like Citi Bank who KNEW about the fraud, but choose to pursue the defrauded consumers….
