What do you get when politicians try to regulate fees of credit card processing companies?

Higher fees for the customers that can afford it least. The Durbin amendment put a cap on the fees that credit card processing companies can charge for debit fees. What was the response? Bank of America instituted a $5 a month fee for anyone who uses a debit card. So basically what happened is instead of businesses absorbing this cost, a new fee is placed on everyone who uses a debit card including those who can least afford it.

Senator Durbin’s response has been to start an email campaign that demonizes Bank of America for their “excessive profits”. All the people receiving this email shoud hit the reply button and place the blame squarely where it belongs…On the politicians that try to legislate profits. Bank of America is entitled to profits and if they are gouging people then surely competition will come in and take their customers. If politicians want to lower the fees that Bank of America charges they should pool their money together and buy enough stock of Bank of America to have a say in what fees they charge. The problem with that is if their own money was at risk as owners of the stock they probably wouldn’t mind the fee. Politicians are always experts at telling other people how to spend their money.