Govt changes the system:
Once again, the "not exactly humble" chuckleheads in DC decide, beyond hubris, that having bestowed the title of "Masters of the Universe" on themselves, they were fully qualified to completely "fix" our financial system. 500-odd
wiseguys decided that after mastering the task of getting elected, they could change the rules. And that the marketplace would just sit for it.
Thanks to the Frank-Dodd reform act (that would be Congressman Barney Frank (MA-D) and Senator Chris Dodd (CT-D) and in this case, aided and abetted by Senator Dick Durban (IL-D) with his Durbin amendment, capped the fees that banks could charge on debit card usage (and arbitrarily plucked a "fair" number out of thin air that the banks could charge going forward).
Oh, wait – Society adapts:
…Bank of America will begin charging a $5 monthly fee at the beginning of next year for customers who make debit card purchases.
…The move coincides with the implementation of new rules limiting the revenue banks will be able to get from merchants. Beginning this weekend, a cap on the fees banks can charge retailers every time customers swipe their debit cards will take effect.
Having been caught in the act, Govt throws a hissy fit to distract:




