Gee, and I just did one of these last week. But I keep picking up more interesting items, so here we go.
On Saturday it’s quite likely your bank started charging you a monthly fee for using a debit card, whether once or multiple times a day. The most infamous example is the $5 monthly fee Bank of America enacted, but many other banks got into the act as well.
But as John Berlau of the Competitive Enterprise Institute wrote in the American Spectator, we have someone else to blame as well:
The irony of these developments is that if the media and politicians wanted to blame a greedy big business for these new consumer costs, there is one industry that would accurately fit the bill. This would be the giant big-box retailers that lobbied for these price controls to fatten their bottom line.
In fact, one report I found said Home Depot stood to save $35 million a year by cutting the interchange fees in roughly half, as the new federal regulations do. Of course, that is split out among everyone who shops at Home Depot whether they use a debit card or not. But don’t hold your breath waiting for prices to miraculously come down since each store has thousands of items that may cost a few pennies less for the retailers to sell. Bank customers will be stuck with the fees, though.