Can the greed get worse?Posted Wednesday, October 5, 2011, at 9:00 AM
Can their greed get any worse?
Now, some of the nation's largest banks, which issue debit cards, want to start charging a fee of up to $5 a month for anyone who uses that card.
The problem is that the banks were charging businesses about 44 cents every time you swiped your card. Congress recently put a limit on that of about 21 cents -- a figure that is four times higher than the actual cost to the banks to administrate each swipe of those cards.
So, they won't be losing money (a lot of us would love to be in a business that had a 400 percent profit margin). They just won't make as much. One bank estimated if it charged a $5 monthly fee it could generate more than $15 billion annually in profits.
Debit cards have become ubiquitous. They are convenient to use. Paper checks are becoming increasingly rare (and some banks charge if you use a check).
So, your options appear to be, put your hands in the air and hand the nice bank your money, or carry cash with you for all your purchases (which will cost the government a fortune if it suddenly has to put more "hard money" in circulation).
At a time when every citizen out there is watching their pennies, isn't a 400 percent mark-up over costs enough?
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