So, B of A and the $5.00 debit card

[tw]

Originally Posted by ZenGum

TW appears not to have read the Bloomberg article - this is about getting the FDIC to cover trillions of dollars worth of risk in European default risks

Why is that relevant? Moving risk does not incur current losses. And does not justify those 'nickel and dime' fees. BoA's losses are mostly due to CountryWide Financial. Other BoA units (including Merrill Lynch) are profitable.

Banks are using excuses (such as lower Debit Card fees) to justify charging more for everything. In BoA's case, major losses are due to Countrywide Financial. Rather than admit the real problem, banks are blaming ridiculous things such as government reduced fees on Debit Cards. And increasing profits at the expense of anyone who does not complain.

The 'usual themes' said these investment vehicles should be traded in open markets. So that people educated in corruption can no longer profit from their expertise. Zengum's articles suggest same 'usual themes' as necessary to insure economic stability.

'Government required' lower fees on Debit Cards is how banks justify increasing fees. To divert blame from the real problem. And to increase profits at the expense of anyone who does not complain. Significant BoA losses are in CountryWide Financial. Not in risky investment vehicles in Merrill Lynch. Merrill is currently profitable. That Bloomberg article obviously does not explain all those 'nickel and dime' charges. And has no relevance to this thread.

How many kids have seen their first saving account wiped out by bank service fees?