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Durbin Tells People To Drop Bank Of America

From the Politico:

Dick Durbin urges customers to leave Bank of America

By: Seung Min Kim
October 3, 2011

Angry about Bank of America’s new $5 monthly fee for using your debit card?

Dick Durbin has some advice for you: Take your money elsewhere.

“Bank of America customers, vote with your feet,” the Senate majority whip said in a floor speech Monday. “Get the heck out of that bank. Find yourself a bank or credit union that won’t gouge you for $5 a month and still will give you a debit card that you can use every single day.

“What Bank of America has done is an outrage,” he added.

Bank of America announced last week that it will soon start charging most of its customers $5 per month for using their debit card — a move intended to recoup the revenue that the bank will lose under new federal regulations that went into effect Oct. 1. Those rules, authored by Durbin, capped the amount of swipe fees — what banks can charge retailers for processing debit cards

And never mind that it was the ‘Durbin Amendment,’ which was tacked on to the Dodd-Frank bill at the last minute that caused these fees to be increased in the first place.

Over the past few days, critics of the Durbin amendment blamed the Illinois Democrat for the debit fee hike. The Chicago Tribune, in an Oct. 1 editorial, dubbed the new charge the “Durbin Fee” and blasted the senator for pushing the swipe fee change.

“Durbin claimed that a cut in interchange fees would translate into lower prices and better service at Walmart and 7-Eleven,” the editorial read. “Funny, but no one’s handed us a free Slurpee yet.”

Durbin fought back Monday, noting that he was “honored” to attach his name to the effort. He also sent a letter to Bank of America CEO Brian Moynihan on Monday, demanding “specific and credible” data justifying the new fee.

“What we are doing is fair to try to strike some balance in an industry that has shown little or no balance,” Durbin said. “And one of the worst offenders in this is Bank of America, the largest bank in the United States.”

Needless to say, Mr. Durbin is a liar. And like most Democrats, he is blissfully unaware of the unintended consequences of his actions. That is, if we want to give him the benefit of the doubt here.

By the way, the Bank Of America has long since been the bank that has funded most movies since the earliest days of Hollywood. We wonder how the denizens there feel about Mr. Durbin’s efforts to kill their golden goose.

This article was posted by Steve on Tuesday, October 4th, 2011. Comments are currently closed.

12 Responses to “Durbin Tells People To Drop Bank Of America”

  1. BannedbytheTaliban says:

    Mr. Durbin,

    Go f*%$ yourself.


    CEO Bank of America

  2. proreason says:

    Routine stuff.

    Step 1: create a problem
    Step 2: blame somebody else for it
    Step 3: claim you are the only person who can fix it

    It’s their entire plan. Every time.

    • Petronius says:

      Exactamundo, pro.

      If Durbin’s remarks start a run on the banks, will he then blame the banks?

  3. BigOil says:

    Of course Dick Turban feels honored for having introduced this legislation. Stupidity is a resume enhancer for Democrats. They have no shame.

  4. David says:

    I have always wondered why businesses can’t charge different fees based on purchase method. The list price is cash, add x cents for credit, add y cents for debit. I think most consumers would understand that there is a cost associated with using these financial services that has to be paid somehow.

  5. kennyg7 says:

    Hey Dick, glad to see you are focused on the things that are important to us today. Why not hold some hearings to get to the bottom of this? And could you tell then to start giving free candy again!

  6. River0 says:

    This disgusting senator has no shame, no conscience, and less brains. Remember when “The Turban” Durbin was cozying up to our enemies during the Bush years?

    Attacking a private business from the floor of the U.S. Senate must be a violation of law, or at least ethics. He should be impeached.

    • proreason says:

      “no shame, no conscience, and less brains”

      so you’re calling him an average senator.

      the more I think about it, the more I think the closest thing to a magic bullet for our country is to enforce a strict adherance to the Constitution. i.e., national defense is pretty much the only thing the federal government should be responsible for.

      Every thing else just adds to these bozos’ incomprehensible power, which draws criminals like a flame draws moths. In normal life, Durbin might rise to be an incompetant first level supervisor of a tiny call center, keeping the attendance records and giving away $5 credits, if he got a lot of breaks or had an uncle in the business.

  7. heykev says:

    Durbin and BHO both Senators from Illinois.

    Coincidence that the entire Brain Trust Illinois sent there consists of lying Socialists….nope.

  8. Mithrandir says:

    I think it’s FINE for gov’t to regulate prices of electric/water/gas companies, because these are controlled monopolies. Do you want 50 companies running their own electric / telephone lines around your town?

    HOWEVER, there are lots of voluntary choices for people out there to use or not use a debit card, or simply use checks, cash, or credit cards. People could have voted with their feet a long time ago, if they thought a ‘per swipe’ fee was too excessive. They didn’t need Durbin to plug this hole in the dike, only to have a monthly fee start gushing water out of another hole.

    People aren’t stupid, they don’t need Durbin or others to complain about high fees, People are capable of dropping their bank cards without government intervention. But they think EVERYTHING must go through the filter of government before anything can get done.

  9. Tater Salad says:

    If I am not mis-taken, Dick “Turbin” Durbin was the Senator who attached an amendment to the Dodd/Frank bill that brought this all on and now he is trying to cover his you know what on this one. What a pure sleeze bag this clown is. What do you expect from Illinois though. Pathetic!

  10. Chase says:

    Durbin also recently, in total ignorance of the Constitution, was lauding immigration something-or-other when he spoke about some future immigrant being POTUS. Constitutionally, impossible. However, with media complicity and enough $, we know it can be done.

    Yeah, another mediocre American, mealy-mouthed, lining his pockets, looking for a legacy…..

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