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Oops, I Did It Again

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Yesterday, I suggested a second time that Bank of America customer's move on to another bank. The media love the attention from Bank of America's new fees, but Jim actually points out why these fees came about:

The latest idiotic piece of government lunacy revolves around debit card charges. Here we have the Consumer Protection Agency telling banks what they can charge merchants accepting the card. All of a sudden it's against the law to make a profit? The net effect, Bank of America raises debit card fees $5 a month. Everyone thinks this is outrageous and something needs to be done about it.

He's right though: all the talk of the bank's greed is really the government's incessant regulation on banks hurting consumers. But who will get blamed?

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

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