Bank of America to change fees for checking accounts, cites increased regulation
6th January 2011
Banks have been scrambling to find new sources of revenue after a wave of legislation that brought changes to their consumer products. The new rules limit interest rate increases on credit cards, banned many overdraft charges and reduced the amount of money banks receive each time a debit card is swiped. The last move alone could cost Bank of America $2.3 billion a year in revenue, the company has said.
Markets work, even when you don’t want them to.
Government regulation always increases costs, rarely increased benefits.
January 10th, 2011 at 14:24
Democrats may not believe in markets, but markets believe in them!