Home > Rants > It’s Obama’s Fucking Fault Banks are Charging Ridiculous Fees

It’s Obama’s Fucking Fault Banks are Charging Ridiculous Fees

October 11th, 2011 10:42pm Leave a comment

You’ve all heard that Bank of America is going to start charging a $5 monthly debit card fee if you use your debit card, right? Who the fuck wants to pay more money? I’m fucking broke.

Many other banks are starting to charge crazy fees if you don’t meet minimum balances. Now normally, I’d be like “fuck these banks, screw big business, they’re greedy and they’re out to bleed everyone” That’s true. But this is America. The point is for there to be a free market. If you are talented enough to build up a business and make money, that means you’re fucking good and you are doing something right. Hate big business? Look at Apple. Everyone loves Apple, so shut the fuck up. They’re not a big business? They don’t exploit Chinese workers in Foxconn factories making 4 cents per day manufacturing iPhone screens and then jumping off the roof because their life sucks? This is why Apple is a multi-billion dollar company.

So why are these banks charging fees? Here’s why:

In October, the Dodd-Frank financial reform law will lower “interchange fees,” which is the amount banks can charge retailers for debit transactions.  Fees for retailers will shrink from 44 cents to a cap of 24 cents, which has led some debit card issuers to seek other ways to make up that revenue.

[according to a Bank of America Statement]: “This new fee allows us to continue to offer the convenience of a debit card with the full range of added features customers have come to expect,” including fraud protection and monitoring, special savings programs and other services, a bank memo stated, according to Dow Jones.

Here are my views:

  • This is America. I am laissez faire. Stop fucking regulating this shit. It causes problems.
  • To a certain extent, we still need to make sure that companies aren’t screwing people though.
  • The minute you start overregulating and control-freaking shit, who gets screwed? The people. Yes, the people. Because these corporations are like… Fuck this – if I have to pay more, you have to pay more. It makes sense… And the innocent working people get screwed. The middle class gets screwed. There is no more middle class because we’re paying fucking bank fees all day and Jamal over there on the corner is blazing it up, collecting disability, welfare and food stamps and selling crack. Bro’s doing better than I am.
Buuuuut wait! Obama yelled at Bank of America for adding these fees? You’ve best be joking!! Who’s the fucking idiot that signed that stupid ass bill into a law? Obama. What a jackass. So it’s YFF: your fucking fault.
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