What a joke! Congress is clearly to blame for higher debit card fees, since recent legislation restricts the banks’ ability to charge merchants for the services they provide. The banks created a system that would enable merchants to instantly transfer payments from customers to the merchants, without the hassles of credit card processing. The merchants, who freely embraced these systems, subsequently balked at paying for their usage. Surely one cannot expect the banks to provide this service at a loss. This isn’t the government, businesses must charge for the services they provide and so naturally the banks must either charge the users or shut down the system.
Maybe they should be investigating Senator Dick Durbin since he bares the blame for the language creating the Durbin Tax, and kudos to the House for their efforts to repeal it. Then these leftists can ask Sen. Durbin why he received financial contributions from the merchants who lobbied for this change…what nonsense.
http://www.huffingtonpost.com/2011/10/13/debit-card-fees-wall-street-investigation_n_1008206.html
