The banks invested billions in setting up the global ATM system, negotiated contracts with merchants to then accept them as debit cards to allow instantaneous transfers into the merchant's account. The merchants agreed to the negotiated fees, and the system worked well for years.
Then, sensing blood in the water as as the Democrat-controlled House and Senate decided to "rein in the banks and Wall Street," major retail firms started lobbying to eliminate these fees. Senator Dick Durbin introduced an amendment to the "Dodd-Fwank Let's Screw the Banks Bill," it was passed into law and the merchants no longer pay the fees they once picked up.
Now YOU pay a $5 monthly charge for using your ATM card as a debit card, because someone has to pay to operate and maintain that multi-billion dollar network. If you think the retail merchants lowered their prices when the fees vanished, guess again.
There's no such thing as a free lunch, people. Stop electing morons with the brains of possums and you won't see the banks coming up with new, creative fees.
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