Quote:
Originally Posted by sperbonzo
Everyone in the card industry knew that this would happen when Dick Durban wrote this bill. Every time the government gets involved like this it almost always turns out badly. Price fixing always results in either higher prices elsewhere in the chain, or reduction in service, supply and choices. it happens every time, but politicians just can't stop themselves from trying to get re-elected by appearing that they are "controlling prices", instead of letting people's freedom of choice take care of it instead.
They will never learn.
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20 years of growing abuse, even from the "good guys", kinda kills any freedom of choice.
This price control, has opened up more choices than we had... many banks already had free atm fees at every angle (not that the price control only hit that), but now banks like BofA are going to keep trying to figure out every possible way to get another dime, and they aren't able to make billions in profits over the other banks in stupid fees... which gave them a huge marketing edge - but today that advantage is reversed. Smart business will finally pay off for those good banks.