July 22 - 25, 2024
financial services
CMO Council: Hey, Banks, You're Blowing It
- by Aaron Baar , October 7, 2011
Consumers' relationship with their banks is as tenuous as it's ever been, and the notion of adding fees for what had once been basic services such as debit card use, checking accounts and other
in-branch services, could make it even worse.
According to a survey of more than 1,000 consumers …
Senators Dodd and Frank meddled and this is the natural outcome. The change in law limits what banks can charge retailers. Will retailers pass the savings to customers? Maybe. If customers see a net gain, will that money flow to the banks? Maybe. Was the regulation anti-business? Definitely. Once again, the consumer pays for vote-baiting. Everyone hates the banks, except maybe Steve Jobs who got $104 million in 1980 ($22 per share) from evil Wall Street to fund his dream.