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View Diary: BREAKING: Senate Vote Just Now Shows Who Stands With the Banks Against The People (300 comments)

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  •  Careful, Unintended Consequences (6+ / 0-)

    A lot of legislation makes good theater, but a lot of it can make things worse.

    They are saying that if they limit how much banks can charge on debit card fees, then what will happen is that they will limit how much you can spend.  So you may only be able to buy something $100 or under.  So you'd have to swipe the card multiple times or something.

    Look at what happened with financial regulation (Not that I'm arguing against it), but what happened is that banks got rid of free checking and a lot of rewards points.  

    The point I'm trying to make is that Congress will never be smart enough to get out in front of the banks.

    This rule should say:  Limit debit card fees, keep free checking, keep rewards points, no money limits on cards, no switching around transactions so you go over your limit, no extortion fees for going over your limit, etc.  

    But it will never say that.  So stuff like this will just lead to more problems.

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