Re: What you should know about the Dodd-Frank Act
08-05-2010 12:30 PM
Whatever the government does, the banks will figure out another way to part your dollars from you! When the over-draft fees became regulated, the banks increased their interest rates on those who could not pay off their account. Those who gave up their right to the line of credit and closed their accounts, to avoid the higher rates, had their minimum payments increased. Whatever the government does to cut back on banks' incomes, the banks will find other ways to make up for the lost revenue. It is just a vicious cycle that allows government (politicians) to give the appearance that they are doing something good for the tax payer, when in truth it usually winds up costing the tax payer more, in tax dollars to oversee the banks and new fees the banks devise to get around the government regulations. It is all smoke and mirrors my friends!!!