It's Your Money That You Earned

Via John Cole, this should piss off everyone:

Bank of America, the nation’s biggest bank, said on Thursday that it planned to start charging customers a $5 monthly fee when they used their debit cards for purchases. It was just one of several new charges expected to hit consumers as new regulations crimp banks’ profits.

Wells Fargo and Chase are testing $3 monthly debit card fees. Regions Financial, based in Birmingham, Ala., plans to start charging a $4 fee next month, while SunTrust, another regional powerhouse, is charging a $5 fee.

The round of new charges stems from a rule, which takes effect on Saturday, that limits the fees that banks can levy on merchants every time a consumer uses a debit card to make a purchase. The rule, known as the Durbin amendment, after its sponsor Senator Richard J. Durbin, is a crucial part of the Dodd-Frank financial overhaul law.

The president passed a regulation to keep the banks from screwing us, and so they came up with a new and clever way to keep stealing your money. This is perfect example of why the "free market" can't be trusted to, you know, not fuck with us.

On the bright side, with the Occupy Wall Street movement gaining steam, this was a brilliant move by the banks -- fuel the rage against them.