Cause, effect

The Wall Street Journal reports:

The nation’s beleaguered banking industry, which has been raising fees and doing away with free services, has a new target: debit-card users.

Bank of America Corp. is laying plans to charge millions of customers a $5 monthly fee to use their debit cards, and other big banks are expected to follow suit. The industry says it needs the fees to recoup revenue it will lose because of new government regulations taking effect Saturday that cap what they can charge merchants for debit-card transactions.

Did the Democrats who forced this law on us intend that the cost of debt-card transactions be borne by individual consumers, rather than vendors? Intend it or not, they were warned.

POSTSCRIPT: As another predicted consequence of the Democrats’ credit bill, credit card companies are shutting down reward programs for customers with good credit. We used to get a 2% rebate on everything we bought with our credit card, but not any more. Thanks Democrats!

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