Bank drops its fee - FB conversation

M.K. posted this:

This is old news,but worth repeating......i guess the message is getting across,finally! And it's only the beginning. But, B of A will most likely take the picture and just move the frame....beware of other hidden fees popping up!

"After uproar, Bank of America drops $5 fee"

Me: Did'ja notice that they changed due to pressure from the public? In fact, it was congressional legislation that B of A was adjusting to. In other words, a problem caused by government solved by the people.

M.K.: Yes, congressional legislation that was necessary...there are other ways to make money in banking than put blanket fees on every transaction. The "problem" was from the banks, not the government. Banks haven't always charged those fees, that was something relatively recent. (I.E. problem= excessive greed). You're right, that the "people" should have intervened first, and just stopped using their debit cards,which is hard to do, since everyone uses them. And,yes, it was the "public",but not the general public, not the Tea Party, but the Occupy Movement that got this ball rolling.Let's give credit where credit is due! banks can try to make all the money they want, it's a free,capitalist society,but if they want more and more for the same basic mediocre services,guess what? We're not buying it! We'll go elsewhere,thank you very much!

Me: I think you missed my point. Government changed the law, the bank adjusted, consumers didn't like it and the bank relented. Capitalism solved the problem.

By the way, greed is a moral problem. You can't legislate morality.

M.K.: Yes, the govt. should have not gotten involved...however, it was such a blanket, across the board fee that affected practically everybody.so they felt a need to intervene. the bank could have adjusted in other ways...cut the fat out of the ...top...do some more bad investing. And yes, greed is a moral problem. Illegal greed is a criminal problem. Just ask Bernie Maddoff. There's a fine line between the two that only well paid lawyers and judges can determine

Me: You're quite right. The government shouldn't have gotten involved.

Anyone who didn't like bank fees could have walked before congress got involved. Therefore, congress solved a problem that didn't exist, and in fact made things worse. After things got worse, people voted with their feet and fixed it. Congress should have stayed out of it.

There is no such thing as illegal greed. There is theft, graft, embezzlement, price gouging, etc. Greed is a state of mind. Greed is sin. It is not illegal. Jesus saves us from sins, government prosecutes crime. There is no fine line.