Look what happens when you read between the lines

Over the weekend I got my mail and there was a letter from JPMorgan Chase. It stated that in July of this year I would no longer get Continental OnePass miles on purchases I make with my Chase debit card. I was very upset and annoyed. In the last few years that card has gotten me tickets to visit family in Arizona and San Francisco. It is one rewards program that has actually provided a reward.

In the letter there was reference to something called the Durbin Amendment. So I did what anyone would do, I googled it.

http://dailycaller.com/2011/03/10/minnesota-leads-charge-against-durbin-amendment-on-debit-card-fees-in-dodd-frank-bill/

OK, so the story is this. As part of an attempt to put greater regulation on Wall Street, Dick Durbin (D-IL) added a measure to make one of his corporate consituents happy. The constituent, Walgreen's. The measure, to alter the fees banks charge in order to allow merchants to accept debit cards. Who pays? The banks, they will see a reduction in revenue as a result of lower fees. It sounds great. Big banks bad, merchants and consumers good. But the banks are smarter than everyone.

I got a letter from my other bank, TD Bank back in February which mentioned that in July the bank would charge more money whenever I use my card to take money out of a non-TD ATM machine. Annoying, yes. Surprising, no. Banks are always trying to make money wherever they can. It's through their nickel and dime tactics that they make billions each year. ATM fees are exactly that.

But now, having read up on Durbin I realize the fee increase at TD Bank was part of this. It was TD Bank's way of closing a the revenue gap so that they'd make up their merchant losses with ATM fees.

Welcome to the American Dream people! Everyone is out to make a buck.