Han wrote:
"HeyBub" wrote in
:

Dick Durbin offered and amendment to the Dodd-Franks financial reform
act which limited the interchage fee banks can charge on debit card
transactions to 22-25 cents per swipe. Prior to that, the average fee
to the merchant was 44 cents per swipe.

As a result of this Durbin provision, banks will experience an
estimated loss of $8 billion annually. I'm guessing BoA will take
about $2 billion of that hit.

Well, actually $8 (or $2) billion LESS profit, not a loss in the
bottom line, IMNSHO!


BoA recently reported a profit decline of 37%. Their earnings for the 1st
quarter were $2 billion (down fro $3.2 billion in the same quarter last
year). A reduction of $2 billion in fees would wipe out the profit for an
entire quarter. No business can take that kind of hit.