It seems that your costs for banking may be rising soon – if they haven’t already.
Why? In order to make up for revenue losses from price controls that our ever-helpful Congress slapped on debit card transaction fees late last year.
Remember the spat over the federal law that placed a 21-cent cap on how much retailers pay large banks to process purchases made with debit cards issued by the banks?
The law was an exercise in sheer economic stupidity by Washington. By now, Congress should know that government-imposed price controls simply do not work.
If you “control” prices in one area, you wind up raising prices in another. Or worse still, you create shortages of some good because the purchase of the good is not restrained as it would naturally be when prices rise to account for limited supply.