This afternoon, Senator Dick Durbin (D-Ill) advised Americans to take their money out of Bank of America due to the increase in fees for debit card accounts. The new fee that banks like BoA are starting to charge is a direct response to the Dodd-Frank bill which limits how much banks can receive on debit card transactions. Sen. Durbin was a supporter of the bill. It never ceases to amaze me how out-of-touch these politicians are with the impact of their regulatory behavior.
By the way - this legislation is also the reason that debit card reward programs have terminated.
