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Right active -- and bill thanks for hanging out with us and listening to that I guess I'm not too surprised.
At what consumers have to say -- first do you what do you think of this -- Well.
I understand what the situation is for that for the banks to -- the larger banks and court larger credit unions to and -- is that.
They are going to be earning much less in the way of what we called swipe fees.
That merchants pay whatever debit cards -- used so they're trying to make it up elsewhere and the the big question now is.
To what extent.
Will other banks follow the the -- of ground B of a at my sense is that we're gonna see some backing away on is.
Maybe -- hasn't backed away yet but if -- reaction continues strong enough and long enough.
I think we'll see so much change in this.
Policy -- you called this a big PR gaffe.
Bill do you agree -- -- a public relations nightmare for this bank that I mean frankly it's and not that great a shape that share price six bucks in change.
I mean they've got big problems.
But Gerri thanks for the effort to talk to you it's great to be back with you it is a PR nightmare for Bank of America there's no question and I think the point that was made earlier that that it's not just Bank of America based.
They certainly didn't handle it well from an announcement but other banks are doing this they've already implemented fees.
And that's what you expect.
At a for profit institutions.
When they see there revenues -- they have to look elsewhere to.
Bump up those profits so they can make a returns for their shareholders pretty in his are very different institutions.
And their focus is on their members the members on the credit -- so it's are very different approach to man.
I'm gonna ask you about that in just a second but first -- bird.
You know is -- congress killer debit cards is that what happened here.
You know they have -- -- this Dodd-Frank bill had a big impact on swipe fees congress decided to give the benefit to the retailers.
Banks were out in the cold and now they're saying that's the reason that we have to institute this -- -- we blame congress.
Ultimately yes because congress -- -- body that adopted the -- Durbin amendment aimed at the Richard Durbin from a senator from Illinois.
-- get it's there's been a battle been going on for several years and ultimately the retailers were able to triumph.
Over the the banks in terms of getting this restriction.
-- debit card fees but this may actually.
-- -- pyrrhic victory for the retailers.
To the extent that that people switch back to credit cards which treatment more expensive to retailers the debit card swipe fees.
Well up I'm making is some of my ideas about.
What people should do next and one of those ideas is to return to credit cards but before I do that.
Bill I wanna come back to you for a second about credit unions you know -- recommending credit unions for a long time but when the -- comes to the metal.
I found out things like I did today that this particular credit union has access only about a thousand ATMs.
-- -- Bank of America do you know how many ATMs they have nationally.
So I think it convenience factor here -- guys dealing with that.
Was very great question and -- you know the we have a nationwide trading and ATM network we actually have several -- -- over 28000 ATMs in the map that network so.
-- -- unions are members of one or the other of these networks one in particular the co -- ATM network.
Has as I said over 28000 locations and if you're credit union member that's a member of that network you can uses ATMs surcharge free all over the country so.
Are churning it's a initially liked it battery free -- right -- just a quick follow up to that though.
The other thing I love about the big national banks is they have these fantastic online platforms right to build a day.
I can -- -- through my cell phone some of them are developing an iPad app.
I mean anything's possible with technology they have and I just don't have the impression that the credit unions are quite up to speed on some of that technology we guys doing about that.
-- I think you'll find that most credit unions do have that they they offer debit cards they offer full range of services they have online systems.
One difference between cranes and banks is so work together -- pooled our resources like they do with the ATM networks in order to create the online systems -- bill -- So I know with my credit -- I can use my cellphone I can go online and do it migrant there in California I'm in Washington DC.
And I can use them as if I was just down the streets well.
-- -- by questions but Bertie you.
I gotta ask you is this that just the start of even more fees I have the impression a lot of other banks are gonna jump on the bandwagon here with debit card fees we've already seen.
Checking account fees monthly fees go up.
Well it's good question and I think that first of all -- the -- to see how widespread.
The debit card fees become.
But also banks have been.
And have been raising other types of fees and also.
More -- -- -- cutting expenses.
Bank -- America for instance that it's going to cut 30000 employees.
Close or sell as many as 750 branches so -- say that the banks can't generate.
Enough revenue to offset the effect of the Durbin amendment.
And some of these other congressional.
Restrictions on -- revenue banks will then be forced to.
-- cut their operating expenses that -- such things as closing branches.
Well adding that the next shoe to fall it's.
Always branch is being cut -- closed down I don't think people like that either Burton bill thanks so much for coming in tonight really appreciate your help today.