Banks are attempting to make up for lost profits after the expensive "overhaul" of the nation's financial regulatory system. The biggest change for banks will prevent them from betting with their own money (circumvented by allowing traders to make wagers as long as they work with clients). Banks are getting a jump star on the anticipated losses of revenue due to these changes and are raising the prices of fees and services accordingly. Consumers, on the other hand, may hope to avoid these changes by, "maintaining the minimum balance or by using other banking services", such as acting on line. I am not going to pretend I understand anything about economics, but if a law is put in place to prevent banks from making bets, shouldn't they follow the spirit of the law as well as the letter and instead of making attempts to circumvent it?
Article Referenced:
Dash, Erik and Nelson D. Schwartz. "Banks Seek to Keep Profits as New Oversigt Rules Loom". NYTimes. New York Times. 15 July 2010. Web. 28 Aug. 2010.
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