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So yes: the new fees are annoying. But that’s a feature, not a bug, because now they’re right up front in black and white, which means that consumers will see them and can be properly outraged (or not) by them. This in turn means that the free market has a chance to actually work: consumers will abandon Bank of America if their fees are too high and force them to charge less. Likewise, other banks will compete openly on the size of their fees. In the end, this competition will force fees down to the lowest possible profitable level, which is exactly what competition is supposed to.
It may not seem like much of a blessing at first, and lots of people will remain annoyed at us annoying liberals for introducing this new annoyance into their lives. But if you actually believe that competition is good for consumers and eventually produces lower prices and better service, you should welcome these new fees. Banks liked the cozy old system, where everything was hidden and competition remained subdued. Consumers should like the new one.
