In November, our thoughts often drift to turkey dinners with all the trimmings. So, let’s talk TURKEYS. Let’s poke some fun at achievements that cry out for special recognition. Here are my nominations for our 2011 TURKEY Awards—dubious achievement awards in the payment space during the past 12 months.
"Whack a Mole" Award
...goes to the big banks that threatened to impose a monthly fee on debit card accounts to make up for revenue lost to debit card reform. They’ve since relented, due to consumer pressure; however, wary consumers are waiting to see where the next fee pops up.
"Never Say Run and Bank Together" Award
...goes to Senator Durbin. Angry with big banks’ decisions concerning added fees, the senator recommended that “consumers run away from big banks to their local credit unions.” Ironically, most local credit unions are EXEMPT from the debit card reform of his Durbin Amendment. Oops!
"Barnyard Brawl" Award
...goes to the 112th Congress, which has engaged in partisan bickering, pompous posturing, and hyperbolic rhetoric to the exclusion of constructive debate about solutions for today’s serious problems. Maybe they should focus on the nation’s jobs, not their own.
"Show Me the Money" Award
...goes to major college athletic conferences. Institutions are switching conference affiliation for the promise of big dollars with little regard to the impact on traditions, student athletes, or fans. Though realignment has nothing to do with campus payments, it has everything to do with money.
"Klueless" Award
...goes to the Kardashians. Their K-Kard was a debit card so full of extra charges (nearly $200 a year, plus transaction fees), that it was taken off the market just one month after its launch. At least Kim’s marriage lasted twice as long as the K-Kard did!
This year demonstrated once again that, where people and money are involved, anything can happen. It also demonstrated that market forces really work and that’s something we can all be thankful for. I wish you all a wonderful and safe Thanksgiving holiday.
Thanks for reading,