The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.Updated with clarification of OWS connection to 'Bank Transfer Day.' NEW YORK ( TheStreet) -- The "Occupy Wall Street" (OWS) movement has expressed support for "Bank Transfer Day" on Nov. 5, the day by which Americans are supposed to have transferred their deposits to community banks. OWS has supported many causes, but one of the issues protesters have complained about is the new $5 per month debit card fee announced by Bank of America ( BAC) and similar fees by others.
The latest news, photos and videos from the 'Occupy Wall Street' protests.
I am not a big fan of the Too Big to Fail (TBTF) banks. But, it might be good to understand what has happened here. In the Dodd-Frank legislation, Congress authorized the Fed to set limits on debit card "swipe" fees which were averaging more than 40 cents. The Fed set the maximum at 21 cents beginning on Oct. 1 (that was higher than the original desired level of 12 cents).