Banks to start charging monthly Debit Card fees
10-22-2011, 03:24 PM
#3
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"when" chase gets it down to TX they can kiss my @ss. I'll just move everything over to my credit union.
Funny I've gone from 6 bank accounts down to 3, looks like i'll be at 1 or 2 soon.
Funny I've gone from 6 bank accounts down to 3, looks like i'll be at 1 or 2 soon.
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10-22-2011, 03:25 PM
#4
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It's a stupidity tax. If you're too stupid to close the account, you pay the fee.
BoA will make millions because most people are too lazy. They'd rather go protest than actually do something to make their lives better.
BoA will make millions because most people are too lazy. They'd rather go protest than actually do something to make their lives better.
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10-22-2011, 03:36 PM
#5
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they wont make millions in relation to the amount fees the would have been collecting otherwise from people who legitimately were charged a penalty for breaking a rule, now everyone has to cough it up. its not just boa btw.
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10-22-2011, 03:45 PM
#6
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That is what Irks me. I am financially responsible and now I am "going to have" to pay a fee because all the people that were not responsible cried about it and got overdraft fees amongst other things reduced. And I do understand that sometimes things happen (illnesses etc.) that do cause people to go upside down, but Once again I feel like we all get screwed because people think they have "right" to get things in stead of work hard for them or through self restraint.
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10-22-2011, 05:06 PM
#7
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You guys are unaware of the real reason for the fee. Walmart et al lobbying.
http://www.freerepublic.com/focus/f-chat/2787070/posts
It was a piece of REGULATION known as the "Durbin fee", hidden in the Dodd Financial Regulation Act. It gave the Fed Res the power to limit these fees. It was lobbied into place by Walmart. Retailers used to pay banks the debit card fees. Now the banks turned to charging the users directly.
This is how regulation works. He who has the best lobbyist wins.
In the absence of this regulation the retailers thought it was worth it to pay the debit card fees in order to attract customers. But of course they realized they could lobby their way out of paying the fee.
http://www.freerepublic.com/focus/f-chat/2787070/posts
It was a piece of REGULATION known as the "Durbin fee", hidden in the Dodd Financial Regulation Act. It gave the Fed Res the power to limit these fees. It was lobbied into place by Walmart. Retailers used to pay banks the debit card fees. Now the banks turned to charging the users directly.
This is how regulation works. He who has the best lobbyist wins.
In the absence of this regulation the retailers thought it was worth it to pay the debit card fees in order to attract customers. But of course they realized they could lobby their way out of paying the fee.
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10-22-2011, 05:25 PM
#8
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Don't worry there will be a ton more fees with every major bank in the next few years. I work in commercial banking and our lending arm is only 7% compliant with the newish lending regulations and policies. And you have no idea how much of a **** it threw into our operations. Every department is backed up from it. Even better: the bank I work for is one of the most compliant in the country. So these are a drop in the bucket. Hack-*** solutions: take your business to a credit union or open a small business checking account. Most banks don't charge fees on them.
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10-22-2011, 05:50 PM
#9
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You guys are unaware of the real reason for the fee. Walmart et al lobbying.
http://www.freerepublic.com/focus/f-chat/2787070/posts
It was a piece of REGULATION known as the "Durbin fee", hidden in the Dodd Financial Regulation Act. It gave the Fed Res the power to limit these fees. It was lobbied into place by Walmart. Retailers used to pay banks the debit card fees. Now the banks turned to charging the users directly.
This is how regulation works. He who has the best lobbyist wins.
In the absence of this regulation the retailers thought it was worth it to pay the debit card fees in order to attract customers. But of course they realized they could lobby their way out of paying the fee.
http://www.freerepublic.com/focus/f-chat/2787070/posts
It was a piece of REGULATION known as the "Durbin fee", hidden in the Dodd Financial Regulation Act. It gave the Fed Res the power to limit these fees. It was lobbied into place by Walmart. Retailers used to pay banks the debit card fees. Now the banks turned to charging the users directly.
This is how regulation works. He who has the best lobbyist wins.
In the absence of this regulation the retailers thought it was worth it to pay the debit card fees in order to attract customers. But of course they realized they could lobby their way out of paying the fee.
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10-22-2011, 08:20 PM
#11
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You all do realize that banks are "For Profit" businesses right? You do realize that it costs a bank money to provide you with a checking account and a debit card? On average it costs a bank about $400 a year to maintain a checking account for one of it's clients. Banks used to be able to offset the cost of your checking account with interchange income and OD fees. Well now they can't. ALL banks have criteria which you must meet in order to get a "free" checking account. If you don't meet those thresholds your account is not profitable therefore the banks either needs you to leave or cover the cost of your account through paying fees. The problem is for years banks have not assigned value(through a charge) to the services they offer their clients and now due to regulation they MUST. And rest assured that while your small back or credit union does not charge for debit cards today...they will soon. At the end of the day you are not entitled to free services from a for profit business. I find it HILARIOUS that people will get up in arms over a $5 bank fee for using a service you are not required to use. So go ahead and show your big bank...move your non profitable checking account to a credit union with 3 branches and when you get money out of the "big banks" ATM pay them a $3.50 fee for the withdraw.
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10-23-2011, 09:34 AM
#12
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Regions charges me $4/month for the ATM/Debit card now. I have no problem with that. They've called me about 3 times in the last two years on suspicion of account hijacking and as I see it, that saved me time, money, and frustration. I will gladly pay them $50/year to slide a magic plastic card through a machine to buy things.
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10-29-2011, 08:50 AM
#13
Over the years I've closed and consolidated accounts. Slowly closing the credit card accounts as well, but one has to be careful since that dings credit ratings.
This is another example of how government involves itself and causes more problems than helps. Corporatism, statism, lobbyism, whatever you want to call it. I call it reverse darwinism.
Go to a credit union. GO TO A CREDIT UNION.
This is another example of how government involves itself and causes more problems than helps. Corporatism, statism, lobbyism, whatever you want to call it. I call it reverse darwinism.
Go to a credit union. GO TO A CREDIT UNION.
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10-29-2011, 11:10 AM
#14
If banks would stop sending me glossy credit card "pre-approved" applications, they would be able to save enough money to not have to charge a fee. I swear I get between 4 and 7 of these a week, and I know color printing ain't exactly free...let alone the cost of postage.
Edit: speaking of advertising, how do we lobby to make it illegal to send advertising/spam text messages? I've gotten a couple of them in the last year or so, and I see it as the beginning of an outrageously maddening trend - text message spam will soon be the new email spam.
Edit: speaking of advertising, how do we lobby to make it illegal to send advertising/spam text messages? I've gotten a couple of them in the last year or so, and I see it as the beginning of an outrageously maddening trend - text message spam will soon be the new email spam.
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10-29-2011, 03:27 PM
#15
Regions charges me $4/month for the ATM/Debit card now. I have no problem with that. They've called me about 3 times in the last two years on suspicion of account hijacking and as I see it, that saved me time, money, and frustration. I will gladly pay them $50/year to slide a magic plastic card through a machine to buy things.
Unless I'm missing something, banks want to charge a small fee for use of a service (debit card use). I have online banking, and can call a real person if I have a problem. $3-$4 a month seems reasonable. And don't start with the slippery slope bullshit, if the fees get unreasonable, then I would take my business elsewhere.
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