FC Community
Discussion Boards => Off-Topic => Topic started by: Stealth3si on October 10, 2011, 07:15:13 pm
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This may not be a concern or issue for many folks (i.e., don't use/need debit card, fee is simply insignificant for whatever reason, ability to 'offset' the fee, life is too good to worry about this, you're rich, etc) but I guess the days of customer service-oriented services are long gone with the big banks. Funny how the banks needed the government to bail 'em out with tax payer money. Now we can't access our own money that we trust them to hold and guard without paying for it. I can understand the term "purchasing" an account by opening it and making an initial deposit to get it going. What I don't understand is the reason we have to "buy" our own money that is already ours. But I suppose that's just the way things are in life and the big guys gotta make a profit somewhere too. Unfortunately they're doing this at the expense of their customers' ability to access their own already-owned money.
This is supposedly in response to new banking regulation prohibiting certain other fees (http://"http://online.wsj.com/article/SB10001424052970204138204576600800330404330.html"). Basically, I wouldn't be surprised if more banks jump on the wagon.
BoA and SunTrust have already implemented this. And the BoA fees begin October 1 but fees start rolling out early 2012. SunTrust began on June for new comers and November 1 for existing members.
Chase and Wells Fargo don't exactly charge $5 but are testing a similar plan at $3.
Citi won't do this but like most big banks they do typically charge fees for monthly balances below $1500.
If you're shopping for 'fee-free' banks to avoid general fees then scrutinizing their fees is advisable.
^^^
That's why I'm with USAA!
So what's your bank?
And do you use a debit card?
How do you feel about being nickel and dimed for everything?
Would you consider moving to a local bank or credit union, which apparently seems to be the way to go now.
(Here is a webpage (http://"http://www.deseretnews.com/article/700186630/Customers-balking-at-bank-debit-card-fees.html") on general advice on how to avoid 'fee banks.')
In light of this, I Googled for some 'fee-free' banks and a few came up: ING, M&T, & Ally.
There are however a fees charged for certain services, like M&T (http://"https://services.mtb.com/personal/accounttypes/checking_totallyfree.cfm") charges a $3 fee for bank-to-bank xfers!
Moreover, Ally (http://"http://www.ally.com/")IIRC requires good credit!
As for ING (http://"http://home.ingdirect.com/products/products.asp?s=ElectricOrange"), AFAICT there are no fees (that would be an issue for me) and they offer interest for our earned money!
Check 'em out if anyone's interested.
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I first heard about the $5 fee for Bank of America last week. Luckily I do my banking with a small local bank, so this does not apply to me (yet). I do use a debit card quite often, but I recently moved and lots of places in this tiny town only take cash, so even that has been limited. Like you, I am afraid that most, if not all, banks will turn to this type of ridiculousness. I really do not see how it is fair to charge someone to access what is there's to begin with. I can only see this chasing customers away from using banks, or even starting bank runs. Hopefully I am wrong, because this economy sure does not need that!
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This is because of the Durbin amendment which came from the Dodd-Frank act. Basically this limits the amount of money that banks have previously made off of merchant from customers using debit cards. The reasoning behind this amendment was that with the reduction in this fee, the retailers would lower or hold down the costs of their merchandise, and not take advantage of the discount (yeah right, who honestly could believe that would happen). The legislators never even considered who would make up the loss of revenue to the banks that is basically necessary to be able to provide such a service in the first place.
This is exactly what happens when the government over-regulates. It is also a perfect example of why taxing or over-regulating the top never actually affects the top but is instead passed down to the consumer. Banks have responsibilities to make a profit in order to provide the interests they do and to cover the loses that come with such ventures. They also have legitimate reasons to earn a profit to cover their expenses. We have the choice not to do business with them, and if we do so in such number then they must make adjustments or vanish by the wayside.
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I think that that is terrible to have to pay such a huge fee for accessing your own money. I know some companies when you pay with a credit or debit card they charge you too! I don't get it!
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I have M&T for my primary checking account but I also have accounts at a credit union and use several online banks. I rarely use my debit card any more but if they start charging fees I definitely won't be using it. Right now I have free checking but if they start changing I will definitely switch and use my online banks more.
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My bank doesn't charge a fee for taking out money from an ATM unless it is not there ATM than I believe it is $1.50 but I don't usually do that anyways. One bank that I bank at doesn't even charge me a monthly fee but the other bank that my husbands checks goes in charges $6.50 a month unless you have direct deposit than they take $2 off but they only have branches in a few places they are not a big bank like what is mentioned here.
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My credit union doesn't charge a fee unless it isn't an 'approved' ATM machine...and they give a list of approved sites...
If they ever did charge a fee I would stop using it...which would be terrible as I use it everywhere I go...
I actually had to write a check the other day and it took forever as I had almost forgotten how...
I would just use a credit card and pay it off at the ind of the month, which is almost the same thing as using a debit card...
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How ridiculous is this! I heard that Bank of America is going to start charging $5 per month for use of your debit....not my bank, but I am wondering if they all will start. I use a debit for everything, especially bill paying. Why are we being charged to use our own money? ??? It's insane!
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Sounds like a good reason to change financial institutions. I'm not dealing with that issue with my debit card and if
I was I would definitely make a change...partly...to give a loud and clear message. There are a lot of different options
out there!
:heart:
Later...
Sherry
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Simply refuse to stand for it and switch your money out. I use a small local bank that not only gives me free checking, if I get dinged with an ATM fee, they'll reimburse me up to five transactions per month.
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i use a small local bank too, get free banking because i went paperless on my monthly statements and no debit card fees. i would definitely have to change if they started charging for the debit card as i use it to pay for everythingggggggg. i never seem to have cash on me, and writing checks has just become too time consuming!
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I think that it just might be better to do what my grandmother did. That is to hide your money under your mattress.
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Not at my bank yet, but usually something like this becomes the trend. What frustrates me is the banks did all of these promotions to get you to use your "debit" card. Contests, bonuses, etc. They did all kinds of things to encourage the use of the debit card. Does anyone else remember this? Did your bank do promotions? NOW that I use the debit card for most of my purchases. I don't have to carry cash but I am not running up debt. I use it for just about everything. AND NOW they want to start charging? hmmmmm It makes me feel like I have been played.
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Might have to not use a bank and start paying our bills with cash just to save money. It is rediculous!!
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Might have to not use a bank and start paying our bills with cash just to save money. It is rediculous!!
:D I was a vendor and always had a lot of cash on hand. I did the mattress thing for awhile and had quite an accumulation of ones....
I quickly found out that the younger generation does not know how to handle or count money very well...like it is some kind of foreign artifact...
I'd be paying with ones at Walmart and the cashier is counting...
one..two...three...four....five....six.........seeven....
the line would get longer and longer and people were losing their temper......at me...
One time I counted the money out to them...
onetwothreefourfivesix seven....up to fifty and she picked it up and recounted it...one.......two........three.......four......... :BangHead:
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I heard about this and think it is craZy. It makes me so grateful for my credit union. Maybe if people start switching from these places they will stop.
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So it is not enough for bank of america to charge me $12 a month to have MY money in their bank, But now they will want to charge me more for spending MY money?? WHAT IS THIS WORLD COMING TO????? How money hungry are people going to get before they realize they are all out of morals and respect for their fellow humans? :bs:
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That is the most ridiculous thing ever. Any little way to make a dime and they jump on it. I would definitely switch banks if mine did something like that. I don't use my debit card that often any way. I use my credit card for everything, even bills, then pay it off immediately with my checking account. That way I get all the points from using my cc and never have have to pay any interest. ;D I've made over $3000 in points since I got my cc in 2007. ;)
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I bank at the small bank in town. No debit fees if using their ATM and if you have to use an ATM elsewhere, the bank will reimburse you up to so many a month. No fee for using the debit card to pay for anything.
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the only debit card i use is the one for my daughter's SSI. if i draw money out of an ATM then yes fees apply however i can go to most stores and draw out money with my purchases for free.
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That's ridiculous, thank God my bank isn't doing that. I would leave Bank of America or any Bank charging five dollar fees for using your own debit card. :angry7:
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I think that that is terrible to have to pay such a huge fee for accessing your own money. I know some companies when you pay with a credit or debit card they charge you too! I don't get it!
That is why!!! The durbin ammendment to the Dodd-Frank bill made all this happen!! The bill limits how much they can charge on a CC charge Fee to the banks, they are just getting their money somewhere else!!!Since the bill limits the amount of What they can charge on the CC Fee's now they are charging on the Debit card accounts. I deal with a Credit Union and have a Debit/CC. If I use it, I always state that I want it used as Credit, You don't receive any charges then. I don't know if they have this option on the Debit cards from banks but, I would check!!
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When and if my bank starts charging me to use my debit card, I will switch banks. If all start charging, I'll use my credit card or start using cash more often.
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I would switch banks for sure. Plus I have been getting in the habbit of using cash more and more so when i take out cash I take it out directly from the bank with no fees
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I have heard about this too bank of america charging thank goodness i do not have that bank i have chase but that will probably be soon i am sick of this stuff why are we paying to make all the rich richer !!!!!!If they start doing this i dont know if i will use a debit card i like debit cards because they are fast and convient but do i need i dont think so !!!!!! I mean i could see if i can do without because this is ridicuolous !!!
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This is one of the worst implementation schemes by the banking system that I have yet to see. It's like we are being charged for every single thing in life; like we don't have enough expenses already. It makes me wonder what is the real purpose of banks (saving your money or saving your money so they can take what you worked hard for).
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November 5th is "Move Your Money To a Local Bank" day. Anyone who can, should. These too-big-to-fail banks will always find new ways to cheat us out of our money.
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I recently filed bankruptcy so I now rely on a debit card because I have no credit cards. I would switch banks in a heartbeat if they charged my $5 just to use my card. That's just crazy.
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i think it is ridiculous for them to charge to access your own money. I don't use my debit card often - I try to stick to cash whenever possible. Pretty soon there will be fees for EVERYTHING. I used to bank somewhere that charged you for calling in to speak to a live person. Can you believe that? $2 to speak to a person because computers can't answer everything! needless to say, they didn't have my business long after that started. I left BOA before this $5 fee came about because they took away the rewards/points program that I was in as well. Seems like businesses these days don't care about customer loyalty anymore. My mom used to pick a bank/insurance company/pharmacy etc & stay with them forever. I had to teach her that she doesn't benefit from that anymore like back in the good ole days when loyalty mattered.
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Are you guys all under the impression that is doesn't cost the banks a dime when you use your debit card for purchases? Well, it does. I understand that you don't want it to "cost" you when you use your money, but it really doesn't makes to think that it should cost the banks when you do.
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Thanks Abrupt for the explanation. Definitely firing my bank if they ever impose anything of this nature and will switch to a local bank or S&L.
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Are you guys all under the impression that is doesn't cost the banks a dime when you use your debit card for purchases? Well, it does. I understand that you don't want it to "cost" you when you use your money, but it really doesn't makes to think that it should cost the banks when you do.
I understand your point. But the bank needs depositors and uses our money too. Depositors help them for different qualifications and minimums for their bigger paying opportunities.
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Bank of America is my bank.. and I am planing on changing banks.
This bank is all about fee's.. and yes we all have the choice to not stand for it.. and take "our money" and go somewhere else!!!
:wave: BofA
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I used to have Suntrust as my bank, but found rates for loans and other fees were higher than elsewhere so I dropped them and switched to Wachovia. Now Wachovia has been taken over by Wells Fargo and I hear that in the near future Wells Fargo plans to implement a 3 dollar charge for debit card use. I have several accounts and two car loans through Wells Fargo so I'm not switching at this time, but I will change my debit card usage if fees do come about.
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I've been with USAA for years and years and have always been satisfied. They are a great company with excellent customer focus. Not only do you NOT pay a fee for the ATM card, you get reimbursed for ATM fees outside their system. None better.
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We use 2 banks because we kept one when we moved out of town and then when we moved back, it wasn't very convenient. I had a savings account at both banks also but one starting charging a monthly fee so I stopped that. I don't save money so the bank can take it away from me. I have direct deposits going to both banks but if one starts charging, I'll rethink that. One bank recently cancelled my debit card because I hadn't used it in 6 months. Dang! My account was active and I don't know what the thinking was behind that but I guess I have to do an inquiry every once in a while to even keep the card :BangHead:
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Terrible, what has happen to customer service, everyone is charging you for everything..its our money why pay to get it out of the bank-guess I will be paying cash or charging
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I just heard they have stopped charging this fee. Is that true?
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I just heard they have stopped charging this fee. Is that true?
Yes it's true, Bank of America dropped the fees.
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BOA is my bank and I guess it's time to switch!!!
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no way will I pay 5 dollars to us my one money I will go to the credit union that will give it to me for free that is what i will do even though I have been with then for 29 years
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I wonder what BofA will do when everyone starts demanding cash? We've been with them for years and already pay a monthly fee of $12. I don't know if it will do any good to change banks cause they'll all just jump on the band wagon with it. :dontknow:
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That is the worst idea that all the greedy banks could ever come up with. Greed has no end for people like that. These banks are getting ridiculous-charging you to withdraw your own money. They already use your money to earn interest. I am glad my bank is not a part of this stupid charge.
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Is is an outrage, Bank of America was boasting to people about how their check banking was free and now they are going back on their word.
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Instead of complaining or handing over your hard earned money to those banks, why not just withdraw your money and find a nice credit union to join that doesnt charge those fees. If most people do this, it might send banks a message that they cant keep getting away with treating the consumer this way. :angry7:
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:notworthy:Hooray!!!! The people took a stand the big bad banks had to withdraw the fee threat. Yes, it true no fee changes anymore. Chase bank decline & Bank of America just announce that they will not charge their customers anymore.
See how much POWER we the people have over the fat banks! We should do the same to get congress & government to do their jobs & fix this mess that we are in still. Together we stand divided we, fall! :thumbsup: :wave:
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I think thats sooooo crazy!!!! I hate all the fee's these companies add on!!! And its so hard to get them waived!!! This is crazy just for using your debit card!!
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I heard on the radio yesterday that B of A is retracting that fee because so many people where so unhappy they where most likely going to loose customers over it. It was a good business move to decide it was a bad idea.
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whoo hoo ... Go People . . . On the news they wouldn't say how many customers had already cancelled with Bank of America. Also they are going to credit accounts already charged for the fees that are now cancelled. I bet they don't do it if the customer doesn't ask SO if you were charged by them be sure to call!!
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chase bank doesnt charge u for using your debit card. u all need to switch to chase and get direct deposit so everything will be free. we have had no problems expect for over drafts fees but they have been paid off.
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I will "NOT" bank with a company that is going to charge me fees to use a debit card. I will go back to cash if I have to. Unfortunately, some of these banks that are retracting the fees they were enacting, will find another way to get that profit from the consumer. I believe this time, it will be less publicized and it will be done slowly and less obvious so as not create public outrage.
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This is insane, paying $5 to use your own money from your own bank... does anyone else think this is nuts... I guess the banks like it...
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My bank had a $4 fee but they just announced they were canceling it and refunding the charge from last month