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Banks to add fees to debit card purchases @ POS. (Updated: Some banks reconsider!)

Discussion in 'The OT' started by cj9788, Sep 30, 2011.

  1. Sep 30, 2011 #41 of 178
    Rich

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    In my case I can use the card both ways.

    Using a debit card is still a convenience that I really don't want to do without. I could go to my other bank and not pay a monthly fee, but it's miles away and a PITA to get to.

    I understand that and I also understand that $5 a month might matter to some folks. I can also get a debit card from my wife's credit union, but she doesn't think it's worth it.

    Rich
     
  2. Sep 30, 2011 #42 of 178
    spartanstew

    spartanstew Dry as a bone

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    I'm pretty much the same way. There's a BofA branch at the end of the block and there's a BofA branch or ATM all over the State of Texas (and of course, many other states).

    I've never used a debit card, so I don't even have to worry about the $5 fee. As I mentioned before, I don't think I pay any fees for anything, so really don't have any reason to switch.
     
  3. Sep 30, 2011 #43 of 178
    Rich

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    We use our debit cards in place of money. Seems much simpler for us. I use my Amex card for all big purchases and pay it off each month. Get a lot of points that way and I do use the Amex points on Amazon. But a lot of places don't take Amex cards and that's where the debit card comes in handy. I rarely carry much money.

    Rich
     
  4. Sep 30, 2011 #44 of 178
    spartanstew

    spartanstew Dry as a bone

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    I do almost the exact same thing, but for places that don't take Amex, I use my American Airlines Visa instead. I hate spending money (debit or cash) and not getting a perk for it.
     
  5. Sep 30, 2011 #45 of 178
    SayWhat?

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    I do the same thing with my Visa card(s). Everything gets paid that way, including the telephone and electric bills. There aren't too many places I would ever use a debit card. Dollar General now takes Visa (not Master Card though for some reason). Aldi's is the only place I know that takes Debit cards but not Credit cards, but I rarely ever go there any more.

    I dropped all my Amex cards years ago.
     
  6. Sep 30, 2011 #46 of 178
    Matt9876

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    $60 a year to use your own money and fees from the merchant seems excessive,especially during this economy.

    I've had it with people digging deeper into my pocket even when my pay is 25% less than what it was 10 years ago also I'm working harder than ever before.

    BOA, Chase and Obama can kiss my butt. :mad:
     
  7. Sep 30, 2011 #47 of 178
    Thaedron

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    Switched to Schwab Bank about 6 months ago and have never been happier
     
  8. Sep 30, 2011 #48 of 178
    klang

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    I generally only use debit for groceries. I'm with BofA but we have no fees now and I don't expect to be included in the new one. Worst case I would select credit instead of debit.

    But, for some, Unitended Consequences?
     
  9. Sep 30, 2011 #49 of 178
    Game Fan

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    The last thing I ever want to see is the government telling any business or at some point any individual how much they can charge for their goods or services. Where will it end? Everyone is fine as long as it's not happening to them, but when it does, there's outrage. Be careful what you condone. You may be next
     
  10. Sep 30, 2011 #50 of 178
    markfp

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    I've banked at a local, one office, bank for over 20 years and have never paid one cent in any kind of charge or fee. It offers everything I need and allows me to use any bank's ATM and reimburses me for the fee. I see no reason to switch to one of the big banks. Credit unions are good too.
     
  11. Sep 30, 2011 #51 of 178
    hdtvfan0001

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    The concept of a bank charging $5 a month to use MY money seems bad enough...but add in the fact that all sorts of bank fees have been climbing over the past year in particular, and are expected to continue getting higher over the next year.

    I suspect more and more folks will begin to reevaluate their financial institution relationship.
     
  12. Sep 30, 2011 #52 of 178
    Mark Holtz

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    The funny part is that I was this close to being a Washington Mutual customer back in early 2006, but ended up being a Golden One customer, which is one of the bigger Credit Unions in the Sacramento Area. Guess who is still around?

    I strongly believe that the MegaBanks of America are seriously trying to Chase customers away with their Wells Farto methods of business. While being profitable is good, it's when it gets obscene that bugs me. It sometimes feels that these decisions are made by MBAs who maximize the profits, but at the cost of customer retention and post-sale support.
     
  13. Sep 30, 2011 #53 of 178
    Game Fan

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    I love to see and hear of people voting with their wallets and seeking cheaper alternatives. However, I always wonder if those same people are as vigilant with their investments. Do they do their homework and see what their retirement savings are invested in. Some of those same banks charging the fees have yielded some very lucrative returns over the years. Just curious.
     
  14. Sep 30, 2011 #54 of 178
    houskamp

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    wonder if the rest will reconsider after they see the mass exodus from the early adopters...
     
  15. Oct 1, 2011 #55 of 178
    Herdfan

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    Probably. And will adopt a fee themselves. One thing to consider is that a lot of people who jump banks over small fees like this are customers the bank would be just as happy to not have.
     
  16. Oct 1, 2011 #56 of 178
    Rich

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    Yeah, but there are so many places in my area that don't take Amex. My wife travels a lot and has so many miles that she'll never use that I don't see the point of an airline card. We also have an empty Master Card that has a whole bunch of points on it, but I can't find any place to use them. So we stick with the Amex for most large purchases. Their "double the warranty period" is worth using that card just for that. I've used it a couple times and it's not hassle free, but it did work.

    Rich
     
  17. Oct 1, 2011 #57 of 178
    Rich

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    For a bank that was started with the express wish of helping Italian victims of the San Francisco earthquake in the late 19th century (I think that's the correct time period, not sure) by a sympathetic Italian gentleman, it certainly has gone to the other end of the spectrum when it comes to customer service, at least in my experience.

    But it's within walking distance...

    Rich
     
  18. Oct 1, 2011 #58 of 178
    djlong

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    I have a credit union that will pay any bill I put into the website - they'll even mail a check to the company if they don't have an electronic transfer agreement available. On top of that, I auto-pay a lot of things (car insurance, dishnetwork, cell phone) to a credit card and use THEIR website to take the money out of the 'checking' account (technically, it's called a "share draft" account).

    In our neighborhood over the past few years at least 3 completely new credit unions have opened and the service has gotten quite competitive. They ALL have websites will bill pahying features. I recommend checking the landscape again to see what features might have been added.
     
  19. Oct 1, 2011 #59 of 178
    TBoneit

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    I expect to see mass grumbling followed by a few people leaving. I do not expect any mass exodus.

    You mean the people that have only used debit cards for benefits the banks were giving in the past? In that case I suspect you are right.

    One of the main benefits for banks of debit cards in the past AFAIK was that they helped generate a lot of overdraft fees.
     
  20. Oct 1, 2011 #60 of 178
    dhhaines

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    Time to go back to using cash if and when my bank charges me for using my money that is in their bank.
     

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