Do you want to be charged for using your debit card?

Beowulf said:
$76 BILLION in profits last year. Doesn't that bother anybody?
Click to expand...

yes it does! that is why I hate that they are planning to charge the fees.. That is just too much. Why not be happy with what they already have??
 
Jiro said:
just like Facebook... many people threatened to leave and they never did. so believe me - you won't close your account with them :lol:

and why don't you try opening up your business and not charge a dime to customers. See if you can survive with free service especially when it costs you money.

They are not making profits on interest rates... It's you. You are making them richer because you are borrowing THEIR money. That's business. Do you expect to borrow their money for free??? I wouldn't open banking business if everything is for free! lol!!!

Simple - don't rack up debts or borrow money
Click to expand...

Of course I do not expect banks or any business to give away their goods or services for free. I do however think fees should be reasonable and not excessive. Interest rates between 28% and 32% or higher seem to me to be excessive. A debt card allows me to access my own funds in the same way a check would allow me to access those funds however, a debit card is usually faster and I do not think it involves as much processing for the bank as well but I am not certain of that. I pay a one time fee for my checks. I would be willing to pay a one time fee for my debt card if need be but a monthy fee is in MHO excessive. I also disagree "They are not making profits on interest rates." That is their profit on the money they have loaned. As a business owner I also offer sales, coupons, free samples and other incentives to drive business to my door. Charging a monthly fee for my debt card takes away from incentives the would encourage me to want to do business with that bank and yes I would close my account. So far, banks and credit card companies have pretty much had things their own way and we as comsumer have adopted the " nothing I can do" attitude and life goes on getting worse. Yes, you are right if we do not borrow money we do not have to worry about paying high interest rates. But for some of us our lives are not that simple and we do not have enough money at one time to pay cash for a car or home. I am suggesting if we stop allowing banks and businesses to treat the consumer as if we all had "Welcome" tatooed across our navels this type of nonsense would go away or the offending bank would go away. It's only my opinion.
 
Beowulf said:
$76 BILLION in profits last year. Doesn't that bother anybody?
Click to expand...

that's it? such a small profit.

why should it bother you? you're free to not use its service.
 
Jiro said:
that's it? such a small profit.

why should it bother you? you're free to not use its service.
Click to expand...

They're smart as weasels. They know that next year social security checks will go electronic, so they got in the game early.
 
Savvi said:
Of course I do not expect banks or any business to give away their goods or services for free. I do however think fees should be reasonable and not excessive. Interest rates between 28% and 32% or higher seem to me to be excessive. A debt card allows me to access my own funds in the same way a check would allow me to access those funds however, a debit card is usually faster and I do not think it involves as much processing for the bank as well but I am not certain of that. I pay a one time fee for my checks. I would be willing to pay a one time fee for my debt card if need be but a monthy fee is in MHO excessive. I also disagree "They are not making profits on interest rates." That is their profit on the money they have loaned. As a business owner I also offer sales, coupons, free samples and other incentives to drive business to my door. Charging a monthly fee for my debt card takes away from incentives the would encourage me to want to do business with that bank and yes I would close my account. So far, banks and credit card companies have pretty much had things their own way and we as comsumer have adopted the " nothing I can do" attitude and life goes on getting worse. Yes, you are right if we do not borrow money we do not have to worry about paying high interest rates. But for some of us our lives are not that simple and we do not have enough money at one time to pay cash for a car or home. I am suggesting if we stop allowing banks and businesses to treat the consumer as if we all had "Welcome" tatooed across our navels this type of nonsense would go away or the offending bank would go away. It's only my opinion.
Click to expand...

as a business owner - this benefits you because federal government just recently placed a cap limit on merchant fee. That means banks will charge you 21 cents instead of 44 cents for every transaction.

$5 affects consumers, not business owners. And if you want to do something about bank's "greed".... simply write a letter to your Congressmen and also not use its service.
 
Beowulf said:
They're smart as weasels. They know that next year social security checks will go electronic, so they got in the game early.
Click to expand...

they can simply switch to different bank that does not charge $5 debit card fee.
 
Secretblend said:
yes it does! that is why I hate that they are planning to charge the fees.. That is just too much. Why not be happy with what they already have??
Click to expand...

I want BoA to continue to be more progressive and updated. Depositing my check thru ATM machine anytime, anywhere.... :thumb:
 
Jiro said:
same here. I hate using debit card because of fraudulent risk. There's no protection.
Click to expand...

You must bank at a really shitty bank. My debit cards have fraud protection. In fact I have used it 3 times. Twice on my Wells Fargo accounts and once on my Chase account.
 
Beowulf said:
Unfortunately it will become the industry standard.
Click to expand...

shuck. then we better write letters to our Congressmen demanding that they retracted their legislation that puts a cap on merchant fee so that $5 charge will go away.
 
Jiro said:
shuck. then we better write letters to our Congressmen demanding that they retracted their legislation that puts a cap on merchant fee so that $5 charge will go away.
Click to expand...

People OUGHT to. But they have become too timidly complacent.
 
Savvi said:
Wells Fargo is also jumping on this bandwagon according to the news tonight. I really hate to encourage the banks to take advantage of their depositors in this way. I wonder how long it would last if everyone closed out their accounts and did business with folks who do not feel the need to declare an enormous profit margin at the end of the day. They are already making large profits on CC interest rates, loans, mortgages. At some point we need to say enough. If I had an account with Wells Fargo or BofA, I think I would close that account and try very hard not to do business with them at all. What they are doing really stinks!!
Click to expand...

Wells Fargo announced this months ago. However they are not doing it in every state. I went into my bank and checked to make sure I won't be charged a fee. They best advice is to check with your branch.
 
Jiro said:
as a business owner - this benefits you because federal government just recently placed a cap limit on merchant fee. That means banks will charge you 21 cents instead of 44 cents for every transaction.

$5 affects consumers, not business owners. And if you want to do something about bank's "greed".... simply write a letter to your Congressmen and also not use its service.
Click to expand...

Actually as a business owner it does not pay me to have a merchant account to prosess a $3.00 bag of dog cookies so that does not affect me. I was responding to your example.

I am also a consumer and not using their service because I disapprove of their business practices was my point. Writing to my congressman and senators on this issue I am afraid would be a complete act of futility. They don't communicate well with each other and I am still waiting for a response to the last letter I posted to these folks regarding that very same failure to communicate. These folks feel very comfortable ignoring their correspondence when you have something to say they do not want to hear. I get lots of replies if I am congratulating them on something they have done well. Have not seem much of that lately either. I communicate with them at the ballot box. I find that to be much more effective.
 
TXgolfer said:
You must bank at a really shitty bank. My debit cards have fraud protection. In fact I have used it 3 times. Twice on my Wells Fargo accounts and once on my Chase account.
Click to expand...

Bank of America? yea it's a real shitty bank :lol:
 
TheWriteAlex said:
+1 on the credit unions. However, debit cards are for suckers. Use a credit card, build up your credit and get reward points. Just pay off your balance every month and you're fine. I don't even know why people use debit cards. I haven't used mine in years.
Click to expand...

I get miles and points on my debit cards.... :dunno:
 
TXgolfer said:
I would close BofA anyway....for a number of reasons. There are much better banks.
Click to expand...

*shrug*

whatever works for you. I don't get why people are bitching about this. you are free to do whatever you want.
 
Jiro said:
Bank of America? yea it's a real shitty bank :lol:
Click to expand...

If you don't have fraud protection it must be. *shrug* And yes even still out of the Major banks I would say BofA is the worst. Have you not watched the news lately? You might want to start.
 
TXgolfer said:
If you don't have fraud protection it must be. *shrug*
Click to expand...
we all have fraud protection. since it happened to you 3x and none for me... I guess BofA is doing its job pretty damn good.

TXgolfer said:
And yes even still out of the Major banks I would say BofA is the worst. Have you not watched the news lately? You might want to start.
Click to expand...
haven't encountered any single problem for several years. They have bent over for me several times. Better than any credit unions I had. *shrug*
 
Back
Top