New Fees On Debit Cards

[jorlyfish]

Have an account at BoA right now, will probably look at local banks or something (who are less likely to be charging this fee) if and when they start the debit card use fee.

[evilded777]

ok people.... number 1: join a credit union.

Official disclaimer: I work for a credit union.

There have been some very good points made here. I have to side with Scotsman on a majority of them, because he's correct. As an institution, before this ridiculous legislation, we LOST money providing debit card services to our members. We are going to lose even MORE money now. This is a SERVICE. It has nothing to do with allowing you to spend your money, it is all about delivery channels. You think ATM's are free? You think being part of the networks are free? Nothing is free, not to me and not to you.

And as far as the "privilege" of having [b]your[/b] money overnight? Really? Really? We only get to make money off of your money in a favorable market. We really can't "invest" your money in things other than your neighbors' houses and businesses. There are huge restrictions and regulations on what we are able to do with your money, and this goes for banks as well as credit unions. And there are limits on the limited things we can do.

Stop drinking the kool-aid on this folks. The "banking crisis" was caused by politicians, greedy people and lax regulators [b]IN THAT ORDER.[/b] I know, I am on the inside... my whole family works in the industry.

Remember, I work for a credit union. We exist to serve, not to make money. And I am still pissed off about all of this, because it makes it harder for us to serve our members and to give them access to their money when and how they want it.

[Rani]

[quote name='evilded777' timestamp='1318521120' post='527611']
ok people.... number 1: join a credit union.

Official disclaimer: I work for a credit union.

There have been some very good points made here. I have to side with Scotsman on a majority of them, because he's correct. As an institution, before this ridiculous legislation, we LOST money providing debit card services to our members. We are going to lose even MORE money now. This is a SERVICE. It has nothing to do with allowing you to spend your money, it is all about delivery channels. You think ATM's are free? You think being part of the networks are free? Nothing is free, not to me and not to you.

And as far as the "privilege" of having [b]your[/b] money overnight? Really? Really? We only get to make money off of your money in a favorable market. We really can't "invest" your money in things other than your neighbors' houses and businesses. There are huge restrictions and regulations on what we are able to do with your money, and this goes for banks as well as credit unions. And there are limits on the limited things we can do.

Stop drinking the kool-aid on this folks. The "banking crisis" was caused by politicians, greedy people and lax regulators [b]IN THAT ORDER.[/b] I know, I am on the inside... my whole family works in the industry.

Remember, I work for a credit union. We exist to serve, not to make money. And I am still pissed off about all of this, because it makes it harder for us to serve our members and to give them access to their money when and how they want it.
[/quote]

I had to come back to this because of something that happened at my bank last week. I have linked accounts just as many people do. If I'm overdrawn in checking for any reason it comes out of the linked savings account. I miscalculated and a automatic transfer occurred for which I was charged $12.50 for the convenience of not being charged $30.00 for having a returned check. Now....... The transfer is an automatic process. No human being is paid to review the drafts coming in through the office and match them to available funds. The computer system does it automatically based on it's programming. Yet the bank charges a fee for something that costs them absolutely nothing. Oh, yes of course they originally paid for the programming but like the toll road that never stops taking your money, they keep making money off a program already paid for. Over and over and over and over again each day because I'm pretty damned certain I'm not the only person who had an overdraft on any given day, considering that the national average is 4 per year per checking account.

In addition, we have a credit card processor here in the office. It take debit cards and we pay fees for them just like we do on the credit cards. But here's the catch.... We don't pay them to the BANK the card is held from. We pay them to the processing company! A 3rd party clearing house! So the banks are claiming the increase in fees is justified because they're ability to collect these "fees" has been reduced? Pure bullshit. They weren't collecting them in the first place. The fees were collected to pay the clearing houses so the banks didn't have to clear them themselves.

'Rani

[Chreees]

I heard a lot of banks decided "whoops, sorry, we're not charging the fees anymore..." Anyone got any info?

[Stuie]

BOA announced they are retracting them yesterday.

http://theweek.com/article/index/220937/banks-cave-on-debit-card-fees-a-victory-for-occupy

[A13lackFish]

Well I dare say if this occurs its back to my childhood method of keeping my cash in a can.

What a ridiculous policy to implement, especially now that banks as is make the majority of us next to nothing in interest these days..
To be quite honest, I feel like this would bottom out business for big banks if they implemented this and would end up hurting themselves, rather than helping.

[atalanta]

Now, correct me if I'm wrong old farts, but didn't banks used to charge like 15% on a mortgage? Back when houses were under $50k (for a really nice one, one that's around $300k now or more)

[Rani]

[quote name='atalanta' timestamp='1320261085' post='529995']
Now, correct me if I'm wrong old farts, but didn't banks used to charge like 15% on a mortgage? Back when houses were under $50k (for a really nice one, one that's around $300k now or more)
[/quote]

I paid 9% on the first home I bought in 1971.

'Rani

[atalanta]

[quote name='Rani' timestamp='1320261202' post='529996'] [quote name='atalanta' timestamp='1320261085' post='529995'] Now, correct me if I'm wrong old farts, but didn't banks used to charge like 15% on a mortgage? Back when houses were under $50k (for a really nice one, one that's around $300k now or more) [/quote] I paid 9% on the first home I bought in 1971. 'Rani [/quote]

Ok. I found a graph that shows for 1971 it was about 9% and then come the 80's it jumped up to 15%: [url="http://mortgage-x.com/trends.htm"]http://mortgage-x.com/trends.htm[/url] I was just remembering hearing talk of how high interest rates for mortgages were. Back when banks were in the business to lend money.

We were watching The Toy (richard pryor) the other night. The kid is arguing that his daddy said he could buy anything in the store and he wanted to buy Pryor. "But isn't it against the law to buy people?" "[i]My daddy's rich, he makes the laws[/i]" (or something along those lines)

[Chreees]

Speak of the devil, I just got this email:

[quote]
[font="Arial, Helvetica, sans-serif"][size="2"][color="#000000"]You spoke, and we listened. Based on feedback we have received from our customers, Regions has eliminated the monthly $4 CheckCard fee as of November 1, 2011.[/color][/size][/font]
[font="Arial, Helvetica, sans-serif"][size="2"][color="#000000"]Any $4 CheckCard fee assessed in October will be automatically refunded to your account. You do not need to do anything to receive your refund; it will be credited to your account by Monday, November 7.[/color][/size][/font]
[font="Arial, Helvetica, sans-serif"][size="2"][color="#000000"]We hope you will continue to enjoy all the features and benefits of your Regions relationship, including your Regions Visa® CheckCard. We would also be glad to discuss ways we can help you meet your other financial needs, so please visit your Regions branch or call us at 1-800-REGIONS (734-4667) and one of our friendly knowledgeable associates will be glad to speak with you.[/color][/size][/font]
[font="Arial, Helvetica, sans-serif"][size="2"][color="#000000"]As always, thank you for choosing Regions. We appreciate your business and are committed to providing you with the highest level of customer service.[/color][/size][/font]
[/quote]

[joelhookah]

I worked for Bank of America for years on the inside, not inside of a bank. They are making record profits and fucking their customers any way they can. It's a shame.

[Stuie]

[quote name='joelhookah' timestamp='1320291767' post='530054']
I worked for Bank of America for years on the inside, not inside of a bank. They are making record profits and fucking their customers any way they can. It's a shame.
[/quote]

No joke. I got a mortgage from a local place agency, they sold it to Countrywide, the BOA took over country wide. Trying to move so I can't refinance, but I pay about 50$ a month extra only because they hold my mortgage because apparent the MIP more than doubled because they have horrible insurance.

[Rani]

[quote name='joelhookah' timestamp='1320291767' post='530054']
I worked for Bank of America for years on the inside, not inside of a bank. They are making record profits and fucking their customers any way they can. It's a shame.
[/quote]

Not just B of A. Ever notice how we keep hearing gas prices have to go up because the cost of crude goes up, yet just a few weeks later you hear boasting of "record profits". Same thing happens in banks and almost every other business controlled by an elite few. Just because you tell a lie over and over, doesn't make it true. The problem is most of us keep falling for the lies so they keep getting away with it.

'Rani

[joelhookah]

Yes, all big banks, not just B of A.