Thoughts on banks charging debit card fees?

luckyinlove11902 · September 2011

Bank of America is just one of several banks moving In this direction. Thoughts?

http://www.foxnews.com/politics/2011/09/30/durbin-slams-bailed-out-bank-america-over-new-debit-fee/

p.s. I have no idea how to make this clicky on my iPad.

Soon2BMrsSikes · September 2011

I don't like it and it's one of the reasons I'm with a credit union and not a bank.

Madisen · September 2011

I think it's expected unfortunately with the cap placed on banks as to the merchant fees they can charge. They're looking to recoup the income losses they made there.

Do I like it? No. But so far it won't affect me anyway. I use a rewards CC for all purchases and there will be no fees for just using your debit to access cash through your bank's ATM (so far). In addition to that, I have a mortgage serviced by the bank I bank at so have a great account with a lot of fees waived...kind of like a multi-policy discount you get with insurers. I feel for those that don't have other options though.

LoonyLunaLovegood · September 2011

Regions in starting this and I'm thinking about closing my account and going to Central CU. I get why they're doing it, but I don't like it.

gullterre · September 2011

Very annoying. I am with Suntrust and they sent me a letter about how in Nov. they are going to start charging all of these different fees on our checking accounts. Like 7.00 a month if we don't stay above a certain balance, etc. I need to call and clarify what will happen b/c I think some of the fees can be waived if certain criteria is met.

luckyinlove11902 · September 2011

Madisen:
I think it's expected unfortunately with the cap placed on banks as to the merchant fees they can charge. They're looking to recoup the income losses they made there.

Do I like it? No. But so far it won't affect me anyway. I use a rewards CC for all purchases and there will be no fees for just using your debit to access cash through your bank's ATM (so far). In addition to that, I have a mortgage serviced by the bank I bank at so have a great account with a lot of fees waived...kind of like a multi-policy discount you get with insurers. I feel for those that don't have other options though.

My father and I are both co-signers on the mortgage for my condo but only one of us gets the benefits for our accounts unfortunately. I understand why they are doing it but it's enough to make me consider using a credit union. I guess I don't necessarily view debit cards as a convenience (versus having to withdraw cash at the ATM) but instead I view them as a technological advance. Banks don't view it that way though. Does that make any sense?

ClaireDunphy · September 2011

Soon2BMrsSikes:
I don't like it and it's one of the reasons I'm with a credit union and not a bank.

Yes

I hate BoA.

Madisen · September 2011

luckyinlove11902:
Madisen:

I think it's expected unfortunately with the cap placed on banks as to the merchant fees they can charge. They're looking to recoup the income losses they made there.

Do I like it? No. But so far it won't affect me anyway. I use a rewards CC for all purchases and there will be no fees for just using your debit to access cash through your bank's ATM (so far). In addition to that, I have a mortgage serviced by the bank I bank at so have a great account with a lot of fees waived...kind of like a multi-policy discount you get with insurers. I feel for those that don't have other options though.

My father and I are both co-signers on the mortgage for my condo but only one of us gets the benefits for our accounts unfortunately. I understand why they are doing it but it's enough to make me consider using a credit union. I guess I don't necessarily view debit cards as a convenience (versus having to withdraw cash at the ATM) but instead I view them as a technological advance. Banks don't view it that way though. Does that make any sense?

That's true, only one gets the benefits. You have another mortgage on your new house right? And your parents probably have another mortgage I'm guessing too. Time to look at those options maybe and switching things around.

Sure, it makes sense to me, but for people that don't have a credit card or can't be trusted with one, being able to use a debit card for purchases rather than checks (that they probably get charged for anyway) or getting cash out for all purchases is probably a convenience for a lot of people out there that don't have the same resources and recourse as we do.

Madisen · September 2011

Dupe.

LXLX · September 2011

luckyinlove11902:
My father and I are both co-signers on the mortgage for my condo but only one of us gets the benefits for our accounts unfortunately. I understand why they are doing it but it's enough to make me consider using a credit union. I guess I don't necessarily view debit cards as a convenience (versus having to withdraw cash at the ATM) but instead I view them as a technological advance. Banks don't view it that way though. Does that make any sense?

Exactly. A technological advance that makes our life more convenient that they came up with, provide to us, and have the right to charge for should push come to shove (like now with the caps slashing their other income).

I don't like it (who would), but I understand it and I'm not up in arms about it. I will say though, I'm not jumping ship with Regions yet because I love them otherwise, but they need to get with the times and have ATMs that accept checks. Or better yet what some banks have where you can take a picture of the check with your phone and it deposits it. I would pay $5/mo just for that!

luckyinlove11902 · September 2011

Lucille Bluth:
luckyinlove11902:
My father and I are both co-signers on the mortgage for my condo but only one of us gets the benefits for our accounts unfortunately. I understand why they are doing it but it's enough to make me consider using a credit union. I guess I don't necessarily view debit cards as a convenience (versus having to withdraw cash at the ATM) but instead I view them as a technological advance. Banks don't view it that way though. Does that make any sense?

Exactly. A technological advance that makes our life more convenient that they came up with, provide to us, and have the right to charge for should push come to shove (like now with the caps slashing their other income).

I don't like it (who would), but I understand it and I'm not up in arms about it. I will say though, I'm not jumping ship with Regions yet because I love them otherwise, but they need to get with the times and have ATMs that accept checks. Or better yet what some banks have where you can take a picture of the check with your phone and it deposits it. I would pay $5/mo just for that!

I definitely get your point but I think I just view it differently. If you look at most technological advances they cost more initially but over time as they become the norm they are almost a given and cost goes down. I realize why the banks are charging the fees but it just seems as though debit cards are something that have become the norm so to charge for them now is strange to me. I guess it's just a sign of the times. I don't have strong feelings about BOA either way so this is just a reason for us to reevaluate our choices since DH has a Vystar account already.

mon.petit.chou · September 2011

I find it annoying but I guess I understand it. It's just another hoop to be aware of and avoid if it bothers me that much - kind of like fees to use another bank's ATM. I hate hate those fees, so I just don't use those ATMs.

Re: free acounts w a mortgage - I had that at SunTrust until recently they increased the amount of mortgage you have to have and now we don't qualify anymore. So we switched to free checking for a few months, but now they're eliminating free checking completely! That series of events bothers me enough that we are looking into changing banks.

Re: depositing checks in the ATM - I looove BoA's ATMs that you can just insert the check in without an envelope or anything. It's so convenient. (I do all my rental house banking at BoA, personal accounts at SunTrust.)

luckyinlove11902 · September 2011

Madisen:
luckyinlove11902:
Madisen:

I think it's expected unfortunately with the cap placed on banks as to the merchant fees they can charge. They're looking to recoup the income losses they made there.

Do I like it? No. But so far it won't affect me anyway. I use a rewards CC for all purchases and there will be no fees for just using your debit to access cash through your bank's ATM (so far). In addition to that, I have a mortgage serviced by the bank I bank at so have a great account with a lot of fees waived...kind of like a multi-policy discount you get with insurers. I feel for those that don't have other options though.

My father and I are both co-signers on the mortgage for my condo but only one of us gets the benefits for our accounts unfortunately. I understand why they are doing it but it's enough to make me consider using a credit union. I guess I don't necessarily view debit cards as a convenience (versus having to withdraw cash at the ATM) but instead I view them as a technological advance. Banks don't view it that way though. Does that make any sense?

That's true, only one gets the benefits. You have another mortgage on your new house right? And your parents probably have another mortgage I'm guessing too. Time to look at those options maybe and switching things around.

Yep. This just gives us a reason to reevaluate our options. I'm not necessarily up in arms about it, but it gave me something to think about.

jenhappy · September 2011

It doesn't bother me. But the Netflix thing doesn't bother me, either, so maybe I'm just not easily bothered..?

Soon2BMrsSikes · September 2011

luckyinlove11902:
Lucille Bluth:

luckyinlove11902:
My father and I are both co-signers on the mortgage for my condo but only one of us gets the benefits for our accounts unfortunately. I understand why they are doing it but it's enough to make me consider using a credit union. I guess I don't necessarily view debit cards as a convenience (versus having to withdraw cash at the ATM) but instead I view them as a technological advance. Banks don't view it that way though. Does that make any sense?

Exactly. A technological advance that makes our life more convenient that they came up with, provide to us, and have the right to charge for should push come to shove (like now with the caps slashing their other income).

I don't like it (who would), but I understand it and I'm not up in arms about it. I will say though, I'm not jumping ship with Regions yet because I love them otherwise, but they need to get with the times and have ATMs that accept checks. Or better yet what some banks have where you can take a picture of the check with your phone and it deposits it. I would pay $5/mo just for that!

I definitely get your point but I think I just view it differently. If you look at most technological advances they cost more initially but over time as they become the norm they are almost a given and cost goes down. I realize why the banks are charging the fees but it just seems as though debit cards are something that have become the norm so to charge for them now is strange to me. I guess it's just a sign of the times. I don't have strong feelings about BOA either way so this is just a reason for us to reevaluate our choices since DH has a Vystar account already.

I've been with VyStar since I was 16 and DH works there. I definitely recommend them.

Thoughts on banks charging debit card fees?

Re: Thoughts on banks charging debit card fees?

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