The Big Banks Blink: on debit card fees

The Big Banks Blink: on debtit card fees

www.forbes.com

Following my last article on Can Banks Delight Customers, Robin Sdel reports in an interesting article in the Wall Street Journal today that the big banks have blinked on introducing new fees on the use of debit cards. She writes:

A month after Bank of America got pummeled by consumers and politicians for introducing plans for new debit-card fees, most other big U.S. banks are steering clear of imposing similar charges.

(visit the link for the full news article)

I am not too surprised at this move by some of the big banks. They tested that balloon and it turned out to be made of lead. I noticed when I go into the bank they are becoming very friendly and attentive to everyone looking for signs of displeasure it seems. It might be my imagination but I can feel that the banks are a bit concerned at the revolt going on in the streets throughout this country.

www.forbes.com
(visit the link for the full news article)

reply to post by wayouttheredude


Well it's a relief to know that they are finally waking up to our displeasure. However, knowing them, I think they will merely postpone their sickening, grubby greed for a later date.

i read a news item on YAHOO about BoA...
but there are a few other banks going with $3 $4 debit card charges, so BoA is not Alone

finance.yahoo.com...

SunTrust Banks Inc. (STI - News), Atlanta, is also tacking a $5 monthly fee on some debit-card users, while Regions Financial Corp. (RF - News) of Birmingham, Ala. is charging $4 a month on some accounts.

Wells Fargo & Co. (WFC - News) is testing a $3 monthly debit-card fee in five states.

i replied that on Monday, i will try to get official notice from the Areas BoA main branch customer-representative on just what the BoA plans to do about Debit Cards on Jan 2012

my 2 direct deposits entitled me to free checking with no minimum balance ~before today~
but i have no idea what new rules, charges, fees are in store for 2012, at the drop of a hat it seems


i will likely slow down the grocery line check out as i write no-fee checks instead of swiping a Debit Card in the future...oh well !

Free with DIRECT DEPOSIT.

They want guaranteed funding comming to the account or else you will be charged to have an account.



1. Go get a real job, Base your families security on a large company that can afford a payroll company that handles direct deposits.
2. Give us permission to recieve your paycheck for you, so we can deduct any charges or loan payments before you spend it on frivolous things like food.
3. we will now stop charging you $10 a month to use your money as working capitol.
4. Have a nice day!


Pig in a poke.

I don't know if anyone else got their update from RedBox, but it seems as though their rental prices are going up by 0.20 cents because of debit fees.
No matter how you try to avoid not paying the fees, the banks are making it so companies are going to have to charge more.
Vicious cycle!!

reply to post by Afterthought


Funny thing is that those debit card fees based on $5 per month for roughly 5 million card holders would amount to revenue of $300,000,000 per year and cost the average card holder roughly an added $60 per year. For business customers that might have many cards in play for various personnel uses this would be a lot more.

It is just their nickel and dime up the ante every so often attitude that is losing them customers to the smaller regional banks and credit unions of late. They will likely not change their stripes.

Maybe what everyone needs to do IS go back to writing checks and ditch their "valuable" debt cards so that fee the merchants pay will become worthless and force them to remove the fees to encourage people to use them again.

Time to order more checks...

reply to post by Afterthought


Here in California your unemployment comes in the form of card now. Guess what company? B.o.A, Think about this, your unemployment comes from money taken from your paycheck. Now to get your money it comes on a card direct deposit. Every time you use YOUR money you have to pay B.o.A $3.00 fee's to withdrawl money, or use your debit card. Come on, this should be illegal. You have no other choice to recieve payment but there card. Now they get a cut everytime you use your money.

Hey, look, the free market CAN work. Isn't that novel?

How much more clear can the truth of the matter be? Pawning our responsibilities as civilized people (consumers - because every living thing consumes) to government control is the problem, not the solution, and this situation clearly illustrates that we do have the power to regulate even the largest corporations so long as we act responsibly and with understanding.

reply to post by thepupils

And JPMorgan owns the debt cards and food stamps contracts...

How can we win when we keep giving them money... Money which they created out of thin air...

Being that only around 20% of money actually exists physically, people need to get together and demand their money back from the banks to shut them down. I work for a company contracted by JPMorgan (CGS) and they only pay through direct deposit so you have to use a bank. How is this legal?

Originally posted by SmArTbEaTz
reply to post by thepupils

 

And JPMorgan owns the debt cards and food stamps contracts...

How can we win when we keep giving them money... Money which they created out of thin air...

Being that only around 20% of money actually exists physically, people need to get together and demand their money back from the banks to shut them down. I work for a company contracted by JPMorgan (CGS) and they only pay through direct deposit so you have to use a bank. How is this legal?

edit on 28-10-2011 by SmArTbEaTz because: (no reason given)

reply to post by thepupils

The answer to that is to withdraw all the money at once and use cash for everything.

The added bennie is they don't get to track where you spend it and on what.

However, if enough people did this the response would most likely be a limit or prohibition of withdrawing the cash at all.

reply to post by thepupils


Just commented about JP Morgan and the food stamp cards.
I see others beat me to it!
Nice to see it's not a secret!

Originally posted by thepupils

Originally posted by SmArTbEaTz
reply to post by thepupils

 

And JPMorgan owns the debt cards and food stamps contracts...

How can we win when we keep giving them money... Money which they created out of thin air...

Being that only around 20% of money actually exists physically, people need to get together and demand their money back from the banks to shut them down. I work for a company contracted by JPMorgan (CGS) and they only pay through direct deposit so you have to use a bank. How is this legal?

edit on 28-10-2011 by SmArTbEaTz because: (no reason given)

edit on 28-10-2011 by thepupils because: double post

Who profits from using money orders? U.S Postal Service? Just curious...

reply to post by apacheman


The problem with using cash for everything is now not everything can be paid for in cash. I am ALL for cash only, we try to be that way, but have to have a debit card for hotels or any sort of traveling.

Try paying cash for a room, most places won't let you.

It sucks. lol

I am a (reluctant) bank user in Ontario, Canada. Our fees here for debit and banking are extortionate. We pay to take money out of our accounts if we go over a set amount of transactions, we pay monthly fees for our accounts, direct deposit or not, we pay fees if heaven forbid we are stuck going to an ABM that is not of our bank (and u can only find ONE brand at most places like grocery stores, shopping centers etc), we are legally extorted way beyond reason for them to use our (albeit falsely founded) money in a fractional reserve system to create more money out of thin air and debt...I would LOVE to get out of banks, credit unions and the like but like one poster said, try doing some things like a hotel stay or travel without a credit card, let alone debit. I hear you my American brethren, say no to banks and take it further, get them back to working for you...

Using a bank account in Canada when you have a family, a job, etc runs the average Canadian over $250 per year!


In lil ol Canada, now 35 million.... in 2007 the banks got 300 000 000 in fees from us!

hahahahahahhaha what a joke!
we need to outlaw intrest loans like colonel gaddafi did.
this is hardly here no there and people who get fooled by this act of 'generosity' are simply still and always have been brainwashed
they know people are annoyed and in recent times have sacraficed a few scapegoats and done crap like this effects nothing.
take for example the bank executive currently being charged by the fbi.. he is just a political scapegoat

f these scum
they treat you like animals and this act just shows the content they have for the general public

i like the convience of my checking and the auto pay and online banking with my account. i have a jp morgan chase account but my plan is to leave enough money in my account to pay my bills and then go get the rest in cash and figure out my way around with cash and not with this debit card anymore. its MY MONEY!!! i give you the privilage of keeping MY MONEY for ME to use as I please. you are charging me to use MY MONEY??? this doesnt make any sense at all.

When I worked for the Census last year, they tried to force everyone to use direct deposit. Since I refuse to use banks, I obviously objected. I had to fill out extra paperwork just to have them mail me a paper check, but not without first going through hoops with the supervisors trying to school me on the benefits of direct deposit. Screw that.

Social Security is soon to go paperless, too, from what I'm told.

Also, the only kind of credit card I use is the kind that I put money on...the re-loadable kind. PG&E refuses to accept those types of cards for payment, despite the fact you have the money on there...same as if it were a debit card. They want you to sign up with a BANK ACCOUNT so they can withdraw the money as they please. Screw that, too! So, I go down to the office and pay cash in person all the time....and I get grief about THAT, too! They are trying to push people into internet payments and minimize their need to deal with people one-on-one.

So, in summary, what they want to do is get you hooked up online so they can rape you with charges for this and that, and then minimize your ability to be able to contact a live person to complain about anything. This is where we're going.