i_am_the_swammi Posted August 17, 2011 Share Posted August 17, 2011 So Well Fargo announced that it is pilot-testing a program in a few states in which they will charge $3/month for their customers to use a debit card. Not that big a fee to the end user, but likely billions in future revenue for the bank. Other banks have said they would charge their customers a per transaction fee as much as 21 cents. For a guy like me that uses my debit card multiple times a day, that could well amount to over $15 per month. However, a poll showed that 61% of customers would find another way to pay for items, and get cash from ATMs, if hit with this fee. The question is, could you go without using your debit card? Not sure I could, unless I just picked one credit card, used it, and paid it off every month. Quote Link to comment Share on other sites More sharing options...
Avernus Posted August 17, 2011 Share Posted August 17, 2011 I'll just make cash only transactions...use my bank to receive money and then withdraw .. Quote Link to comment Share on other sites More sharing options...
nuke'em ttg Posted August 17, 2011 Share Posted August 17, 2011 it's like havin ta pay for parkin at a hotel, shoe ya that's alot of gravy, if ya have a certain balance i don't think mine charges, my kid was gettin an acct. at a credit union and they said 3 free and people are just getting "Want Cash" and that doesn't cost towards the 3....who uses a check anymore, somebodys always findin a way ta put ya in a vise Quote Link to comment Share on other sites More sharing options...
rajncajn Posted August 17, 2011 Share Posted August 17, 2011 I don't get this, the banks don't make money when you withdraw. I know they would lose me as a customer if they did this, but I'm betting that a lot of the people who stay will just start withdrawing cash instead. When a person withdraws cash for purchases they generally take out more than they actually need and in turn that is less money being held by the bank. It seems to me that they would stand to lose revenue off of this deal rather than gain. Quote Link to comment Share on other sites More sharing options...
nuke'em ttg Posted August 17, 2011 Share Posted August 17, 2011 I don't get this, the banks don't make money when you withdraw. I know they would lose me as a customer if they did this, but I'm betting that a lot of the people who stay will just start withdrawing cash instead. When a person withdraws cash for purchases they generally take out more than they actually need and in turn that is less money being held by the bank. It seems to me that they would stand to lose revenue off of this deal rather than gain. bankers are dipchits. Quote Link to comment Share on other sites More sharing options...
nuke'em ttg Posted August 17, 2011 Share Posted August 17, 2011 "oh you need a construction loan, we need" this this this this this this this this this this this this this this pay interest out the azs and the bank goes tits up and changes name cause THEY Ginsued up Quote Link to comment Share on other sites More sharing options...
i_am_the_swammi Posted August 17, 2011 Author Share Posted August 17, 2011 I'll just make cash only transactions...use my bank to receive money and then withdraw .. That harkens back to the days prior to debit cards...which I don't think most of the population will tolerate. I know there have been plenty of times I have made a purchase after banking hours (which would prevent me from accessing my cash), or online, which if I tried to do what you suggest, would be impossible without a debit card. I am thinking they did a lot of research, and determined that a small $3 fee per account per month would be rather transparent to the customer, but make them millions. Quote Link to comment Share on other sites More sharing options...
BeeR Posted August 17, 2011 Share Posted August 17, 2011 I wonder how much they'll lose by people going "f*** you" and either using cash/checks or just going to another bank? I would. What an idiotic idea. Quote Link to comment Share on other sites More sharing options...
The Irish Doggy Posted August 17, 2011 Share Posted August 17, 2011 I never use a debit card, only credit. I don't like how they can hold more than the transaction amount and I don't want to worry about my balance even with overdraft protection. Besides, the credit card is cash back and I pay it off every month. Quote Link to comment Share on other sites More sharing options...
SayItAintSoJoe Posted August 17, 2011 Share Posted August 17, 2011 I am thinking they did a lot of research, and determined that a small $3 fee per account per month would be rather transparent to the customer, but make them millions. Plus, they can always test the waters and see how it goes. This is another reason I hate all these mergers that have allowed these mega-banks to exist. Years ago we had a lot more choices. Now all it takes is for 4 or 5 of these mega-banks to adopt this policy and 90% of us will be screwed. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted August 17, 2011 Share Posted August 17, 2011 I just picked one credit card, used it, and paid it off every month. This is what I do with a cash back CC. Almost never use my WF debit card except for the ATM and Costco. Quote Link to comment Share on other sites More sharing options...
westvirginia Posted August 17, 2011 Share Posted August 17, 2011 The free market had developed for the instant use of debit/credit cards and had settled out so that the banks could absorb the cost in various ways. Well, the recent bill passed and capped the fees banks were allowed to charge each other. An article from USA Today about the issue. Just like rent control, price ceilings and other gov't interference in the free market, this crap doesn't happen in a vacuum. Now, because of this, there will be usage fees. ALL HAIL OBAMESSIAH! Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted August 17, 2011 Share Posted August 17, 2011 The free market had developed for the instant use of debit/credit cards and had settled out so that the banks could absorb the cost in various ways. Well, the recent bill passed and capped the fees banks were allowed to charge each other. An article from USA Today about the issue. Just like rent control, price ceilings and other gov't interference in the free market, this crap doesn't happen in a vacuum. Now, because of this, there will be usage fees. ALL HAIL OBAMESSIAH! Not a case of what they charged each other, but what they charged retailers. This was a hugh fight between two mighty lobbies - retailers and banks. A pox on both of them but trust you to make it Obama's fault. Quote Link to comment Share on other sites More sharing options...
Avernus Posted August 17, 2011 Share Posted August 17, 2011 That harkens back to the days prior to debit cards...which I don't think most of the population will tolerate. I know there have been plenty of times I have made a purchase after banking hours (which would prevent me from accessing my cash), or online, which if I tried to do what you suggest, would be impossible without a debit card. I am thinking they did a lot of research, and determined that a small $3 fee per account per month would be rather transparent to the customer, but make them millions. would they still charge this for using their ATM? because my bank has 24/7 ATM's... Quote Link to comment Share on other sites More sharing options...
westvirginia Posted August 17, 2011 Share Posted August 17, 2011 Not a case of what they charged each other, but what they charged retailers. This was a hugh fight between two mighty lobbies - retailers and banks. A pox on both of them but trust you to make it Obama's fault. I <3 you ursa. :smooch: Quote Link to comment Share on other sites More sharing options...
westvirginia Posted August 17, 2011 Share Posted August 17, 2011 Not a case of what they charged each other, but what they charged retailers. This was a hugh fight between two mighty lobbies - retailers and banks. A pox on both of them but trust you to make it Obama's fault. Oh, and the point was that retailers had built it into the prices of their goods. So now the retailers won't lower prices unless they must to compete and the banks will start charging their customers. Once again, gov't interference in the marketplace is a boon for those who contribute to their campaigns, and we get screwed. Quote Link to comment Share on other sites More sharing options...
i_am_the_swammi Posted August 17, 2011 Author Share Posted August 17, 2011 would they still charge this for using their ATM? because my bank has 24/7 ATM's... I believe so...if you are issued a debit card, you incur the fee (at least that's what I understand the wording to mean). Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted August 17, 2011 Share Posted August 17, 2011 I always use credit cards so I can get benefits they offer...not sure why you wouldn't unless the fear of not being able to pay the credit card monthly because then your benefits get wipped and some. Quote Link to comment Share on other sites More sharing options...
cliaz Posted August 17, 2011 Share Posted August 17, 2011 I do not use a debit card unless it is absolutely necessary. Each pay period I get cash out from the bank (teller) to cover living costs like food, gas, ect. After getting hit by ID theft, I severally limit my use of cards. Quote Link to comment Share on other sites More sharing options...
rajncajn Posted August 17, 2011 Share Posted August 17, 2011 I believe so...if you are issued a debit card, you incur the fee (at least that's what I understand the wording to mean). Yes, this is a monthly fee. As I understand it, whether you use it or not, as long as you have one then you get charged. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted August 17, 2011 Share Posted August 17, 2011 I <3 you ursa. :smooch: Only a matter of time before the Great Fire of Chicago becomes Obama's fault. I'm sure he was seen hanging out around the site of where the fire started. Quote Link to comment Share on other sites More sharing options...
darin3 Posted August 17, 2011 Share Posted August 17, 2011 blah blah blah OK, westperchinia... Quote Link to comment Share on other sites More sharing options...
Pope Flick Posted August 17, 2011 Share Posted August 17, 2011 Oh, and the point was that retailers had built it into the prices of their goods. So now the retailers won't lower prices unless they must to compete and the banks will start charging their customers. Once again, gov't interference in the marketplace is a boon for those who contribute to their campaigns, and we get screwed. Leave it to you to miss it being a chicken and egg thing: govt regulations set this up to begin with. Now they get tweaked and it's only the tweak that represents big bad 'fedgov' while missing the fact that the free market allows us to bank at places that don't use these fees. Hey, here's a thought - maybe the regs weren't all that great to begin with... Quote Link to comment Share on other sites More sharing options...
Avernus Posted August 17, 2011 Share Posted August 17, 2011 Yes, this is a monthly fee. As I understand it, whether you use it or not, as long as you have one then you get charged. but what about the per transaction fee?....I wonder if that includes ATM transactions (and not foreign ATM's) Quote Link to comment Share on other sites More sharing options...
I Like Soup Posted August 17, 2011 Share Posted August 17, 2011 I never use my debit card for any transactions other than getting money out of the ATM. I use my credit card for everything so I can get the reward cash and use someone else's money. Quote Link to comment Share on other sites More sharing options...
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