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The Irish Doggy

Yet another reason not to use a debit card...

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I use mine all the time. Prefer them over credit cards and the shenanigans those a-holes will pull on you. If debit cards start adding fees, I'll go to cash.

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Might be a little too broad a brush to paint all debit cards the same, though, no? :wacko:

 

Perhaps if it stays confined to BoA and Chase, but somehow this smacks of a the beginning of a new industry standard to me.

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I use mine all the time. Prefer them over credit cards and the shenanigans those a-holes will pull on you. If debit cards start adding fees, I'll go to cash.

 

+1. haven't had credit cards for about 4 years now.

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Same here. No fees and no debt piling up. Weaker ability to contend purchase/get refund is only possible concern I know of offhand, but hasn't happened yet (knock on wood).

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The changes come ahead of a regulation that goes into effect next month.

 

Starting Oct. 1, the regulation will cap the fees that banks can collect from merchants whenever customers swipe their debit cards. Those fees generated $19 billion in revenue for banks in 2009, according to the Nilson Report, which tracks the payments industry.

 

Stupid.

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I probably use my debit card more than anyone on the planet. Is it worth the convenience to cough up $5 per month? Yes....but what I'm hoping is that a slew of BofA customers switch banks in the next few months to help change their mind. I'm at PNC and if they follow suit I'll probably go back to my credit union just to vote my displeasure. The only reason I left my CU years ago was because they didn't do online banking at the time. They do now.

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I don't use my debit card. Ever. But I can't imagine why anyone would use one with this kind of banking chicanery going on.

So the government regulation designed to prevent this kind of nonsense ended up triggering this kind of nonsense? Anyone with half a brain could have seen this result coming from a mile away. I'm curious whether this was by design or due to legislative incompetence.

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The only reason I left my CU years ago was because they didn't do online banking at the time. They do now.

I have only belonged to CUs for many many years. Have yet to see a reason to do otherwise.

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So the government regulation designed to prevent this kind of nonsense ended up triggering this kind of nonsense? Anyone with half a brain could have seen this result coming from a mile away. I'm curious whether this was by design or due to legislative incompetence.

 

IIRC, something similar happened a couple years ago with the credit card companies having new legislation capping how much they could raise rates, so they raised rates across the board prior to the legislation hitting so they had a higher starting point on the rates.

 

 

I chalk it up to legislative incompetence.

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I don't use my debit card. Ever. But I can't imagine why anyone would use one with this kind of banking chicanery going on.

I've been with BofA for about 12 years, and this is the last straw... I'll be switching to USAA credit union in the next few weeks. :wacko::tup:

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I've been with BofA for about 12 years, and this is the last straw... I'll be switching to USAA credit union in the next few weeks. :wacko::tup:

 

Ditto. Time to switch to a CU. Watch this move put BoA on very shaky ground. Can you say "bailout"?

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So the government regulation designed to prevent this kind of nonsense ended up triggering this kind of nonsense? Anyone with half a brain could have seen this result coming from a mile away. I'm curious whether this was by design or due to legislative incompetence.

on the other hand, the regulations did turn a somewhat hidden fee into an explicit one--so bank customers should have an easier time calculating which bank has the best prices.

 

If these fees are truly necessary to prevent bank losses, then all banks will adopt them at about the same level. If they aren't necessary, the competition caused by depositors changing banks should drive the fees lower (or to zero).

 

In any case, I'm sticking with my credit union so I don't have to worry about crap like this.

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In any case, I'm sticking with my credit union so I don't have to worry about crap like this.

 

Yup.

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The changes come ahead of a regulation that goes into effect next month.

 

Starting Oct. 1, the regulation will cap the fees that banks can collect from merchants whenever customers swipe their debit cards. Those fees generated $19 billion in revenue for banks in 2009, according to the Nilson Report, which tracks the payments industry.

 

Just like taxes and regulations placed on businesses, whatever gets taken away from them will simply be made up for by consumers' added fees...

Are politicians really this stupid?? (obviously a rhetorical question).

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So the government regulation designed to prevent this kind of nonsense ended up triggering this kind of nonsense? Anyone with half a brain could have seen this result coming from a mile away. I'm curious whether this was by design or due to legislative incompetence.

 

You Can't Call It An Unintended Consequence If You Knew It Was Going to Happen

 

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Use debit card for everything and online bill pay thru b of a is awesome. Maybe time to look into CU. Think they offer same services.

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Perfect summary at the end of that piece:

 

If there's something unfair about the situation, it's that Congress decided to take sides in a big business battle between retailers and banks. Legislators picked the winner—retailers—and consumers ended up as the losers.

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on the other hand, the regulations did turn a somewhat hidden fee into an explicit one--so bank customers should have an easier time calculating which bank has the best prices.

 

If these fees are truly necessary to prevent bank losses, then all banks will adopt them at about the same level. If they aren't necessary, the competition caused by depositors changing banks should drive the fees lower (or to zero).

 

In any case, I'm sticking with my credit union so I don't have to worry about crap like this.

 

 

Exactly. I prefer this type of fee as opposed to the ones that are hidden. Let the fees be known upfront and let the competition begin between banks to keep our business.

 

I also like the law because if you go to purchase something with your debit card and the funds aren't there the purchase is denied as opposed to the bank allowing the purchase and then hitting you up with an "insufficient funds” fee of $35.

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Perfect summary at the end of that piece:

 

Well consumers are always the losers. Fees, taxes, etc always get passed along to them in the form of higher prices. If business was so friendly they would lower their prices now and pass the benefit along. Yeah right.

Edited by CaP'N GRuNGe

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