yo mama Posted September 30, 2011 Share Posted September 30, 2011 You Can't Call It An Unintended Consequence If You Knew It Was Going to Happen By design, then. Quote Link to comment Share on other sites More sharing options...
wiegie Posted September 30, 2011 Share Posted September 30, 2011 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. I had an interesting one happen to me this week. I bought a subscription to Consumer Reports a few years ago and it was set to auto-renew. I didn't want to resubscribe, but I didn't do anything about it since I knew that the credit card I had on file with Consumer Reports expired more than a year ago. Well, lo-and-behold, yesterday I see that I owe 41.60 on my credit card--$15 of which was a late fee since my bill was 10 days past due. This occurred even though I haven't used that credit card in more than a year. It seems that Consumer Reports submitted my bill for renewal to the credit card company (Citi) and they paid it--even though the expiration date on my card on file with CR was in Summer of 2010. I called up Citi to ask what the heck was going on and they said that they would still pay for such renewals even if the card was out of date AND EVEN IF THE CREDIT CARD ACCOUNT HAD BEEN CLOSED. I obviously said that this was bullsh|t and to Cit's credit they agree to remove the charge, late fee and interest from my account. But still, what a crock. Quote Link to comment Share on other sites More sharing options...
delusions of grandeur Posted September 30, 2011 Share Posted September 30, 2011 Wait, so aside from this fee, what are the "other reasons" to not use a debit card? Give me a debit card over having to fill out a check or stand in line at the bank so I can get cash, just to have to exchange it for filthy bills and coins (the one "change" I'm resistant to)... Someone care to enlighten me? Quote Link to comment Share on other sites More sharing options...
SayItAintSoJoe Posted September 30, 2011 Share Posted September 30, 2011 Wait, so aside from this fee, what are the "other reasons" to not use a debit card? Give me a debit card over having to fill out a check or stand in line at the bank so I can get cash, just to have to exchange it for filthy bills and coins (the one "change" I'm resistant to)... Someone care to enlighten me? This is what B of A is hoping for. That the convenience of using a debit card will out weigh the $5 monthly fee. I’ll probably keep using my debit card too, for the reasons you pointed out. The point is that with the new law in place doing business with a bank will be more like how we do business with other companies that provide a service. Here’s the cost…now take it or leave it. Instead of, here’s your monthly statement…SURPRISE! Quote Link to comment Share on other sites More sharing options...
wiegie Posted September 30, 2011 Share Posted September 30, 2011 From the WSJ (http://online.wsj.com/article/BT-CO-20110930-711200.html) NEW YORK (Dow Jones)--Some banks are pouncing on Bank of America Corp.'s (BAC) plan to charge customers for using their debit cards by touting the fact that their debit cards will remain free. As outrage grows over the slew of new fees on debit card usage, several banks, including Citigroup Inc. ©, USAA Federal Savings Bank and Green Bancorp Inc., see this as an opportunity to win favor with existing and new customers. "We saw it as an opportunity to reinforce to our members and the marketplace at large that we're committed to avoiding these types of debit card fees in an environment where a lot of competitors are taking it on," said Justin Schmitt, a spokesman for USAA Federal Savings Bank. The San Antonio, Texas-based company, which has 8.4 million customers, primarily serves military members and their families. On Thursday, USAA issued a press release stating its debit card "will remain fee free" after news of Bank of America's fee plan broke. Bank of America, the largest U.S. bank by assets, on Thursday became the first major lender to announce it will start charging the majority of its checking account customers a fee during each billing cycle they use their debit card to make a purchase. The $5 fee, set to take effect early next year, will not be triggered by transactions at automated teller machines. J.P. Morgan Chase & Co. (JPM) is already testing a monthly $3 debit card-usage fee in a small market in Wisconsin. Wells Fargo & Co. (WFC) is planning to test a $3 monthly fee in five states starting Oct. 14. All three banks have blamed new federal restrictions limiting the fees that merchants must pay when a customer makes a debit-card purchase. The restrictions, which take effect Saturday, are expected to wipe out $6.6 billion in revenue annually for the banking industry, according to an August report from Javelin Strategy and Research. A spokeswoman for Bank of America declined to comment Friday on other banks' plans. Citi, which last week announced it was raising the monthly fee on its most basic checking account to $10 from $8, is also stressing its plan to not add a fee for debit-card usage. The New York-based bank, which has a smaller number of debit-card customers than many of its peers, surveyed existing customers and other consumers about their attitudes on certain fees, said Stephen Troutner, head of U.S. consumer banking products at Citi. "We heard overwhelmingly, 'Don't charge me these fees. It would irritate me,'" Troutner said. The move may help these banks gain market share, analysts say, but they also risk suffering a public relations nightmare in the future if they decide to add their own fees. "There will come a time, if interest rates stay low, when our crystal ball would say that most banks will follow with some form of fee structure," said James McCormick, president of First Manhattan Consulting Group, which consults with financial services companies. McCormick said there is a danger for banks marketing based on free services, especially when other pressures, including low interest rates and numerous regulations, may force more to raise costs. "The level of profit pressure ... and the opportunity to have a misstep has never been higher," McCormick said. "As a consequence we're going to really see a much more heightened level of market share shift than has historically been the case." Citi is confident that it will not be adding a debit-card usage fee at any point, Troutner said. "If you look at us from a financial profile standpoint, we never relied upon the types of fee income that some of our peers are trying to replace," Troutner said. Paco Rivera, executive vice president of private banking at the Houston-based Green Bank, the $957.8 million-asset subsidiary of Green Bancorp, echoed that sentiment. "Because of our loan portfolio's strength, our business model does not incorporate fees heavily into our revenue stream," Rivera said in an email. "We are an interest income-driven bank." USAA, which like several other banks announced this summer it would end its debit rewards program on Sept. 1, also has less pressure to raise fees, Schmitt said. "We don't report to Wall Street and we don't have some of those same pressures that publicly traded companies do," Schmitt said. Quote Link to comment Share on other sites More sharing options...
bushwacked Posted September 30, 2011 Share Posted September 30, 2011 I'm not getting charged to use my debit card, so I'm not the loser in this particular instance. Quote Link to comment Share on other sites More sharing options...
Riffraff Posted September 30, 2011 Share Posted September 30, 2011 Pay most of my bills online. I'm more of a cash carrying American than a card carrying American. No credit cards, just use 2 debit cards. One Credit Union and one bank, but the bank is "free." I only use it for check deposits and withdrawls of cash. You can recoup your ATM fees and such if you bring in the reciepts. Quote Link to comment Share on other sites More sharing options...
TheGrunt Posted September 30, 2011 Share Posted September 30, 2011 I just got off the phone with USAA, and my new bank account has been successfully set up! Unlike Bank of America reacting to the Dodd-Frank "reform" by increasing costs for customers -- USAA Credit Union is doing the exact opposite: In an environment with some major banks making plans to charge customers new monthly fees for using their debit cards, USAA Bank announced today it has no plans to add fees to its debit card. USAA Bank remains committed to offering a free checking account — and free debit card — with superior features such as: Free checking — No monthly service fees regardless of balance. Free nationwide ATM use — First 10 ATM withdrawals are free, and if another bank charges, we'll refund up to $15 of their bank fees each month. Deposit options — Make a deposit through one of more than 2,000 The UPS Store® locations, and qualifying members can also deposit checks from home, an iPhone® or Android™ phone. Free online and mobile banking — Check balances, transfer funds and pay bills using a computer, smartphone, iPad® or mobile.usaa.com. Free USAA® Money Manager — Track spending with a personal budgeting tool. Quote Link to comment Share on other sites More sharing options...
Menstrualgravy Posted October 1, 2011 Share Posted October 1, 2011 Im switching my account to a CU today. Bye Bye BOA Quote Link to comment Share on other sites More sharing options...
wiegie Posted October 1, 2011 Share Posted October 1, 2011 (edited) Unlike Bank of America reacting to the Dodd-Frank "reform" by increasing costs for customers -- USAA Credit Union is doing the exact opposite: I hope it's not lost on you that your own experience proves that Rush Limbaugh's argument in the link you provided is a bunch of BS. Edited October 1, 2011 by wiegie Quote Link to comment Share on other sites More sharing options...
SheikYerbuti Posted October 1, 2011 Share Posted October 1, 2011 Not sure what you're all talking about with hating on credit cards. We have the Chase Freedom card and pay for EVERYTHING with it. Pay your bill off in full every month and get hundreds in cash back every year. Friggin sweet. As for debit cards. . .never use em. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted October 1, 2011 Share Posted October 1, 2011 Not sure what you're all talking about with hating on credit cards. We have the Chase Freedom card and pay for EVERYTHING with it. Pay your bill off in full every month and get hundreds in cash back every year. Friggin sweet. As for debit cards. . .never use em. This. Exception: I do use my debit card at my bank's ATMs and also in Costco, since they take Wells Fargo debit cars and I don't want an Amex card, nor do I want to use a check. Costco doesn't do CCs. Quote Link to comment Share on other sites More sharing options...
TheGrunt Posted October 1, 2011 Share Posted October 1, 2011 I hope it's not lost on you that your own experience proves that Rush Limbaugh's argument in the link you provided is a bunch of BS. Where is he wrong? You have a lot of lines to quote from, so point out where you think Rush is wrong -- and prove it. It doesn't matter how you try spinning it, I'm willing to side on the safety of Rush's documented accuracy rate of almost always right 99% of the time. I remember once when a caller phoned into the EIB Network and thought he was going to prove Rush wrong. After citing some facts, Limbaugh said the following, which seems to work verbatim here too: That's the purpose, and I'm telling you right now, I know this without knowing it. And this is why I'm the one with the documented accuracy rate of almost always right 99% of the time. Seventy-five percent of the people in this country are not optimistic right now, and that's one of the problems. - Rush Limbaugh '09 Quote Link to comment Share on other sites More sharing options...
bushwacked Posted October 1, 2011 Share Posted October 1, 2011 I hope it's not lost on you that your own experience proves that Rush Limbaugh's argument in the link you provided is a bunch of BS. Quote Link to comment Share on other sites More sharing options...
wiegie Posted October 1, 2011 Share Posted October 1, 2011 Where is he wrong? You have a lot of lines to quote from, so point out where you think Rush is wrong -- and prove it. Your debit card fees are going up. Your ATM fees. I just got off the phone with USAA, and my new bank account has been successfully set up! In an environment with some major banks making plans to charge customers new monthly fees for using their debit cards, USAA Bank announced today it has no plans to add fees to its debit card. USAA Bank remains committed to offering a free checking account — and free debit card — with superior features such as: Free checking — No monthly service fees regardless of balance. Free nationwide ATM use — First 10 ATM withdrawals are free, and if another bank charges, we'll refund up to $15 of their bank fees each month. Q.E.D. Quote Link to comment Share on other sites More sharing options...
The Irish Doggy Posted October 1, 2011 Author Share Posted October 1, 2011 almost always right 99% of the time How close to 99% does one have to be to qualify for almost? Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted October 1, 2011 Share Posted October 1, 2011 Where is he wrong? You have a lot of lines to quote from, so point out where you think Rush is wrong -- and prove it. It doesn't matter how you try spinning it, I'm willing to side on the safety of Rush's documented accuracy rate of almost always right 99% of the time. I remember once when a caller phoned into the EIB Network and thought he was going to prove Rush wrong. After citing some facts, Limbaugh said the following, which seems to work verbatim here too: Grunt, I don't think you are a stupid man at all, not by any means. So I advise that you should more critically analyze what you post before you actually post it. See the bolded part above along with the bolded parts in the quote below for what I mean. That's the purpose, and I'm telling you right now, I know this without knowing it. And this is why I'm the one with the documented accuracy rate of almost always right 99% of the time. Seventy-five percent of the people in this country are not optimistic right now, and that's one of the problems. - Rush Limbaugh '09 Documented? Know this without knowing it? Almost always right for 99% of the time? What the heck does THAT mean? Dude. Quote Link to comment Share on other sites More sharing options...
WaterMan Posted October 1, 2011 Share Posted October 1, 2011 Goodbye BOFA. Give me my tax dollars back BTW. TIA. Quote Link to comment Share on other sites More sharing options...
TheGrunt Posted October 1, 2011 Share Posted October 1, 2011 Goodbye BOFA. Give me my tax dollars back BTW. TIA. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted October 1, 2011 Share Posted October 1, 2011 Goodbye BOFA. Give me my tax dollars back BTW. TIA. They did Quote Link to comment Share on other sites More sharing options...
TheGrunt Posted October 1, 2011 Share Posted October 1, 2011 They did And yet, two years later banks are still using one federal program to repay another, which is, in the words of Sen. Charles Grassley is “an egregious example of budget gimmickry.” Quote Link to comment Share on other sites More sharing options...
TheGrunt Posted October 1, 2011 Share Posted October 1, 2011 Grunt, I don't think you are a stupid man at all, not by any means. So I advise that you should more critically analyze what you post before you actually post it. See the bolded part above along with the bolded parts in the quote below for what I mean. Documented? Know this without knowing it? Almost always right for 99% of the time? What the heck does THAT mean? Dude. I think Rush Limbaugh uses that line to aggregate liberals. I'll refrain from posting stuff like this just to stir up controversy, unless it's in response to a silly comment by Bushwacked. Quote Link to comment Share on other sites More sharing options...
yo mama Posted October 2, 2011 Share Posted October 2, 2011 They did Pffft, Limbaugh-induced outrage is immune to facts. Quote Link to comment Share on other sites More sharing options...
CowboyGal2011 Posted October 3, 2011 Share Posted October 3, 2011 Hold on to your wallet: The Durbin Amendment goes into effect Saturday. The once-obscure amendment to the Dodd-Frank financial-reform bill limits “interchange fees,” which banks charge to merchants for providing the service that allows stores to accept debit-card payments. The fees were cut by some 80 percent, which makes it less profitable for banks to offer debit-card services. So the banks have done the natural thing and begun to transfer the fee from merchants to their customers, with Bank of America announcing a new $5-per-month fee for debit-card users. Naturally, the amendment’s author, Sen. Dick Durbin (D., Ill.) is in a rage, complaining that the banks are “sticking it” to consumers. He ought not be surprised: What is happening is precisely what was predicted by industry experts and by the banks themselves. Running a debit-card network costs money, and banks are not going to do it for free or suffer reduced profits gladly. As is usually the case, what we have here is one special-interest lobby (retailers) using its political clout to prevail over a marketplace rival (the banks) to secure for itself a bigger piece of the action. Mr. Durbin, being a senator and a Democrat, cannot resist the urge to stick his nose into controversies better left to the marketplace. Not coincidentally, one of the nation’s largest retailers, Walgreens, is located in his state, and the firm’s CEO lobbied hard for the new federal price controls on debit-card fees. Quote Link to comment Share on other sites More sharing options...
Yukon Cornelius Posted October 3, 2011 Share Posted October 3, 2011 I hope it's not lost on you that your own experience proves that Rush Limbaugh's argument in the link you provided is a bunch of BS. Pffft, Limbaugh-induced outrage is immune to facts. Quote Link to comment Share on other sites More sharing options...
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