Did Congress Kill the Debit Card?
 

5$ a month? The average canadian will spend at least 2$ per transaction to get money from an atm, and that's only if they have spent the 9.95-15.95 monthly debit fee that waves the extra 1.50 per charge per transaction.

I'd love it if it was only 5$ a month! hehe

Same in Oz. Any ATM card is $2 per ATM transaction unless using your own bank's network, overseas use is higher.

The article from yesterday stated that atm use would not incur the NEW fee, it didnt say there would not be seperate atm fee's, which there already are with no mention of that changing that I've seen.

Since I've had the same account for 35 yrs now, if my bank decides to jump on this bandwagon, I'll be calling them to get it waived.

touché!!!!

I heard on the radio, sorry no source, that as a result of the legislation, Mastercard and Visa will be RAISING their interchange fees to the maximum allowable now. Doesn't make a difference to consumers, but business will feel it.

no no no... this is a fee ON TOP of what you pay now. ATMs will continue to rape you, and BofA will continue to charge a $2 fee to use an ATM. This is a "monthly service fee" sort of like if you have an account with a low balance and they charge you a maintenance fee.

fucking lame IMO :2 cents:

Customers of Bank of America should move their monies to new institutions!

This bank is nothing but shit and have got away with fucking Americans and their customers for way too long.

I would love nothing more than to see this bank fail.

$5 a month...? who gives a fuck

it's not the end of debit, it's the great milking of debit, it will affect everyone not just BoA customers.

enter bitcoin ;)

Think you'll just move to another bank to avoid this? Think again. Wakovia, Chase and others are already testing similar programs. This will end up being a standard fee I'm sure so changing banks won't necessarily help.

yeah.. Canadians pay per transaction, or in some cases a flat fee, I opted for the $12 flat fee per month which allows unlimited debits per month. This is of course in addition to any ATM fees. So a $5 fee per month unlimited.. where do I sign up?

Article about Visa & MC raising fees for small debit transactions
http://www.bloomberg.com/news/2011-0...lyst-says.html

I use my credit card for maximum points/miles and pay it off at the end of the cycle anyways. Still banks are always looking for an excuse to nickel and dime their customers.

Congress' intentions always backfire because their stupid egos and ignorance on financial and other matters always get in the way. Their ability to fuck up everything they touch is amazing but not surprising.

Warren Buffet was on CNN and was asked about this. He just said if you have a problem with it, there are seventy thousand other banks in the US you can use.

Regions Bank just added a $4 per month ATM fee. They also got rid of their free no-fee checking accounts.

Everyone in the card industry knew that this would happen when Dick Durban wrote this bill. Every time the government gets involved like this it almost always turns out badly. Price fixing always results in either higher prices elsewhere in the chain, or reduction in service, supply and choices. it happens every time, but politicians just can't stop themselves from trying to get re-elected by appearing that they are "controlling prices", instead of letting people's freedom of choice take care of it instead.

They will never learn.


.

Direct deposit your money into the bank, pay your bills, transfer some to savings/investments, then withdraw your walking around money. Wash and repeat.

USAA for the win!

If you are veteran!

20 years of growing abuse, even from the "good guys", kinda kills any freedom of choice.

This price control, has opened up more choices than we had... many banks already had free atm fees at every angle (not that the price control only hit that), but now banks like BofA are going to keep trying to figure out every possible way to get another dime, and they aren't able to make billions in profits over the other banks in stupid fees... which gave them a huge marketing edge - but today that advantage is reversed. Smart business will finally pay off for those good banks.

Your other option is to find a credit union you can join.

wow.... you really don't understand how this stuff works do you.... Or how this type of price fixing by governments ALWAYS leads to FEWER choices in the market place for consumers....


Never mind. I have a feeling this would be a long conversation, which in the end would be a waste of time, no matter which of the countless examples of the consistent damage that price fixing does to the market and consumer choice I showed to you.


*sigh*

:Oh crap:(

I'll stick with my credit union

I'm betting if you carry a big enough balance they'll waive the fee.

So why doesn't your free market theory work in non-regulated countries then? Yeah, not every country is super bank heavy on regs... and it's still not all flowers and butterflies.

Personal account, they do a lot for us, I'll admit that.

Business wise, I should have moved long ago, I've just been lazy. I can use the "standard" business service, they just kill ya in fees. And if I go up to small business, they want 300k 'average' monthly balance to wave fees... yeah, that's not happening. I went with BofA years ago because they were the first to offer online wires, going into the branch and filling out wire forms for affiliates, is like shooting yourself in the head... really no reason for me not to move today, I haven't sent a wire out in like two years.

use credit cards who cares about debit cards

Yes and yes.

The threshold for getting the VIP treatment on a personal account is really low, $5-$10k I think and you get free everything: online bill pay, automated payments, free cashier's checks, free trades etc, etc.

yeah stupid, EH?

The processing networks, to some extent, are natural monopolies and hence need to be regulated - merchants don't really have any choice. The price controls is on the network side. Banks are still free to charge whatever they want for banking services, such as for example, BoA new $5 debit card fee.

There are many examples of price controls that help protect customers, such as those on gas, electric, and water service in most places...

And while on the topic of price controls - Comcast internet users should be thankful the government stepped in with temporary price controls when Comcast merged with Universal and required them to keep internet service rates about the same as now and not reduce the 250 GB/mo cap for at least three years.

Getting back to the debit card fee limit bill - from my understanding, smaller card issuers are exempt from the new limits, as well as, issuers of government benefit debit cards (unemployment, welfare, etc).

Ron

They have other plans for debit cards, the 5.00 fee is on their base level debit card that they probably lose their ass on. I agree with Warren, if you got a problem with BoA, move banks (and probably end up paying more).

THIS.

I joined a credit union a couple years ago for my personal stuff. No fees, and they give me cash back on debit card purchases.

I guess you didn't bother reading ... Bank of America is the first and other banks are expected to follow.

I'm betting if you carry a big enough balance you wouldn't likely give a shit about the 5 bucks either! :1orglaugh

That would depend on your perspective.. The few banks that we have available to put our money in have been making record breaking profits for years now so i'm sure they are happy about it hehe


does that make them a good investment you think?

So instead of just paying a measly $5 monthly fee you would rather make multiple trips to an ATM and carry around large amounts of cash? Plus deal with all of the coins you would receive back in change? You plan on carrying around your Grandma's coin purse as well?

A. If you're that concerned with the $5 fee just use the card as a cc. As long as you don't enter in a PIN during the month you wouldn't get charged.
B. It's $5 bucks! Jesus, you would think after reading this thread it was $500.

$5 or $60 a year, times how many years, and assuming it stays $5? Either way, it's my money... who cares if it's 1 cent, $1 or more... it's my god damn money and it isn't going to anything that benefits ME!!!!

And multi trips? What am I an idiot? I also have a safe.

$200 a week covers our groceries, entertainment, coffee, and gas.

I love change! I buy swisher's with it.

a) And I could just change banks, or keep doing what I've been doing.
b) No, it's MY money, that logic is simple... if you wish to give people money, give me $60 a year and give it to my kids to play on the penny stocks with.

Would you like my kids paypal address?

ok, can i take on $5 a month to everything you pay for? send it all to me, every month!

Exactly I've kept my credit union account open from my college days in upstate NY and it is by far the best thing going on. Everything you described as well.

Find a way to open up an account at a credit union folks.

It does benefit you. It's a service that allows you to purchase something without having to carry around cash. And how exactly are you taking $800 out of an ATM each time? You'd have to take at least 2 trips on separate days or go into the branch. I think it's well worth $5 a month to avoid the hassle of dealing with those trips and having to make all cash purchases.

And on a side note. You have kids and $200 a week covers groceries, gas and entertainment?? Your night outs must be a real joy. :1orglaugh