Banks Plan New Fees for Using Debit Cards

Thank you again Government and in particular Democrats and in particular Dick Durbin and Chris Dodd. Remember the Reagan quipp that the scariest thing one can here is a knock on the door and the voice saying "It's the government and we're here to help".

There was nothing wrong with the system that existed. It was based on competition, I know several people who sold processing services to small business and it was very competitive. The more you used you card the more you paid. That was FINE with me, it is a service. I like using my card instead of cash, it helps me track my budget, I can get cash at most stores when I make purchase, I can use it online instead of my credit card card keeping my purchases on one statement.

Now they are going to start charging a monthly fee, this will hit those who rarely use their cards more than those of us who use them a lot.

"Sen. Dick Durbin (D-Ill.), who championed the legislative provision that led to the caps, said in a prepared statement: "After years of raking in excess profits off an unfair and anticompetitive interchange system, Bank of America is trying to find new ways to pad their profits by sticking it to its customers. It's overt, unfair, and I hope their customers have the final say.""

What were "excess profits"? It was very competitive. What is "padding" their profits? Why do Democrats think businesses should do everything for free?

 

That would be nice but the cons are in love with money and don't have souls so we can't do that

 

Please do your homework before you shoot off your mouth. Do you know what BofA was doing to collect those fees.

 

You are free to start a bank and issue debit cards and do it for free. And can we gather you work for free?

 

Yes I know.....swipe fees like the rest of the banks, use your card pay a nominal fee.

 

starting a bank isn't free... see how it all comes down to money again?

 

I said YOU are free to start a bank. What's the matter don't want to put your money on the line or allow people to use it for free?

 

Checking Fees, ATM Fees, Overdraft Fees, minimum balance Fees, and now Debit Card Fees?

After awhile one has to wonder why it costs so much to allow a Bank to use your money. The consumer will let them know when they've had enough.

I left mine a couple years ago due to many of the above listed Fees, havent looked back. There are better options out there for people who are fed up.

 

bank of america is in serious trouble financially......they are just looking for new avenues to make money so that they can stay afloat!

 

ever consider a credit union? Fees are much lower and interest rates are also much better for your deposits!

 

While they reference BoA this is about all banks. I use Wells Fargo and they have already sent me a letter about the new fees. Yeah this stupid bill cut their revenues, what did they expect them to do?

 

There is no credit union close to me, they are not as available when I travel.

Bottom line is why should I have to when I was perfectly happy with my banking as it was?

 

Oh I'm already all set. My wife works at a financial institution who offers a brokerage account.
This account gives me direct deposit..actually 1 day early in fact, and reimburses me for any ATM fees I incur using machines from other institutions. No overdraft fees or any of that.

I have to pay 10 bucks for a new box of checks when I run out, and thats it..totally fair IMO. Afterall they have to purchase the paper, print them for me, and then mail them to me...totally fair and expected cost.

I closed a longtime account I had at TD bank a couple years ago due to alot of BS fees, and policies and never looked back.

 

All of the new banking regulations were passed for one reason and one reason only. To buy the votes of credit card abusers. Evidently banks DID charge heavy fees for those who could not control themselves and abused their cards.

I've been with one bank for more than 40 years. I pay no fees, for my debit card, credit cards, checking account fees, ATM fees, or minimum balance fees. And I expect that I will not pay any of these new fees either. Because the bank WANTS my accounts.

Once again our ignorant liberal legislators have rewarded failure and punished the responsible. If they wanted card abusers to be protected from high fees, they should have passed a regulation that after one has abused a card X number of times, the bank must void the card. Then the abuser would be protected from high fees and from their own irresponsibility, by having NO CARDS.

 

This provision is for the big box retailers like Wal-Mart and large chains like Walgreens.

Banks are merely going to cut services and branches and increase my cost.

Thanks Durbin you arse.

I agree with Gingrich, the first act of the new President should be to head up a repeal of this bad bill.

 

Looks like you've got a business opportunity there.

Because your banking practices placed an undue burden on others. The cost of your banking got shifted onto others, and the government finally said that the bank could no longer force other people to pay as much to cover the cost of your banking service.

 

I find more agreement with Newt every day. It was Newt that partnered with Clinton to create the surplus that liberals love to cite. Gingrich easily has the best mind of all the candidates, including the incompetent incumbent idiot.

 

I call it the old follow the leader routine......everybody wants to raise the fee but nobody wants to be first, but once one bank does it then they all jump on the bandwagon as now nobody can be accused of being first!

 

Here in canada I pay 17 dollars for a new book of checks.....mind you at a credit union at some locations they are still free!

 

Health care should be free.

Financial Services should be free.

Is there ANY service that Americans should actually HAVE TO PAY FOR???

Banks are not non-profit institutions, why are you trying to force them into being such?

 

all I am saying is if you are not happy then there are alternatives! At a credit union you are part owner so they treat you better!

 

We had the best telephone system on the planet until congress decided to regulate Ma Bell.

I wonder what Paul would do ?

Start up the libertarian Shrimp for Cash Saving and Loan Bank?.

This is a legit question for libertarians..
What would Paul do as President ?

 

I'm with you. Joined a CU about 8 yrs ago, and have been extremely happy with it. I recommend everyone to join a local one.

 

Phone service has gotten cheaper since Ma Bell was split apart. I'm happier with it.

 

Maybe stop banking at BoA?

CitiBank: Citigroup Inc. said earlier this month that it would not charge a debit card fee, saying a fee would be a "huge source of irritation" to customers, according to Bloomberg.
TD Bank: TD Bank has no plans to charge a debit card fee.
Capital One Bank: Capital One does not have plans to charge debit card fees.
HSBC Bank: No charge yet, though Mybanktracker.com says HSBC is still reviewing the impact of charging a debit card fee.
Citizens Bank: No debit card fee in place currently.