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  1. #1 Banks Plan New Fees for Using Debit Cards 
    SEAduced SuperMod Hawkgirl's Avatar
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    The nation's beleaguered banking industry, which has been raising fees and doing away with free services, has a new target: debit-card users.

    Bank of America Corp. is laying plans to charge millions of customers a $5 monthly fee to use their debit cards, and other big banks are expected to follow suit. The industry says it needs the fees to recoup revenue it will lose because of new government regulations taking effect Saturday that cap what they can charge merchants for debit-card transactions.

    Bank of America, the largest U.S. bank by assets, disclosed the plan on Thursday in a memo to its senior staff. It intends to begin collecting the fees nationwide early next year.
    http://online.wsj.com/article/SB1000...330404330.html

    I can close out my accounts with BofA...but it sounds like many other banks are following suit. I am a huge user of my debit card.
    It seems like the best thing to do is to go back to using cash...which psychologically, is harder to do with some purchases.
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  2. #2  
    PORCUS MAXIMUS Rockntractor's Avatar
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    Quote Originally Posted by Hawkgirl View Post
    http://online.wsj.com/article/SB1000...330404330.html

    I can close out my accounts with BofA...but it sounds like many other banks are following suit. I am a huge user of my debit card.
    It seems like the best thing to do is to go back to using cash...which psychologically, is harder to do with some purchases.
    That is per month, not per transaction.
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    Best Bounty Hunter in the Forums fettpett's Avatar
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    thank Dick Durbin for this....besides...you can probably talk to them and change your account to one that doesn't have the fee
    "Should I keep back my opinions at such a time, through fear of giving offense, I should consider myself as guilty of treason towards my country, and of an act of disloyalty toward the Majesty of Heaven, which I revere above all earthly kings..." Patrick Henry
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  4. #4  
    SEAduced SuperMod Hawkgirl's Avatar
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    Quote Originally Posted by Rockntractor View Post
    That is per month, not per transaction.
    I know, but the fact that I have to pay $ to access my own money is absurd.
    .
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  5. #5  
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    Quote Originally Posted by Hawkgirl View Post
    I know, but the fact that I have to pay $ to access my own money is absurd.
    .
    It is just banks doing what banks do. Pass a law that says that banks have to comply with something, and they go to work looking for a workaround.

    Here in Florida, the payday lenders (or Big Sleaze as I like to call them) are in Tallayahoo whining that they aren't making enough money at 24%, they need 30%.
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    Quote Originally Posted by Novaheart View Post
    It is just banks doing what banks do. Pass a law that says that banks have to comply with something, and they go to work looking for a workaround.

    Here in Florida, the payday lenders (or Big Sleaze as I like to call them) are in Tallayahoo whining that they aren't making enough money at 24%, they need 30%.
    That is not APR either....those are the rates for short term loans, like 1 to 4 weeks...many payday and title loan stores were found to be charging triple digit APRs....500 to 900% APR was not uncommon.

    I would not call payday loan stores "banks." You might, but I don't.
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  7. #7  
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    Quote Originally Posted by RobJohnson View Post
    That is not APR either....those are the rates for short term loans, like 1 to 4 weeks...many payday and title loan stores were found to be charging triple digit APRs....500 to 900% APR was not uncommon.

    I would not call payday loan stores "banks." You might, but I don't.
    Here in Florida, Amscot started off as a payday loan or title loan place, and they have grown into a kind of bankers' pornography. They still loan money to coke heads at 2 am, but they also perform banking services to the poor or unbanked that traditional banks either won't perform, charge too much to perform, or turn up their nose at.

    At Amscot you can go in there on Friday with your paycheck, sign over your check, get money orders for your rent, car payment, and utility bill, and leave with the rest in cash or on a debit card. It's pretty close to banking.
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    Quote Originally Posted by Hawkgirl View Post
    I know, but the fact that I have to pay $ to access my own money is absurd.
    .
    this^

    I think sometimes banks believe it's not your money. Not only are you screwed by the measley % in a savings account they give you to lend to other people....but everyday inflation makes that .01 % your earning on it negated.
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  9. #9  
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    Quote Originally Posted by Hawkgirl View Post
    http://online.wsj.com/article/SB1000...330404330.html

    I can close out my accounts with BofA...but it sounds like many other banks are following suit. I am a huge user of my debit card.
    It seems like the best thing to do is to go back to using cash...which psychologically, is harder to do with some purchases.
    Cash is good for the psych factor, but it would be a good idea to take your money out of BoA and move it to either a credit union or a local bank.

    They are much better about these things.
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  10. #10  
    Best Bounty Hunter in the Forums fettpett's Avatar
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    Quote Originally Posted by Wei Wu Wei View Post
    Cash is good for the psych factor, but it would be a good idea to take your money out of BoA and move it to either a credit union or a local bank.

    They are much better about these things.
    while i agree on a base level (i hate banks for the most part and almost always use a CU), BoA is only doing this because of the fucking retarded Frank-Dodd bill and the Durbin - amendment
    "Should I keep back my opinions at such a time, through fear of giving offense, I should consider myself as guilty of treason towards my country, and of an act of disloyalty toward the Majesty of Heaven, which I revere above all earthly kings..." Patrick Henry
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