Banks Plan New Fees for Using Debit Cards

[Hawkgirl]

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.

[Rockntractor]

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.

[fettpett]

thank Dick Durbin for this....besides...you can probably talk to them and change your account to one that doesn't have the fee

[Hawkgirl]

That is per month, not per transaction.

I know, but the fact that I have to pay $ to access my own money is absurd.
.

[Wei Wu Wei]

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.

[fettpett]

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

[Novaheart]

The nation's beleaguered banking industry

Beleaguered?

Which bank/ Chase? I don't think so. Golly gee Jamie, we only made $12 billion dollars last year.

[Hawkgirl]

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.

Yes, thinking of using my credit union instead. I do like the convenience factor of BofA..since I have my mortgages and all my accounts with them.....I can transfer $ at will.

But I suppose Credit Unions have come a long way, hopefully I can do the same.

[Hawkgirl]

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

Still, screwing the consumer isn't the right road to take. The dumbocrats will never learn...screwing the corps only results in screwing the consumer. I'm going to protect my assets too though, even if it's only a measly $5/month.

[SaintLouieWoman]

Still, screwing the consumer isn't the right road to take. The dumbocrats will never learn...screwing the corps only results in screwing the consumer. I'm going to protect my assets too though, even if it's only a measly $5/month.

I wouldn't give them the $5/month either. If you can pay off your credit cards in full, try one of the credit cards with cash back. I have a Chase card that has really good perks. It's easy with all their little bonus points to get money back fairly often. I think that we've gotten back at least $700 this year. I've been just having it deducted from what we owe on the credit card. (Had some very heavy medical bills this year that put on the card).

I've never used debit cards. I'd rather use the credit card, pay it off in full each month, and get those cash back bucks. That way you're getting money from them, not paying them. :D