Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

US Banks Begin Charging Debit-Card Fees
Fox Business ^ | August 17, 2011 | Matthias Rieker

Posted on 08/19/2011 10:33:05 AM PDT by throwback

Edited on 08/19/2011 11:57:37 AM PDT by Sidebar Moderator. [history]

NEW YORK -(Dow Jones)- Wells Fargo & Co. (WFC) is joining a growing number of banks that are introducing or testing a monthly fee for debit cards, casting around for revenue lost to debit-card regulatory restrictions.

Wells Fargo, the nation's second-largest bank by deposits, will charge a $3 fee for debit and automated-teller-machine cards as of Oct. 14 in several states if such cards are used for purchases (but not for ATM usage). The bank said it is a pilot program, and it will monitor how people respond.


(Excerpt) Read more at foxbusiness.com ...


TOPICS: Business/Economy; Government
KEYWORDS: banking; banksters; bhoeconomy; cashlesssociety; debit; debitcard; durbin; durbinfee; financialinsecurity; frankdoddact; gotocash; wellsfargo
Navigation: use the links below to view more comments.
first 1-5051-54 next last
Thank you Dick Durbin. Take the transaction fee from the bank and hand it to the merchant. Then the bank starts a new fee to compensate, and who's out? You guessed it. The little guy scr_wed once again by the champions of the oppressed. Paying twice for the convenience of using a debit card, or just resort to cash, and now we've devolved 30 years.
1 posted on 08/19/2011 10:33:15 AM PDT by throwback
[ Post Reply | Private Reply | View Replies]

To: throwback

Idiots. We are headed back to a cash carrying society, and of course many of us will be carrying more than just cash — the lead is the heavier of the two.


2 posted on 08/19/2011 10:37:17 AM PDT by George from New England
[ Post Reply | Private Reply | To 1 | View Replies]

To: throwback
I can ditch my debit card faster than you can say "Eric Holder's people.

Since we pay off our credit card every month, we'll just do it that way.

3 posted on 08/19/2011 10:37:51 AM PDT by E. Pluribus Unum (Palin is coming, and the Tea Party is coming with her.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: throwback

Recently I found out my bank had been charging me a Fee of $1 a month just for the privilege of having my debit card linked to my savings account.
At some point I think there will be a real opportunity for small community banks to come up and fill a need for those that want no frills accounts.
Guess we will see.


4 posted on 08/19/2011 10:39:11 AM PDT by Captain Peter Blood
[ Post Reply | Private Reply | To 1 | View Replies]

To: throwback

It is important that their “TEST” FAIL!

Write, phone, complain!
Close your accounts!
Make large transfers to your credit union!


5 posted on 08/19/2011 10:44:13 AM PDT by G Larry (I dream of a day when a man is judged by the content of his character)
[ Post Reply | Private Reply | To 1 | View Replies]

To: George from New England

I like it. This time the unintended consequences of stupid federal legislation is a retreat from the centralized trackability of every single little payment made in America. Not what the bureaucrats would have been looking for at all.


6 posted on 08/19/2011 10:44:38 AM PDT by 9YearLurker
[ Post Reply | Private Reply | To 2 | View Replies]

To: throwback

Knew it would be Wells Fargo. Hate that bank.


7 posted on 08/19/2011 10:44:45 AM PDT by bgill (just getting tagline ready for 6 months after you vote in Perry - Tried to warn you he's a RINO.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: throwback

I use cash. They can shove their Debit card where the sun don’t shine.


8 posted on 08/19/2011 10:45:23 AM PDT by Venturer
[ Post Reply | Private Reply | To 1 | View Replies]

To: throwback

People will respond by going back to using cash, and then it’ll be harder to track our purchases.


9 posted on 08/19/2011 10:46:25 AM PDT by Lady Lucky
[ Post Reply | Private Reply | To 1 | View Replies]

To: throwback

Doesn’t the ‘test’ have something to do with new punitive laws against banking in those states?


10 posted on 08/19/2011 10:48:06 AM PDT by GOPJ (126 people were indicted for being terrorists in the last two years. Every one of them was Muslim.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Peanut Gallery

Ping


11 posted on 08/19/2011 10:48:06 AM PDT by Professional Engineer (Gov. Perry is a solid conservative... as long as it's campaign season.)
[ Post Reply | Private Reply | To 8 | View Replies]

To: throwback
The bank said it is a pilot program

I hope is crashes.

12 posted on 08/19/2011 10:51:25 AM PDT by tbpiper (Sarah Palin is the antivenin for the Obama poison)
[ Post Reply | Private Reply | To 1 | View Replies]

To: bgill

“Knew it would be Wells Fargo. Hate that bank.”

A female coworker of mine used to call them “Well F* Me.” I loathe Wells Fargo. There were several times they stole money from me, including “accidently” adding hundreds of dollars of annual fees to my account. I eventually got that straightened out, but I got tired of my balance saying “Depostit, Deposit, Deposit” and then the running total reading less than the initial starting amount, without giving me access to my money. They also refused to close my account when I tried at several branches because “the computers won’t let us” even though I was allowed to withdraw my account to zero, and get a fee for having less than I was supposed to.

I also used Bank of America (many years ago, same time period), and they outright lied to me on several occasions. I will never again use either, but Wells Fargo is by far the worst Bank I have ever done business with, ever.


13 posted on 08/19/2011 10:52:06 AM PDT by JDW11235 (I think I got it now!)
[ Post Reply | Private Reply | To 7 | View Replies]

To: throwback

Idiots. The ATM card has saved lots of money for banks. Less tellers needed. Also, when debit card is used, the transaction clears faster, reducing float. In fact, when they were first introduced there was all sorts of incentives to use them.

If they drive customers back to checks or carrying more cash, they are only harming their own bottom line.


14 posted on 08/19/2011 10:53:44 AM PDT by greeneyes (Moderation in defense of your country is NO virtue. Let Freedom Ring.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Lady Lucky

No, people will go to banks that don’t charge debit fees.

The brokerage firms, Fidelity, Charles Schwabb et al allow insured cash interest drawing accounts with debit and checking privileges. They also provide no charge ATM access, they pay the fee, at any ATM, any where.

Your checks are deposited directly to the account. It is all on the computer where you can see it all the time. It is secure.

The banks will suffer


15 posted on 08/19/2011 10:54:02 AM PDT by bert (K.E. N.P. +12 ....Rats carry plague)
[ Post Reply | Private Reply | To 9 | View Replies]

To: G Larry

“Make large transfers to your credit union!”

Oh yeah, I moved from a large back to a CU and I’m loving it: they treat you like people for one thing.


16 posted on 08/19/2011 10:54:16 AM PDT by elpinta (John 17:3)
[ Post Reply | Private Reply | To 5 | View Replies]

To: Lady Lucky

“People will respond by going back to using cash”

I wish.

“and then it’ll be harder to track our purchases.”

I hope.

The government is saying those using cash are “potential terrorists,” I wonder how this fits into their plan.

Nothing is done by accident, nothing.


17 posted on 08/19/2011 10:54:28 AM PDT by JDW11235 (I think I got it now!)
[ Post Reply | Private Reply | To 9 | View Replies]

To: elpinta

They sure do, and they halved my interest rates on the balances I transferred to them!


18 posted on 08/19/2011 10:55:25 AM PDT by JDW11235 (I think I got it now!)
[ Post Reply | Private Reply | To 16 | View Replies]

To: JDW11235

Amazing, been with WF for over ten years and can’t find one bad word to describe them. I have never had anything but great service.


19 posted on 08/19/2011 10:58:15 AM PDT by eastforker
[ Post Reply | Private Reply | To 13 | View Replies]

To: throwback
I have never seen the attraction of debit cards if you can get a no-annual-fee credit card. The debit card hits your checking directly so if there is a mistake or someone steals the number, suddenly your mortgage payment bounces. With a credit card there is a firewall between the transaction and your money. Also, banks are generally more generous with rewards plans on credit cards, you have more legal protection and dogs like you better.... well maybe not the last one.

I think I've used my ATM cards as debit cards twice and each time the bank had to bribe me to do it (one was a pint of Häagen-Dazs ice cream with a debit card use and the other time was a few dollars in their rewards program). Then I immediately went back to my credit card.

20 posted on 08/19/2011 11:04:33 AM PDT by KarlInOhio (The Repubs and Dems are arguing whether to pour 9 or 10 buckets of gasoline on a burning house.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: throwback

A third-party candidate running on a platform of “Elect me and I will regulate bank fees, cap credit card interest, and make sure some of the worst big bank offenders go to jail” will get a whole lot of votes next year.

I’m not saying that’s right, only that’s how I think it will be.


21 posted on 08/19/2011 11:05:54 AM PDT by Buckeye McFrog
[ Post Reply | Private Reply | To 1 | View Replies]

To: E. Pluribus Unum

I never had a debit card because it didn’t require ID.

I know plenty of people who are addicted to them. I will carry cash, thanks.


22 posted on 08/19/2011 11:06:43 AM PDT by ridesthemiles
[ Post Reply | Private Reply | To 3 | View Replies]

To: eastforker

Haha, use of more than one word is allowed! Just kidding. Maybe you’ve just had a lucky experience, or maybe you have a good branch. I don’t know. What I do know is that after years of seeing FReepers say to move to a Credit union (I lurked a long time before joining 3 years ago), I decided to give it a try. It’s so far above and beyond, that’s it’s crazy.

Another Wells Fargo experience. I was paid a settlement years ago (when I banked with Wells Fargo), that my attorney dispersed to me. Because the law office used Wells Fargo, I took the bank to them to have it cashed, because it was drafted on their own checks. They wanted me to wait for a 10 business day (14 day) waiting period in order to have the check cashed, even though it was a computer printed check from a business on their own checks! I walked accross the street (literally), to Bank of America (where I also had an account), and they cashed my check on the spot. I will never, ever have a good thing to say about Wells Fargo, or their banks that look like prisons. Good riddance!

(But, YMMV and if you’re happy stick with what keeps you that way).


23 posted on 08/19/2011 11:07:10 AM PDT by JDW11235 (I think I got it now!)
[ Post Reply | Private Reply | To 19 | View Replies]

To: throwback
Ah, yes. Wells Fargo bank. I had a car loan with them. Paid off the loan. Never got the title back. It cost me $30 to get a replacement title, not to mention the hassle the DMV gave me about the title being lost. The only time I darken their door now is when I cash a check written on their bank. And, sometimes, they won't honor the check: "You need to deposit the check into a savings or checking account -- we don't cash checks to non-customers."

Then they tried to get me to make another payment on the paid-off loan. Glad I knew where the paperwork was filed. When I showed them the document that said "Paid in full" they didn't even apologize.

How to guarantee I stay a non-customer.

24 posted on 08/19/2011 11:07:28 AM PDT by asinclair (Talk is cheap, actions are priceless)
[ Post Reply | Private Reply | To 1 | View Replies]

To: JDW11235
They also refused to close my account when I tried at several branches because “the computers won’t let us” even though I was allowed to withdraw my account to zero,

That's a game they play. I was the new adult leader of a youth group and we'd had our money at a Well Fargo for years. I went in to get the signature cards changed over to reflect the new officers and such only to be told they never look at signatures so not to bother. What?!? I insisted because they hadn't updated our account since the day it was first opened and that had been many sets of officers ago. They put me through the wringer wanting to know about my credit and my house and my husband's info etc. -- I don't think so. They refused to put me on the account and insisted the previous leader come in and speak to them. Uh, excuse me, but about three of them attended the previous leader's funeral! What, was I supposed to dig her up and wheel her in there? Idiots. I finally got ticked off enough and demanded they close the account, which they refused to do, so I promptly wrote out a check for the full balance and dared them to check the signature card. I never set foot in there again and took the money to the next bank down the street.

25 posted on 08/19/2011 11:08:47 AM PDT by bgill (just getting tagline ready for 6 months after you vote in Perry - Tried to warn you he's a RINO.)
[ Post Reply | Private Reply | To 13 | View Replies]

To: asinclair

Agreed, on all points. I had many similar experiences, good riddance!


26 posted on 08/19/2011 11:10:11 AM PDT by JDW11235 (I think I got it now!)
[ Post Reply | Private Reply | To 24 | View Replies]

To: KarlInOhio
I have never seen the attraction of debit cards

The problem is that if you are one of the growing number of people who's paycheck is direct-deposited, you never see the cash. You either use the ATM or go stand in line at the bank (where a lot of them are now charging fees to speak with a live human being) Very stupid and short-sighted of these banks. Mark my words, when this country elects a Stalin or Hitler it will be on the promise to punish overreaching bankers.
27 posted on 08/19/2011 11:11:16 AM PDT by Buckeye McFrog
[ Post Reply | Private Reply | To 20 | View Replies]

To: G Larry

Pigs. They take tax bailout money , raise credit card rates, stop loaning money and refuse to trim their bloated overhead . There is never enough for these swine.


28 posted on 08/19/2011 11:11:51 AM PDT by fantom (,)
[ Post Reply | Private Reply | To 5 | View Replies]

To: elpinta

My little bank knows me by name and always asks about the kids by name. They’re always willing to go the extra step and fix things that may not be their fault or let customers’ stupid mistakes slide. It works both ways - I saved one teller’s hide for a huge mistake she’d made. If you treat people right, they’ll do right by you.


29 posted on 08/19/2011 11:16:43 AM PDT by bgill (just getting tagline ready for 6 months after you vote in Perry - Tried to warn you he's a RINO.)
[ Post Reply | Private Reply | To 16 | View Replies]

To: bgill

“...little bank”
Yes, that is the key, and there are lots of them; friend’s referrals are probably best.
I just happen to search and found a relatively small CU, so I went for it and never looked back.


30 posted on 08/19/2011 11:19:05 AM PDT by elpinta (John 17:3)
[ Post Reply | Private Reply | To 29 | View Replies]

To: bgill

Wow, that’s a disheartening story. I think this debit fee will bite them in the behind. Allegedly the purpose of the debit card fee is to make up lost transaction fees, which are allegedly to help out if someone get fraudulent activity on their card. Maybe, but surely there are ways to make purchases more secure, and to require people be accountable for their own cards. If it’s simply an insurance program (in one form or another), they could always have people pay for it themselves who choose to have it, like the identity theft insurances that exsist, and do away with transaction fees altogether. There’s more than one way to make money without producing anything (exactly what banks do), and banks are sure to come up with a new one. And if they don’t end up making money through the facilitation of economy, they’ll be bailed out anyway, so it probably doesn’t matter what they do.

I got fed up with banks after they borrowed TARP funds they didn’t need to buy bonds with the taxpayer’s dollar, to gain interest on money that wasn’t theirs, paid for again by the taxpayer, to give themselves bonuses. It’s well documented, and the rape of the American People. But that’s another story.


31 posted on 08/19/2011 11:19:17 AM PDT by JDW11235 (I think I got it now!)
[ Post Reply | Private Reply | To 25 | View Replies]

To: throwback

If you don’t like it, change banks. Let the sheeple pay the fees.


32 posted on 08/19/2011 11:19:55 AM PDT by AppyPappy (If you aren't part of the solution, there is good money to be made prolonging the problem.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Buckeye McFrog

In other words “Hope” and “Change?”


33 posted on 08/19/2011 11:21:25 AM PDT by JDW11235 (I think I got it now!)
[ Post Reply | Private Reply | To 27 | View Replies]

To: G Larry

Write, phone, complain!

Too late. The time to do that was last month when the Federal Government authorized this. It was reported, but very quietly, so our representatives would not be bothered by the people writing, phoning, and complaining. Until now, when it is implemented, then the banks have to take the heat. Brilliant.


34 posted on 08/19/2011 11:22:10 AM PDT by ngat
[ Post Reply | Private Reply | To 5 | View Replies]

To: throwback
This is the way Canadian banks have operated for as long as I can remember. It seems like they have fees for each and every transaction you make, no matter how large or small it is.

I don't think it's a regulatory thing up there, though . . . I think it's just a consequence of having so little competition. There are only about 5-6 different bank companies in the entire country, and I can see the U.S. getting to that point not too far in the future.

35 posted on 08/19/2011 11:23:40 AM PDT by Alberta's Child ("If you touch my junk, I'm gonna have you arrested.")
[ Post Reply | Private Reply | To 1 | View Replies]

To: George from New England

I ALWAYS use cash. People who use their debit cards, type in their pins, think if they want cash back etc....and hold up the line at the grocery stores or any market line piss me off.


36 posted on 08/19/2011 11:25:20 AM PDT by max americana (FUBO NATION 2012 FK BARAK)
[ Post Reply | Private Reply | To 2 | View Replies]

To: JDW11235

You must not have used Bank of America much because that is the worst bank ever. They kept screwing up on my mortgage payment that I was happy when it was paid off.

I will avoid them like the palgue.


37 posted on 08/19/2011 11:29:42 AM PDT by packrat35 (America is rapidly becoming a police state that East Germany could be proud of!)
[ Post Reply | Private Reply | To 23 | View Replies]

To: JDW11235

I do think the branch makes the difference. Any check I deposit is immediately available to me.


38 posted on 08/19/2011 11:30:58 AM PDT by eastforker
[ Post Reply | Private Reply | To 23 | View Replies]

To: Buckeye McFrog

Y’know, I seem to remember reading about a Depression in the 1800’s (caused by overreaching bankers) where the citizenry took to hanging bankers from gas lightpoles outside their banks. Oddly enough, the remaining bankers were motivated to clean up their acts at least for a little while.


39 posted on 08/19/2011 11:42:45 AM PDT by tgusa (Gun control: deep breath, sight alignment, squeeze the trigger......)
[ Post Reply | Private Reply | To 27 | View Replies]

To: throwback

This is one of many reasons I have belonged to Credit Unions over the past 30 years. The banks can all eat crap and die for all I care.


40 posted on 08/19/2011 11:46:56 AM PDT by wjcsux ("In a time of universal deceit, telling the truth becomes a revolutionary act." - George Orwell)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ngat

Never too late to vote with your wallet!

Make the practice fail and it will stop!

Voting Dems out of office will also help.


41 posted on 08/19/2011 11:48:31 AM PDT by G Larry (I dream of a day when a man is judged by the content of his character)
[ Post Reply | Private Reply | To 34 | View Replies]

To: throwback

PNC charges you to look up your balance at a non-PNC ATM.


42 posted on 08/19/2011 11:50:28 AM PDT by P.O.E. (Pray for America)
[ Post Reply | Private Reply | To 1 | View Replies]

To: packrat35

I have. They were a step above WF, and awful anyway, which is why I don’t have patronize them anymore either. (Did for over 10 years).


43 posted on 08/19/2011 12:03:40 PM PDT by JDW11235 (I think I got it now!)
[ Post Reply | Private Reply | To 37 | View Replies]

To: throwback
The Durbin amendment to the Dodd-Frank bill effectively eliminated the second largest revenue stream (behind loan interest)for regional banks. The third largest revenue stream for many banks-overdraft fees, will also be cut back, the bill authorized a committee to decide how much.

The per-swipe charge, collected by retailers for banks that provided the servicing, was cut from an average of around 85 cents per swipe, to 12 cents per swipe.

The culprits here were the National Retailer's associations, who lobbied the Democrats to reduce what they claimed was their second largest expense, an expense that was passed on to consumers in the price of goods sold. Theoretically, prices would go down, and they probably will somewhat as retailing is still very competitive. The largest money contributor to the effort to buy favor from Congress was Dayton-Hudson's Target division. Most all large retail chains contributed. The retailers simply provided more bribe money than the banks did, in my opinion.

I have difficulty blaming banks for what is happening, I blame politicians whose services are obviously for sale. I wouldn't be for curbing lobbying, if we had a responsible media then this episode would be reported for what it is-an egregious violation of the public trust and, what should be an unconstitutional over-reach on the part of the Obama administration and Democrats in Congress.

As a business owner, who depends on credit to keep the doors open, I'm not happy with anything that pinches banks, and thus affects lending adversely. This bill, if not rescinded, could be just as damaging to the economy as Obamacare, if not more. More shoes will drop soon, as the committee decides how much to regulate over-draft fees, and as other bank regulations in the bill are rolled out.

44 posted on 08/19/2011 12:08:53 PM PDT by wayoverontheright
[ Post Reply | Private Reply | To 1 | View Replies]

To: throwback

We have a WF debit card in Nevada. Once that $3 “fee” goes into effect, we’ll just stop off and withdraw the cash.

Maybe there’s enough of the younger ones who will put up with this crap to compensate - it’s just that we won’t be a part of it.


45 posted on 08/19/2011 12:15:08 PM PDT by Oatka ("A society of sheep must in time beget a government of wolves." –Bertrand de Jouvenel)
[ Post Reply | Private Reply | To 1 | View Replies]

To: throwback

i think this is great news. screw the banks and their cards. A cash society is much more privacy friendly


46 posted on 08/19/2011 12:17:31 PM PDT by wafflehouse (RE-ELECT NO ONE !)
[ Post Reply | Private Reply | To 1 | View Replies]

To: max americana
I ALWAYS use cash. People who use their debit cards, type in their pins, think if they want cash back etc....and hold up the line at the grocery stores or any market line piss me off.

I ALWAYS use my card. It's fast. People who use cash, fumble through their wallet for the right denomination or a penny so they don't have to get four pennies back, wait for the cashier to carefully count back their change, etc....and hold up the line at the grocery stores or any market line piss me off.

Don't even get me started on people who are still writing out checks in 2011.

47 posted on 08/19/2011 12:26:18 PM PDT by Gena Bukin
[ Post Reply | Private Reply | To 36 | View Replies]

To: throwback
2 words

Credit Union

'nuff said.

48 posted on 08/19/2011 12:49:10 PM PDT by Petruchio (I Think . . . Therefor I FReep.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: throwback

I currently have WF.

If they do this, I will be in a credit union the next day. Only stay with them now because they hold my mortage.


49 posted on 08/19/2011 1:18:54 PM PDT by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Venturer

Cash attracts a lot of attention also.

Try making a large purchase with it.


50 posted on 08/19/2011 1:20:17 PM PDT by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
[ Post Reply | Private Reply | To 8 | View Replies]


Navigation: use the links below to view more comments.
first 1-5051-54 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson