Posted on 09/21/2011 2:30:47 PM PDT by lowbridge
But perhaps the biggest wallet-buster I've been noticing lately is bank fees. From Wells Fargo to SunTrust, banks are imposing new or increased charges in the face of new regulations that take effect Oct. 1.
The new legislation, called the Durbin Amendment, roughly cut the amount banks can charge retailers who swipe your debit card - known as an interchange fee - in half.
That's great for retailers, who were paying an average of 44 cents per transaction, but bad for banks. In some ways, at least, it's bad for customers, too. Here's a look at what you can expect in response to this change:
(Excerpt) Read more at nydailynews.com ...
Fed Set to Cap Debit Card Fees for Merchants
Those damnable ATM machines are the cause of our lost jobs! Crap!
This is going to incense a lot of Americans — “We bailed you guys out to get treated like this?!?”
bflr
No problem.
I’ll just use cash.
I may have to pay a higher one-time fee, but if the banks would prefer the costs of having to transport, store, and use cash, it’s fine by me.
Banks punished customers for using checks to force the use of debit cards. Now banks want to make a killing on each debit transaction.
Let’s go back to paper and hire some tellers! Human tellers used to treat customers like royalty.
And the old fashioned bank check has hardly gone away. The writer of the check pays a minimal amount to purchase the checkbook, and usually banks honor checks from checkbooks printed by third parties. The business or entity accepting the check pays nothing for depositing the check (though of course it undertakes the risk that the check may fail to clear).
A debit card customer often has the option of having it treated like a charge card. It’s invisible to the customer, but means a larger ding to the business.
If our bank jumps on this, I’ll take it that they no longer want my cash in their bank.
I am from the days of “no plastic”, all we used was cash.
I am just fine with returning to cash.
Truly - checking accounts are a loser for the banks except for attracting savings, CD deposits, mortgages & the checking account monies they can loan out as ‘overnights’.
Consider that the cost of servicing ATMs, printing/processing cards & checks, account tracking and personnel for ‘free checking’ has to be offset by other fees or savings or CD accounts.
Not a fan - but a realist.
Ho hum..... Don’t use debit cards OR ATM cards.... couldn’t care less except I’m actually reading this thread! lol...
We didn't bail out all the banks -- just the biggest and most visible. The ridiculous Dodd-Frank bill does affect all the banks. They could always have been expected to make up for the lost revenue somewhere.
Just another piece of legislation to add to the repeal pile.
It is harder and harder to use cash, and in some cases it is illegal (just try to buy a new car with cash).
Banks are looking for more money to replace the income lost to bad loans, and debit cards are an easy fix.
Bingo,
Typical cause and effect with the government taxes/regulations and a business working around it to keep their bottom lines the same.
We’ll be closing our Wells Fargo account this week and going strictly with USAA. Not that I can’t afford $3 a month; it’s the principle of the thing.
That’s my money, why should I pay to use it?
It is harder and harder to use cash, and in some cases it is illegal (just try to buy a new car with cash).
It may be hard but, as far as I know, it’s not illegal.
Citibank hits checking accounts with fee
http://www.freerepublic.com/focus/f-news/2786481/posts
It’s fine by me also.
About a year ago I went into my bank (a small rural bank) and withdrew a sizable amount in $100 bills. I cleaned them out of hundred dollar bills. The money was in a checking account which paid no interest. I will do that again if they start charging a fee so I can use my own money, and I’ll tell them why. They don’t own it. I do.
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