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Thread: Banks say "We can only go up from here."

  1. Exclamation Banks say "We can only go up from here."

    And that is a-okay!

    However, the people that are the stupid ones are those within the news media. I was just in the cafe eating my breakfast and on television, I see them complaining about banks introducing new fees for debit card holders.

    Bank of America will now charge $5 monthly.

    Chase will now charge $3 monthly.

    Wells Fargo will now charge $3 monthly.

    So what?! This is not a big deal. Banks have been making money way ahead of them. For example, Inter National Bank base in Texas collects $10 (most preferred option of the three options) monthly from their debit card holders for many years. I am a proud customer of the bank. Am I complaining? No!

    Of course, the banks make a whole lot of money through interests on loans, but with the spiraling economy era we are going through right now, a lot of people are defaulting on loans, so the banks must do something to keep themselves afloat. And I believe its a great business decision. They should have done it years ago.

    Want to complain? Then switch to a bank or simply don't use one at all.

  2. #2

    Default Re: Banks say "We can only go up from here."

    Dodd-Frank essentially killed free checking and debit card rewards while we all know the merchants will not pass their savings down to us consumers...Consumers lost as far as the interchange fee change goes

  3. #3

    Default Re: Banks say "We can only go up from here."

    This has nothing to do with recouping on loans people defaulted on, congress recently pass a law that caped the fee charged to business/organization when a debit card is swiped. The are replacing a fee that the user would have seen with higher costs worked into the purchase price with one that is directly charged to them.

  4. Default Re: Banks say "We can only go up from here."

    Quote Originally Posted by Snowman View Post
    This has nothing to do with recouping on loans people defaulted on, congress recently pass a law that caped the fee charged to business/organization when a debit card is swiped. The are replacing a fee that the user would have seen with higher costs worked into the purchase price with one that is directly charged to them.
    Problem is, you're not going to see prices go down.

    I have accounts at several banks - one is BOA, however, I don't have a debit card for that account so this doesn't effect me. However, if the banks I do use debit cards at follow suit, I will stop banking with them. Most likely will have to go back to primary banking at the credit union.

    Thunder, I find it funny you don't mind being charged $10 month to use a debit card, but complained loudly when, Heaven forbid, your cell phone provider cut you off because you didn't pay your bill.

    I however don't wanna hear complaining about the $5/month charge from people who routinely spend more than that monthly in ATM charges getting cash.

  5. Default Re: Banks say "We can only go up from here."

    Quote Originally Posted by BBatesokc View Post
    Thunder, I find it funny you don't mind being charged $10 month to use a debit card, but complained loudly when, Heaven forbid, your cell phone provider cut you off because you didn't pay your bill.
    Incorrect.

    I pay my bill each month. Sprint cried about the $3 and some cents owed. :-/

  6. Default Re: Banks say "We can only go up from here."

    Quote Originally Posted by Thunder View Post
    Incorrect.

    I pay my bill each month. Sprint cried about the $3 and some cents owed. :-/
    Hmmmmm, wouldn't owing them money mean you didn't pay your bill?

  7. #7

    Default Re: Banks say "We can only go up from here."

    Quote Originally Posted by Snowman View Post
    This has nothing to do with recouping on loans people defaulted on, congress recently pass a law that caped the fee charged to business/organization when a debit card is swiped. The are replacing a fee that the user would have seen with higher costs worked into the purchase price with one that is directly charged to them.
    The transaction fee caps only apply to the larger banks, the smaller banks and credit unions are not subject to the same restrictions.

    Yahoo Finance - Bank of America debit fee is only the latest
    Quote Originally Posted by From the linked article above
    Some banks are trying to take advantage of that impulse. The regulation doesn't apply to banks with $10 billion or less in assets, which may give some community banks and credit unions an edge.

    Consumer advocates suggest credit unions as a haven from fees. BECU, a Seattle credit union, says its membership has risen 18 percent in the past year. Many of the newest members say they're switching because of bank fees, a spokesman says.
    We are credit union members down here, I was with Liberty up in OKC before it was bought by Bank One then Chase, I was with Bank One when I lived in Dallas. When I moved back to OKC in 93 the credit union rules were not as open as they are now. When we move to Denver we will be looking for another credit union as well instead of a large bank.

  8. Default Re: Banks say "We can only go up from here."

    I guess it all depends on the level of service you get from the bank. I use to have BoA, found their customer service horrid and left. I now have everything, except for a couple notes, with a local bank. If they would switch to start charging for debit card usage, I would just start making sure to have more cash on me. One of the big things the major banks are trying to do is get people back to using credit cards where they can make more money. People can have fun with that...I like the world of cash. :-)

  9. #9

    Default Re: Banks say "We can only go up from here."

    I have a Bank of America checking account, and use my debit card frequently. I just signed up for a checking account with the credit union I have my auto loan with, and will be dumping B of A. They won't miss me--I only have a checking account with them, and I never overdraft, so they don't make any money off me.

  10. #10

    Default Re: Banks say "We can only go up from here."

    The only thing Skank of America and Whaste have to offer is the availibitly of their ATMs. Thanks to 7-11 you get money at their stores and not pay a fee unless you are a Chase or BOA customer and they will nail you with a foriegn ATM fee. BOA's problems with ATM muggings at the 89th & Western branch would have been enough for me to stop using them. They have had a string of ATM muggings happen at that location yet they have never done anything about it.

    I dropped Chase shortly after they acquired Bank One. Bank One rocked I had been with them for over ten years. Then Chase arrived with the ala carte fee for everything under the sun. If Chase could charge for the oxygen consumed in their banks they would do it.

    I moved over to TFCU and have been happy ever since. I can get money at any branch, 7-11 or Oncue.

  11. Default Re: Banks say "We can only go up from here."

    Quote Originally Posted by BBatesokc View Post
    Hmmmmm, wouldn't owing them money mean you didn't pay your bill?
    It was only 3 bux. I'm thinking it was because of excessive data usage but not sure. I sure do pay monthly. I don't even have any balance. You need to think triple before you post.

  12. #12

    Default Re: Banks say "We can only go up from here."

    Quote Originally Posted by Thunder View Post
    It was only 3 bux. I'm thinking it was because of excessive data usage but not sure. I sure do pay monthly. I don't even have any balance. You need to think triple before you post.
    But if you owe them 3--------never mind.

  13. Default Re: Banks say "We can only go up from here."

    Quote Originally Posted by Thunder View Post
    It was only 3 bux. I'm thinking it was because of excessive data usage but not sure. I sure do pay monthly. I don't even have any balance. You need to think triple before you post.
    Thunder - he isn't off base. You had an unpaid portion of your balance, so it was taken that you didn't pay your bill. You obviously made a payment, but it didn't cover the entire balance. He isn't wrong. Don't get overly defensive. People make mistakes paying their bills from time to time, especially if they are use to a specific amount each month.

  14. #14

    Default Re: Banks say "We can only go up from here."

    Not a huge fan of Chase but their online banking is the best in the biz

  15. Default Re: Banks say "We can only go up from here."

    Quote Originally Posted by Easy180 View Post
    Not a huge fan of Chase but their online banking is the best in the biz
    Second best for online banking -USAA can't be beat.

  16. Default Re: Banks say "We can only go up from here."

    I agree with this opinion piece in the NYT...... http://www.nytimes.com/2011/10/07/op...&smid=fb-share

  17. #17
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    Default Re: Banks say "We can only go up from here."

    Debit cards sounded like such a bad deal to me that I just use my credit card and pay it off every month.

  18. Default Re: Banks say "We can only go up from here."

    Quote Originally Posted by Bunty View Post
    Debit cards sounded like such a bad deal to me that I just use my credit card and pay it off every month.
    But with debit cards there is nothing to 'pay-off' at the end of the month. Plus, you get all the benefits/protections of a credit card (besides debt).

    Once I had someone place a large false charge (about $1,500) on my card. One call and the money was credited back to my account while they investigated.

    I hate the general idea of checks or credit cards.

  19. Default Re: Banks say "We can only go up from here."

    Quote Originally Posted by BBatesokc View Post
    I hate the general idea of checks or credit cards.
    I'm right there with you. I cut up my credit cards years ago. If I don't have cash to get something, I simply don't. Does it make things a bit tight from time to time if an urgent issue arises? Sometimes. However, I find it keeps pointless spending down and also encourages me to maintain the savings account to handle any random surprises.

  20. #20

    Default Re: Banks say "We can only go up from here."

    Just read that Chase dropped their plans for a monthly debit card fee...Huh wonder why? lol

  21. Default Re: Banks say "We can only go up from here."

    BoA is also revising their plans to give more options to customers to avoid the fees. There are too many local banks and credit unions that have no problem accepting in new customers that the big guys are forgetting their place.

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