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Hold Onto Your Wallet; Banks Considering New Debit Fees

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posted on Jan, 6 2011 @ 10:51 PM
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BUFFALO, NY-- One of the greatest shopping conveniences is about to get more expensive for many consumers. Some of the major banks are reportedly considering a range of new debit card fees to offset financial losses from new federal regulations. "I think everybody is trying to improve their bottom line, and they can get away with it," said U.B. Marketing Expert Arun Jain.

www.wgrz.com...

Gotta love it seems no matter which direction you turn the banks always win. For me just another reason to reduce my dependency on banks.




posted on Jan, 6 2011 @ 10:54 PM
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Sod the banks. Next time I'm in town I'm withdrawing most of my money. I'm going to start using cash as much as possible.



posted on Jan, 6 2011 @ 11:05 PM
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Wow, just wow.

So they get there tax breaks, they get there bail outs (twice) they get there legislation, now they want to raise fees because they want to compensate for having to comply with regulations?


I am a member of a credit union and strongly suggest others do too.

But alas, it's only a matter of time before they pass legislation forcing credit unions out.



posted on Jan, 6 2011 @ 11:36 PM
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Originally posted by Namaste1001
Sod the banks. Next time I'm in town I'm withdrawing most of my money. I'm going to start using cash as much as possible.


This plan will backfire because most people will do this. In the end the banks could lose even more money if they push this too far. Mostly use my debt card for on-line bill payments. I use in the the store as little as I can get away with. If they do this I will just have to keep more out on pay day and use the ATM more.



posted on Jan, 7 2011 @ 12:00 AM
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reply to post by fixer1967
 


The sad part is that if they just charge a couple more cents per transaction it adds up to a ton of money, and most people will not notice it for a while, until they start to really count their pennies.



posted on Jan, 8 2011 @ 06:40 AM
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Its not only about the debit card fees





... new checking account fees

Companies:Bank of America Corporation Com., Citigroup, Inc. JP Morgan Chase & Co.


Blake Ellis, staff reporter, On Friday January 7, 2011, 12:03 pm EST
It's like Night of the Living Dead: Every time the feds kill off a set of fees, they come back to life -- just in slightly different forms.

Chase said that on Feb. 8 it will be enrolling new customers in a new Total Checking account and charging them a $12 monthly maintenance fee.

Similarly, Bank of America announced that by the end of the year it would restructure its checking accounts and implement new monthly fees, ranging from $8.95 to $25. And unless you analyze its four new checking offerings carefully to find the one that best fits your spending habits, you could end up paying anywhere between $100 and $300 extra in fees per year. [...]


source: finance.yahoo.com...




So, it seems that only an on-line banking account, with a direct deposit, and all electronic will be the only way to cash and distribute ones money without cost.

from the info given, my BoA 'checking' account should be changed into a 'savings'...and i should do all money transactions with cash from their ATM.
my only payment outside of MB, SC is the 'smart-talk' account which i can reload with phone card minutes at the local WalMarts (thus saving myself $3.40 in taxes per month with the auto EFT account i now do)
It's just a matter of juggling my life around this year...but in 2012 the BoA will have 'fees' no matter what...
including the requirements of maintaining direct deposits, a $1,500. minimum, no paperwork, all electronic....
and they will keep $12.50 month for the rights to fleece me



posted on Jan, 15 2011 @ 07:38 PM
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reply to post by St Udio
 


How the times they are a changing huh? Thanks for pointing that out very interesting.



posted on Jan, 15 2011 @ 07:40 PM
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Originally posted by jaynkeel
reply to post by fixer1967
 


The sad part is that if they just charge a couple more cents per transaction it adds up to a ton of money, and most people will not notice it for a while, until they start to really count their pennies.


I rarely carry more than about $10.00 cash with me because I usually use my debit card. A little, will add up to quite a bit since I use it probably 4 to 5 times a day.



posted on Jan, 15 2011 @ 11:02 PM
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My bank, Citizens, just added a $4.99 monthly charge for checking accounts as well. it took effect jan 1st. Needless to say, I'm looking at moving my money.



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