Banks Planning to Charge Annual Fees on Debit Card.

reply to post by WeRpeons


I agree. I am so sick of all these new rules, policies,laws,increases of prices and fees I could go on and on..
This is just another attack on the citzens. Someday I may not be able to afford life.

how is this news in anyway `?

at least here in europe as far as i know it used to be that the store owner had to pay a fee for every transaction that was made by a card they even tried to make it so that a % of all transactions would have gone to the card companies (visa master what have you)

if i recall correctly store owners got feed up by it , they where basicly forced in to the card scheme and on top of that they had to pay the customers transaction fees which raised prices at the establishments,

so as far as i know, now that fee is being directed back to the customer meaning you the card holder
you pay your self for the upkeep of your card and what surrounds it .

no news in my books as far as i can tell ,

reply to post by Hatcookie


I appreciate that, I wasn't having a go at you- just I'm pretty shocked that a system like that is already in place. Though, here in the UK we do have a pretty extreme system of bank charges- if you go overdrawn you're often fined £25 instantly. It's fairly common for these charges to have the knock on effect of causing a person to go overdrawn again, or cause direct debits, etc. to bounce, thus the charges can easily escalate into a few £100.

The problem is, the government love banks, they make their job a hell of a lot easier, especially in relation to taxing the public. Because of this, along with the financial power these banks command, they can basically do whatever they want- a prime example of this being the relatively small repercussions certain banks received for basically ruining the worlds economy and millions of lives.

reply to post by dreamseeker

I totally feel for you. I feel the same way. Everyone is trying to make a buck on the backs of the consumer. Government wants to raise our taxes and businesses want to take advantage of cashing in on us using ridiculous fees. It's the minority controlling the majority.

reply to post by dreamseeker


The problem is that all these conveniences of life are becoming necessities and then they charge charge charge more money for you to use these once luxury items you can no longer function without.

And before anyone says you dont need a bank account, maby its just where I live but from simply cashing my paycheque to paying rent and preschool, there are not many instances in my life where I dont need a bank account, unless its just day to day spending,

sorry to say but only ignorant folks
use banks anymore. If ur still there???
Get away as quickly as possible.

Originally posted by Hatcookie
And before anyone says you dont need a bank account, maby its just where I live but from simply cashing my paycheque to paying rent and preschool, there are not many instances in my life where I dont need a bank account, unless its just day to day spending,

stores do have cashiers checks and money orders
and are a hell of a lot cheaper than banks and the lines
are a lot shorter. Do your banking at the grocery store
You do NOT have to use a bank or pay their fees.

reply to post by boondock-saint


Many people are required by their job to use direct deposit. So in some form, a bank or a mutual fund company is needed. Again, always alternatives and lots of options out there though and people do NOT have to be stuck with dinosaurs that large banks are... Research, a lot. There are so many more options and you can make the system work for you...

Originally posted by LadySkadi
Many people are required by their job to use direct deposit.

find another job !!!!

an employer cannot give you only
one option to be compensated.

Has anybody actually bothered to read the article? I did.

There is no mention in the article of a $30 annual fee to have a debit card. In fact there is no mention of ANY annual fee for having a debit card. There are plenty of monthly fees cited for checking accounts, but not a debit card attached to them.

It just illustrates what happens when government enacts price controls. Companies come up with ways to sidestep them. Case in point, my wife recently received a credit card offer. One of the more creative fees they mentioned in the fine print was a 25% charge for credit limit increases. So if you receive an increase of $100 to your credit limit then they will charge you $25.

Anyway, it looks like our debit cards are still safe. We'll just be paying more for the accounts to which they're attached. Unless we jump through the hoops the banks set up to receive a free checking account. Or move our money to banks and credit unions that still offer free checking.

reply to post by Angus65


In fairness, there was no link to start with, quite a few of the people responding were just going by what the OP said. Regardless, I stand by what I said earlier, why do banks need any more charges? They make plenty already, just sheer greed.

reply to post by Angus65


I couldn't find an article on it, and I couldn't start this thread with out a link. Like I said in my thread, this was just reported on CNN. I tried to find a link to it on CNN, but this was the closest article I can find related to increased bank fees. Anyone else catch this on CNN? CNN reported on this around 10am this morning.

Originally posted by boondock-saint

Originally posted by Hatcookie
And before anyone says you dont need a bank account, maby its just where I live but from simply cashing my paycheque to paying rent and preschool, there are not many instances in my life where I dont need a bank account, unless its just day to day spending,

stores do have cashiers checks and money orders
and are a hell of a lot cheaper than banks and the lines
are a lot shorter. Do your banking at the grocery store

You do NOT have to use a bank or pay their fees.

Grocery stores around here charge a check cashing fee. It most offten is someting like $1 per $100. I was wondering about my bank so I checked my bank statement and seen fees on there I did not understand. After a few phone calls I found out what the fees were for. Some bank (in fact most banks) chagre you an non-network ATM fee for using the CASH BACK deal at the grocery store. For my bank it is $1.25 fee to use the CASH BACK when I run my debt card. Some banks are more. I all so found out my bank charges me a $2 fee to receive paper statments. My bank does not return check any more. They just send you a picture of the check. I can get the picture of the check online. So for me no more CASH BACK at the grocery store and I may drop the paper statements.

Originally posted by ScepticalBeliever
In fairness, there was no link to start with

Originally posted by WeRpeons
I tried to find a link to it on CNN

That's why I posted the link in my post here:

www.abovetopsecret.com...

Originally posted by ScepticalBeliever
To me, this is insane, these banks are already making massive profits, how can they justify additional charges? I doubt this would ever happen, though. Anyone who's smart would just withdraw cash in branch and scrap their debit card- though they're definitely very convenient, they're far from a necessity. I don't know why I'm surprised, corporate greed like this is the norm nowadays, there's no such thing as being "too rich" in their eyes.

edit on 9-1-2011 by ScepticalBeliever because: (no reason given)

you can't win, they charge you money when you use the atm machine, they charge you money when you use your debit card, they charge for the privilege of having a chequing account (cheques sold seperately), they charge you to certify the cheque, since no one accepts personal cheques.

i guess you can take out all you money a install a secret safe in your house, or walk around with 3 grand in your pocket and a .45 auto in a shoulder holster.

TAKE MONEY OUT OF BANKS.

PROBLEM SOLVED.

Take your bank balance. Calculate the amount of interest you will earn on that balance.

If that figure is lower than the amount you are paying to use your money, it's time to change banks.