Banks to charge money for debit card transactions!

Originally posted by Domo1
Are you that poor? You can't absorb a $60 annual fee? Does it count against welfare recipients or something? I wonder if this horror can be circumvented by *gasp* paying with cash. ATS has gotten so anti establishment that I am sure you will be inundated with replies about the terrifying elite, TPTB, etc. Seriously, $60 a year is a small price to pay for the convenience of using a debit card. If you really can't afford it, go to the bank and take out your cash. I doubt foodstamps will be affected.

If I were the OP I'd reach through the computer and introduce you to the back of my hand...

you just made me angry..... that's all I have to say to you..

This is just a cheap way to make money (no pun intended).

It costs the banks zero dollars to keep digital currency in a digital database, all they have to do is move numbers around which any one of us can do with a cheesy desktop computer, there is no need to charge anything since it doesn't cost anything. The banks are just looking for any way possible to impoverish as many people as possible.

Have you noticed that almost all banks look shiny, new, and sleek but all the other buildings around the bank look rusty, old, and in need of a good paint job?

I wonder who's stealing all the money.

Perhaps if the banks outsource CEOs pays and bonuses like they have done with American jobs creating a working poor class and stop paying millions of dollars in lobbying pimp to get whores in congress it will be plenty of money for the banks to pay better salaries to the employees and still keep profits.

My opinion....

The US banks cost to borrow money from the Fed is ZERO.

The rate that they lend money at starts around 3.75% for a secured conventional mortgage and can go as high as 24% in NY (Usery rate) for credit cards; possibly higher in other states.

The interest rates charged by banks represent almost pure profit for them.

Then we have the issue where the US population that pays taxes effectively bailed out these loosers and the government pockets the profits on that. So how did the individual benefit? We didn't.

It seems that every taxpayer is destined to loose in this game with banks.

I'm quite happy that people are protesting. It's about time. If these people are silenced by TPTB, then I see people revolting instead of protesting. I don't think we are far from that happening.

-E2

I could be wrong but if memory serves me right banks need depositors to stay in business. We are doing them a favor by depositing our money with them. It boosts there lending power, thereby boosting their income through the interest they charge. Banks also use our money for investments making their company more money. A bank is not doing us a favor it's the other way around. When did this change?

I heard that BOA has excempted all premium and platinum card holders.

Isn't that just grand? Isn't that just SO typical.

Originally posted by Domo1
Are you that poor? You can't absorb a $60 annual fee? Does it count against welfare recipients or something? I wonder if this horror can be circumvented by *gasp* paying with cash. ATS has gotten so anti establishment that I am sure you will be inundated with replies about the terrifying elite, TPTB, etc. Seriously, $60 a year is a small price to pay for the convenience of using a debit card. If you really can't afford it, go to the bank and take out your cash. I doubt foodstamps will be affected.

Yes, some people are that poor. I am taking all of my money out, and moving it to a credit union. I am doing the bank a favour by letting them hold my money. While they hold my money, they make money from it. I also have to pay them intrest id I get a loan. I should be charging them for holding onto my money, but it's the other way around. They already make the $5 from investing my money, not to mention they received more of my money through bank bailouts. It's a nickle and dime world.

I wish i could get 1.4 million people to give me $5 a month. In total, the bank will collect about $84,000,000 a year, just for this one fee.

So bottom line is this, I don't like it, and I'm doing something about it. You can pay all the fees you want.

Originally posted by Observer99

Originally posted by Domo1
Are you that poor? You can't absorb a $60 annual fee? Does it count against welfare recipients or something? I wonder if this horror can be circumvented by *gasp* paying with cash. ATS has gotten so anti establishment that I am sure you will be inundated with replies about the terrifying elite, TPTB, etc. Seriously, $60 a year is a small price to pay for the convenience of using a debit card. If you really can't afford it, go to the bank and take out your cash. I doubt foodstamps will be affected.

$60 * 200 million Americans with bank accounts = Another $12 billion sucked annually out of our wallets.

That doesn't bother you though. Just keep defending anything the banks and corporations do.

Ummm, no. Maybe if every American (*including babies) had a debit card and all were with BofA. B0fA only has 1.2 millionish regular customers.

Originally posted by Domo1
Are you that poor? You can't absorb a $60 annual fee? Does it count against welfare recipients or something? I wonder if this horror can be circumvented by *gasp* paying with cash. ATS has gotten so anti establishment that I am sure you will be inundated with replies about the terrifying elite, TPTB, etc. Seriously, $60 a year is a small price to pay for the convenience of using a debit card. If you really can't afford it, go to the bank and take out your cash. I doubt foodstamps will be affected.

It saves the bank the processing of checks, it is them that benefits the most and was eager to move to the card. So why should there be a fee when most banks don't charge a fee for using paper checks?

Believe it or not some of us have to do without a lot and 60$ is a lot to us, we gave up garbage service and many other things. If you drive to the bank for cash then there is gas cost.

Originally posted by AngryAlien

Originally posted by Domo1
Are you that poor? You can't absorb a $60 annual fee? Does it count against welfare recipients or something? I wonder if this horror can be circumvented by *gasp* paying with cash. ATS has gotten so anti establishment that I am sure you will be inundated with replies about the terrifying elite, TPTB, etc. Seriously, $60 a year is a small price to pay for the convenience of using a debit card. If you really can't afford it, go to the bank and take out your cash. I doubt foodstamps will be affected.

Yes, some people are that poor. I am taking all of my money out, and moving it to a credit union. I am doing the bank a favour by letting them hold my money. While they hold my money, they make money from it. I also have to pay them intrest id I get a loan. I should be charging them for holding onto my money, but it's the other way around. They already make the $5 from investing my money, not to mention they received more of my money through bank bailouts. It's a nickle and dime world.

I wish i could get 1.4 million people to give me $5 a month. In total, the bank will collect about $84,000,000 a year, just for this one fee.

So bottom line is this, I don't like it, and I'm doing something about it. You can pay all the fees you want.

Originally posted by Observer99

Originally posted by Domo1
Are you that poor? You can't absorb a $60 annual fee? Does it count against welfare recipients or something? I wonder if this horror can be circumvented by *gasp* paying with cash. ATS has gotten so anti establishment that I am sure you will be inundated with replies about the terrifying elite, TPTB, etc. Seriously, $60 a year is a small price to pay for the convenience of using a debit card. If you really can't afford it, go to the bank and take out your cash. I doubt foodstamps will be affected.

$60 * 200 million Americans with bank accounts = Another $12 billion sucked annually out of our wallets.

That doesn't bother you though. Just keep defending anything the banks and corporations do.

Ummm, no. Maybe if every American (*including babies) had a debit card and all were with BofA. B0fA only has 1.2 millionish regular customers.

edit on 30-9-2011 by AngryAlien because: (no reason given)

Our Credit Union has been taken over by the Feds. No one knows what is happening or what will happen. has something to do with bank loses I think. Everyone is trying to get their money out.

The banks are doing this because the feds are bombarding them with new regulations. They are a business, and we were all warned that what ever regs they would be levied with from the feds, they would simply pass on to the consumer.

Originally posted by Rockstrongo37
The banks are doing this because the feds are bombarding them with new regulations. They are a business, and we were all warned that what ever regs they would be levied with from the feds, they would simply pass on to the consumer.

Yep. As has been pointed out by many posters on this site. Corporations do not PAY TAXES! EVER! They collect the tax money from consumers by increasing the cost of the product or service. It is just more obvious in this case, because previously many banks had completely free accounts. Only People pay taxes. Corporations never do.