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Discussion Starter #1
I come from a time long, long ago in a land before electronic banking. ;)

We had to buy our checks, pay a fee for each check processed by the bank and pay service fees for maintaing the account and providing the month end statement. In other words, it was a service that cost us money and the bank didn't give it away.

So I'm a little wondering at what the big deal is about charging to use a debit card. Isn't that about the same as writing a check, only without the hassle? I don't see why the bank should have to process the transaction for free any more than they should have processed my checking account for free. And if people don't like the fee, can't they just quit using a debit card.

To be fair and honest, I don't even have an ATM card. Am I just old fashioned and behind the times?
 

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I think the complaints from the public could come from 2 things.

1. Many people got use to many years of free services and now it seems like everything is getting a fee.

2. Many times you may hear quarterly reports on profits made by banks that are in the billions and this too may make people question why they need to add more fees.

But it all comes to do it still being a business. They will do what is needed to stay in business and keep profits. As with businesses, the consumer also can decide to take their business somewhere else if they finds a bank or credit union offering services/fees they much better prefer.
 

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I think you hit the nail on the head. Not many of us remember the time with there were fees.

Guess it got started as a way to lure customers, now it's an expected given. For me I decided on a service or good based on my need and ability to pay. I don't think in terms of profit. I would just quit using my debit card. In fact I think I have an account that has one and I don't use it.
 

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I have never been charged any type of fee at a bank. Free checking, free check cashing, free debit card use. My bank doesn't charge a fee to use my debit card, but if they did, I would be finding a new bank. I'm not going to be charged to use my own money.
 

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The bank doesn't pay for you to use your debit card - they actually make money off of it! The way it works is the merchants are the ones that pay. They pay the processing company for each swipe and the processing company pays the bank a fraction of that for their customer using the card. So, as someone who works at a small community bank, the idea that the consumer pays for their card use monthly is ridiculous to me. I can see charging a fee for ordering the card itself (which, by the way, we haven't charged since 2006), as the bank does pay for that. But a monthly fee for the card use?? That's just double dipping.
 

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Did anyone really need another reason to ditch BoA? I had a checking and savings account with them briefly. They wanted to charge me to transfer money from one back to another. In all my years of banking (two credit unions and two other banks), I had NEVER run into of that before. I pulled all of my money the next day.

There are plenty of banks and credit unions that don't charge for basic services. I'm not sure why anyone would settle banking with an institution that charges them to use a debit card.
 

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I hate the really big banks. They just don't care about their customers. I go to a really great small credit union and the people are so nice and I don't have to pay those stupid fees.
 

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To be fair and honest, I don't even have an ATM card. Am I just old fashioned and behind the times?

To be fair and honest, yes you are! ;) It drives me nuts when people pull out their checkbook at my work.


I have major beef with BofA already, just a couple months ago, they closed my checking account supposedly by my request. Didn't happen quite that way.. I went to the bank branch to change my name after my wedding, and order a new debit card with my new name on it. How they translated that to "close my account" I will never know. A week after I was in the branch, they sent me my new debit card... with my maiden name on it. SO I then called them and told them the error and had them send me another new debit card... Not only did they not tell me anything like "uh why do you want a new debit card, your account was closed" at that time, but they then let me go to the atm a couple weeks later, insert my debit card, put in my pin number, deposit my paycheck and gave me a receipt to an account that DIDN'T EXIST. :confused:

When I realized my online banking login wasn't working and I had no access to my account info, I called them and found out what happened. I was livid. They couldn't even tell me what happened to my paycheck and told me I had to file a claim to get the check returned to me.

NEEDLESS TO SAY..... I moved to Navy Federal Credit Union and I'm so done with BofA. Now hearing this news, I am so glad I did.
 

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I closed my account when B of A bought my former bank. They were going to start charging me for my checking account unless I greatly increased the amount of money kept idle in the account. They get to use my money and I'm paying for the privilege. Don't think so. I switched to my husband's credit union. Much much better.
 

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I used to work at a large community bank, and I clearly remember our President saying during a board meeting that we didn't want the "small" customers, we wanted the wealthy individuals and the big companies so if the charges chased away the small customers,that was fine. The charges would be waived for the big customers. Don't know if that has changed or not, as I have been gone awhile.
 

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where the tails wag
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Hey me too :) But I also remember getting 5 1/2 % interest. For regular passbook savings accounts. The banks would charge a few points more for lending the depositor's money and that was how they earned their profits.

I use my debit card a lot = I fill my tank on average 3 times a week, plus grocery shopping. If I had to pay fees, I would switch to cash. Don't the retailers already pay a % on Debit card purchases?



I come from a time long, long ago in a land before electronic banking. ;)

We had to buy our checks, pay a fee for each check processed by the bank and pay service fees for maintaing the account and providing the month end statement. In other words, it was a service that cost us money and the bank didn't give it away.

So I'm a little wondering at what the big deal is about charging to use a debit card. Isn't that about the same as writing a check, only without the hassle? I don't see why the bank should have to process the transaction for free any more than they should have processed my checking account for free. And if people don't like the fee, can't they just quit using a debit card.

To be fair and honest, I don't even have an ATM card. Am I just old fashioned and behind the times?
 

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aka Sam =)
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I used to work at a large community bank, and I clearly remember our President saying during a board meeting that we didn't want the "small" customers, we wanted the wealthy individuals and the big companies so if the charges chased away the small customers,that was fine. The charges would be waived for the big customers. Don't know if that has changed or not, as I have been gone awhile.

That's crazy! Sorry to say (speaking like a banker here :curtain:), but the small people are where banks are making their money these days. The criteria for lending is SO much harder so the banks are making their money off of the overdraft fees.
 

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Discussion Starter #16
Interesting responses. I ask because I live such a 'small' life. It's always interesting for me to talk to real people and not just what I hear on the news.

I don't mind being old-fashioned. We deal with 2 credit unions which receive our direct deposts and 1 local bank which handles our checking. We charge everything and then make one electronic bill pay at the end of the month.

I'm surprised that they haven't decided to do away with the free on-line bill pay. They are paying staff, mailing checks w/postage in some cases all without charging us. I suppose that will be the next benefit to go. :(
 

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After my ATM/debit card got stuck in the machine one day I gave up using it. My nephew's debit card number got swiped at a Starbucks and he went through such a hassle with the bank to get the unauthorized charges stopped, I started getting cash at the bank or using my credit card, paying the balance off in full each month. That works best for us, especially since we get cash back rewards on the credit card.
 

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Discussion Starter #18
I'm so old I remember when savings accounts earned 16-18%. Of course inflation was so high, new mortages were running 20% or more. But having money in the bank and an old mortgage was the catbird seat!
 

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Interesting to read this thread considering I've been a banker for 33 1/2 years.

My comment is to make your banking work for you. For instance, we have a credit card that pays up to 4% just for using the card. We also have a chequing account that pays you 1% for using your debit card. As I said, make your banking work for you & you could come ahead with more $ than you pay in s/c!

Don't get mad, talk to your banker - that's what their job is!
 

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Discussion Starter #20
Dallas, that's how we use our Discover card. Charge everything, pay it off each month and then spend the points at Christmas. Last year's gifts for everyone were 'free'...cashed in all our points.
 
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