Topic: Hang on to your wallets, checking fees to soar...again

[ToddF]

http://www.nypost.com/p/news/business/banks_checked_H93tE8xgUpsyENaqNQmLdJ

The US Senate yesterday swatted aside a move backed by New York Democrats Chuck Schumer and Kirsten Gillibrand to delay implementation of an 80 percent cut to the debit-card swipe fee -- a move that will drain up to $1.3 billion a month, or $15 billion a year from banks' coffers.

No, you just can't legislate a vastly reduced service cost, just because you took a Poli Sci class, and can now write policy.   Kudos to the above for realizing this, amongst their Marxist trash brethren.

The $15 billion per year will be taken from other services, such as checking accounts, credit card fees, and possibly even eliminating debit cards (stupid things to have and use anyway.)

[Libertas]

http://www.nypost.com/p/news/business/banks_checked_H93tE8xgUpsyENaqNQmLdJ

The US Senate yesterday swatted aside a move backed by New York Democrats Chuck Schumer and Kirsten Gillibrand to delay implementation of an 80 percent cut to the debit-card swipe fee -- a move that will drain up to $1.3 billion a month, or $15 billion a year from banks' coffers.

No, you just can't legislate a vastly reduced service cost, just because you took a Poli Sci class, and can now write policy.   Kudos to the above for realizing this, amongst their Marxist trash brethren.

The $15 billion per year will be taken from other services, such as checking accounts, credit card fees, and possibly even eliminating debit cards (stupid things to have and use anyway.)

Banks will increase other fees and reduce interest paid out, guaranteed.  Still, proglodytes continue to try to play semantic games to appear like they give a damn about "the little guy".

I'm so sick of that hypocrisy!

[LadyVirginia]

possibly even eliminating debit cards (stupid things to have and use anyway.)

I still don't get the point of debit cards.

[ToddF]

possibly even eliminating debit cards (stupid things to have and use anyway.)

I still don't get the point of debit cards.

So when your card (or number) is stolen, the thief can empty your account directly (which you then have to wait to get back) as opposed to a credit card, where your balance is just run up, when then gets cleared up eventually.

There is no real point to them, except for deadbeats who can't get a credit card.

[LadyVirginia]

possibly even eliminating debit cards (stupid things to have and use anyway.)

I still don't get the point of debit cards.

So when your card (or number) is stolen, the thief can empty your account directly (which you then have to wait to get back) as opposed to a credit card, where your balance is just run up, when then gets cleared up eventually.

There is no real point to them, except for deadbeats who can't get a credit card.

And yet banks keep trying to give me one. And I'm not a deadbeat.
A few years back I opened a new account and they just "gave" me one though I hadn't ask for it.  Still I thought I could use it at Aldi's instead of having to remember to get cash at Walmart.  Well, nix on that when I read recently Aldi's keypads got hacked.  Backed to cash.

[ToddF]

I specifically ask for ATM card only.  Yes mine was not stolen, but the number was guessed correctly, back before controls were put into place where you have to match address, name, ect. with account.  The thieves emptied my checking account, while providing bogus name/address.  My account was EMPTY.  I had no money for 2 weeks, until the bank ate the fraud.

There is no reason for me to not accept the month float of a credit card, for one of these stupid things.  I pay my bill in full at month end.

[Pandora]

Wachovia issued us Debit/ATM cards when we opened our account with them early on, which we swapped for ATM-only once I realized what we'd been given.

I suspect people like the ease of debit cards -- don't have to carry cash, nor write a check, nor worry about paying a bill.

The banks always seem to push these things as "conveniences".  When Wells Fargo bank in CA stopped returning cancelled checks in the monthly statements, we were told it was for our benefit -- this way we wouldn't have store all that nasty ole paper.  But!  we'd have to pay them $1 a month in order for them not to do us this favor and give us the damn checks.  I paid them the buck and, as it turned out, BofA here in NC wanted a year's worth of copies of our cancelled rent checks (among other things) when we applied for our mortgage.  If I hadn't had them, I'd have had to send for microfiche copies from WF, for a fee.  Now, almost no bank returns the checks themselves, just reduced-size copies.

[charlesoakwood]

Minimum relations with big banks.  The customer is an anonymous account number amongst millions.
State banks are autonomous and depend upon business from locals.  When one does due diligence in
selecting said bank the result can be very satisfying.  It is comforting for a human to answer the telephone,
more so when they know you by name.  Little incidentals that could take hours or days at a megabank can be accomplished in five minutes at your personal bank.

[AlanS]

Minimum relations with big banks.  The customer is an anonymous account number amongst millions.
State banks are autonomous and depend upon business from locals.  When one does due diligence in
selecting said bank the result can be very satisfying.  It is comforting for a human to answer the telephone,
more so when they know you by name.  Little incidentals that could take hours or days at a megabank can be accomplished in five minutes at your personal bank.

So true. The only problem I have is I'm working most of the time and the wife goes to the bank. When I get there, they know who I'm married to and call me "Mr. Terry".