$3/Month to use Debit Cards. Wells Fargo Charge

[Bear12feet]

A new report emerged Tuesday that Wells Fargo (WFC) will begin charging some customers $3 every month to use their debit card -- further indication that banks are putting on the squeeze as new swipe-card regulations are set to take effect.

A chain reaction was already in effect before Wells Fargo acted. In March, JPMorgan Chase (JPM) began assessing a $3 service fee for debit card use and $15 for checking accounts in certain regions, according to reports. Chase has also pondered the idea of capping the amount per debit-card purchase at $50 to $100, along with other major institutions such as Citigroup and Bank of America, the New York Post reported.

In another strategy to offset anticipated losses from the upcoming Fed reductions, Bank of America (BAC) already raised its ATM fee to $3.

Read more......

Wells Fargo's $3 Debit Card Charge: A Sign of More Bank Fees to Come? - DailyFinance

 

[Full-Auto]

A new report emerged Tuesday that Wells Fargo (WFC) will begin charging some customers $3 every month to use their debit card -- further indication that banks are putting on the squeeze as new swipe-card regulations are set to take effect.

A chain reaction was already in effect before Wells Fargo acted. In March, JPMorgan Chase (JPM) began assessing a $3 service fee for debit card use and $15 for checking accounts in certain regions, according to reports. Chase has also pondered the idea of capping the amount per debit-card purchase at $50 to $100, along with other major institutions such as Citigroup and Bank of America, the New York Post reported.

In another strategy to offset anticipated losses from the upcoming Fed reductions, Bank of America (BAC) already raised its ATM fee to $3.

Read more......

Wells Fargo's $3 Debit Card Charge: A Sign of More Bank Fees to Come? - DailyFinance

This was already posted.

I bank at Chase. No fees or charges. In fact they continue to give me reward points for using it as a credit card after they announced they wouldnt.

Cabella bucks, got to love them.

 

[Soggy in NOLA]

I bank @ Capital One and Whitney... neither charge fees.

 

[Bear12feet]

I bank at Chase. No fees or charges. In fact they continue to give me reward points for using it as a credit card after they announced they wouldnt.

Credit cards are basically high interest loan.

 

[BoycottTheday]

Not if you pay them off when the bill comes, then its a free float, i love charging on the 1st of the month.

 

[Bear12feet]

If farmers and fishermen say I will sell my crops and foods at 10 times higher price because many companies are charging premium and fees then what will happen?

Farmers and fishermen are also equally affected by high inflation.

 

[BoycottTheday]

Um, what?

 

[boedicca]

Not if you pay them off when the bill comes, then its a free float, i love charging on the 1st of the month.

It's not free. Merchants pay a very high fees for these transactions, and that cost is baked into the prices they charge.

I use cash as much as possible when doing business with local business owners. I'd rather see them keep more of the money.

 

[BoycottTheday]

Free to me, plus i get buyer protection not available for those who pay in cash.

If im not happy, i just give Visa a call and tell them my story.

Win win.

 

[boedicca]

Nothing's really free, bub.

 

[BoycottTheday]

I dont go around in circles with posters here. i have better things to do with my time. Welcome to ignore.

 

[waltky]

Obama admin gonna get tough with banks...

Geithner blasts banks over fees: 'We are going to push back harder'
10/5/11 - Geithner warns that the administration is ready to get tougher.

Picking up where his boss left off, Treasury Secretary Timothy Geithner escalated the administration’s attack on new bank fees, insisting the White House would “prevail” and warning the administration is ready to get tougher. “We are going to push back harder,” Geithner said on CNN on Tuesday. “And in the end, we are going to prevail because what we are doing is a reasonable, sensible thing.” Geithner’s shots came after President Barack Obama railed against Bank of America’s new checking fees. The banks “don’t have some inherent right to get a certain amount of profit, if your customers are being mistreated,” Obama said on Monday.

The treasury secretary asserted that a $5 monthly fee was just the latest episode in a long series of frustrations for those who were angry at the banks. “The banks are blaming the reforms and the government for everything, including lots of problems that they themselves were central to causing,” Geithner said. “Most people are terribly angry and frustrated with that, and they want to see things change.” Geithner said that he was unsurprised by the confrontation between the government and banks.“There are no surprises, nothing strange about the fact that banks are resisting it,” Geithner said on CNN’s OutFront. “They are trying to weaken those reforms.”

In 2010, lawmakers approved the Dodd-Frank bill, a set of financial regulatory reforms that includes a limit on how much banks can charge on debt card transactions. Debit card regulations, which went into effect on Oct. 1, led Bank of America to announce a switch to a $5 monthly charge on checking accounts.

The Durbin Amendment to the Dodd-Frank bill limited banks to a charge of 21 cents for each debit card transaction. Previously, banks would charge an average of 44 cents — something that Durbin argued is well above the actual cost of each swipe. Durbin railed against the new Bank of America fee this week. “Now is the time for bank customers to say enough is enough,” Durbin said on Tuesday, urging customers to cancel their accounts at Bank of America and other banks that charge additional fees for checking accounts and debit cards.

Read more: Geithner blasts banks over fees - Tim Mak - POLITICO.com

 

[strollingbones]

I dont go around in circles with posters here. i have better things to do with my time. Welcome to ignore.

thats all it took to put someone on ignore.....her disagreeing....


you best just put the whole damned board on iggy now and save a lot of time

 

[strollingbones]

just think we all go back to cash and suddenly out coin jars are full again.....debit cards have killed the change jar

 

[editec]

Much as I object to these fees I see nothing wrong with the banks deciding to charge them.

It's their banks, folks.

If you don't want to pay those fees find another bank or learn to live in a pure cash economy.