Warpath  

Home | Forums | Salary Cap Info | Shop | Donate | Stay Connected




Go Back   Warpath > Off-Topic Discussion > Debating with the enemy


Banks preparing to charge for debit card usage

Debating with the enemy


Reply
 
LinkBack Thread Tools Display Modes
Old 10-01-2011, 02:50 AM   #1
MVP
 
mooby's Avatar
 
Join Date: Mar 2005
Location: NoVa
Age: 26
Posts: 11,812
Banks preparing to charge for debit card usage

Some banks starting to charge customers to use debit cards | PennLive.com



I suppose I'm one of the relatively lucky ones in that I don't have fees charged to my checking account (yet, mainly because I live within my means), but if this happens to me I'm just going to switch to a credit union.

It's like they say, once you stop a leak another one springs up elsewhere. The only thing interesting about this from my perspective is wondering if this will end up pissing enough consumers off that it cuts into the banks' bottom line. Doubtful imo, but you never know.
mooby is offline   Reply With Quote

Advertisements
Old 10-01-2011, 03:32 AM   #2
Naega jeil jal naga
 
Dirtbag59's Avatar
 
Join Date: Jan 2006
Location: Atlanta, Georgia From: Silver Spring, Maryland
Age: 28
Posts: 14,424
Re: Banks preparing to charge for debit card usage

Quote:
Originally Posted by mooby View Post
Some banks starting to charge customers to use debit cards | PennLive.com



I suppose I'm one of the relatively lucky ones in that I don't have fees charged to my checking account (yet, mainly because I live within my means), but if this happens to me I'm just going to switch to a credit union.

It's like they say, once you stop a leak another one springs up elsewhere. The only thing interesting about this from my perspective is wondering if this will end up pissing enough consumers off that it cuts into the banks' bottom line. Doubtful imo, but you never know.
A lot of them make big money selling the raw data they get regarding purchases and spending habits (which gets broken down by age, location, and gender). Charging people to use their debit card is a classic having your cake and eating it too scenario.
__________________
"Hey baby, wake up from your a sleep." -Zlad

"I feel like Dirtbag has been slowly and methodically trolling the board for a month or so now."
- FRPLG

Last edited by Dirtbag59; 10-01-2011 at 03:34 AM.
Dirtbag59 is offline   Reply With Quote
Old 10-01-2011, 07:25 AM   #3
MVP
 
mooby's Avatar
 
Join Date: Mar 2005
Location: NoVa
Age: 26
Posts: 11,812
Re: Banks preparing to charge for debit card usage

Quote:
Originally Posted by Dirtbag59 View Post
A lot of them make big money selling the raw data they get regarding purchases and spending habits (which gets broken down by age, location, and gender). Charging people to use their debit card is a classic having your cake and eating it too scenario.
True but I think the main reason they're doing this is to make up for all the lost revenue as a result of the cap being put on fees banks charge retailers every time a person swipes their debit card. Since the cap is at 24 cents and the average fee before was like 44 cents banks have to make up that lost revenue somewhere else.
mooby is offline   Reply With Quote
Old 10-01-2011, 07:28 AM   #4
MVP
 
Chico23231's Avatar
 
Join Date: Mar 2009
Location: Richmond, VA
Age: 37
Posts: 11,017
Re: Banks preparing to charge for debit card usage

bank regulation called Dodd-Frank to thank for this one. You seriously didnt think the finacial industry was gonna cut its bottomline in response? Big corporations always win in this country.
__________________
@RSherman_25 just make sure you stay in Seattle cause without that pass rush you are who we thought you were. 5th rd PK no speed good hands

DeAngelo Hall (@DeAngeloHall23) March 14, 2014
Chico23231 is offline   Reply With Quote
Old 10-01-2011, 07:33 AM   #5
MVP
 
mooby's Avatar
 
Join Date: Mar 2005
Location: NoVa
Age: 26
Posts: 11,812
Re: Banks preparing to charge for debit card usage

Quote:
Originally Posted by Chico23231 View Post
bank regulation called Dodd-Frank to thank for this one. You seriously didnt think the finacial industry was gonna cut its bottomline in response? Big corporations always win in this country.
Where was that implied? Of course banks would try to make up for the loss of profit elsewhere.
mooby is offline   Reply With Quote
Old 10-01-2011, 07:54 AM   #6
MVP
 
Chico23231's Avatar
 
Join Date: Mar 2009
Location: Richmond, VA
Age: 37
Posts: 11,017
Re: Banks preparing to charge for debit card usage

Quote:
Originally Posted by mooby View Post
Where was that implied? Of course banks would try to make up for the loss of profit elsewhere.
U know something funnier...this cost will not get pass down to those who have a decent deposit relationship with the bank. So the cost will be passed down to the poor, working class, and middle america.....this is how regulation work.

The big corporations still make money , and the upper middle, rich and wealthy will not get hit with the fees cause they will bitch and threaten to move money. So the big corporations help their stock price and their big stock holders previously mentioned upper middle, rich and wealthy win there again. Thats how this country works...the government in cohots with the haves
__________________
@RSherman_25 just make sure you stay in Seattle cause without that pass rush you are who we thought you were. 5th rd PK no speed good hands

DeAngelo Hall (@DeAngeloHall23) March 14, 2014
Chico23231 is offline   Reply With Quote
Old 10-01-2011, 09:36 AM   #7
‎\m/
 
Mattyk's Avatar
 
Join Date: Feb 2004
Age: 41
Posts: 80,440
Re: Banks preparing to charge for debit card usage

The little man always suffers.
__________________
Support The Warpath! | Warpath Shop
Mattyk is offline   Reply With Quote
Old 10-01-2011, 09:42 AM   #8
Playmaker
 
Alvin Walton's Avatar
 
Join Date: Sep 2010
Location: Holland, Michigan
Posts: 4,234
Re: Banks preparing to charge for debit card usage

This will piss me off it it hits my bank. We use a debit card almost every day.
__________________
REDSKINS FAN SINCE 1968
Alvin Walton is offline   Reply With Quote
Old 10-01-2011, 10:48 AM   #9
MVP
 
Chico23231's Avatar
 
Join Date: Mar 2009
Location: Richmond, VA
Age: 37
Posts: 11,017
Re: Banks preparing to charge for debit card usage

Quote:
Originally Posted by Alvin Walton View Post
This will piss me off it it hits my bank. We use a debit card almost every day.
Yeah, I wonder how visa and mastercard will react...i suspect they will lower merchant service fee. People never carry cash anymore...i know i dont.

Interesting fact, people tend to purchase more when paying with debit cards vs cash. So if more people go back to using cash to avoid the fee, could hurt the economy indirectly being consumption based.
__________________
@RSherman_25 just make sure you stay in Seattle cause without that pass rush you are who we thought you were. 5th rd PK no speed good hands

DeAngelo Hall (@DeAngeloHall23) March 14, 2014
Chico23231 is offline   Reply With Quote
Old 10-01-2011, 11:15 AM   #10
‎\m/
 
Mattyk's Avatar
 
Join Date: Feb 2004
Age: 41
Posts: 80,440
Re: Banks preparing to charge for debit card usage

The concept of charging someone to use their own money is just ludicrous. Personally I used my credit card for everything and pay off the balance each month. If I wasn't doing that already I'd be considering making that switch now.
__________________
Support The Warpath! | Warpath Shop
Mattyk is offline   Reply With Quote
Old 10-01-2011, 02:35 PM   #11
Eternally Legendary
 
saden1's Avatar
 
Join Date: Feb 2004
Location: Seattle
Age: 34
Posts: 9,858
Re: Banks preparing to charge for debit card usage

I understand that there is no such thing as free lunch but also have no problem switching banks.

If they want to have my money free of charge and use it to make loans and other leveraged investments the least they can do is not charge me to have access to my dough.
__________________
"The Redskins have always suffered from chronic organizational deformities under Snyder."

-Jenkins
saden1 is offline   Reply With Quote
Old 10-01-2011, 07:06 PM   #12
MVP
 
DynamiteRave's Avatar
 
Join Date: Dec 2005
Location: Washington DC
Age: 27
Posts: 11,850
Re: Banks preparing to charge for debit card usage

I bank with Citibank who's already ridiculous. So I wouldn't be surprised if they start charging to use the debit option. Few years ago the apr on my credit card shot up from 11% to 18%. I pay on time so they dumped it down to 16% a year or two ago. But I'm still paying ridiculous interest every month. I'm thinking about calling them and asking to see if they can lower it anymore considering I've had this stupid credit card since I was about 21-22 and I've never paid late.

I get charged $8.50 monthly service charge for my checking account. I have a debit card but sometimes I use the credit option. Guess I'll always be using the credit option
__________________
Establishment, establishment, you always know what's best.

"We're officially horrible." -RedskinRat

I'm a chick, damnit.
DynamiteRave is offline   Reply With Quote
Old 10-01-2011, 08:45 PM   #13
Special Teams
 
JPPT1974's Avatar
 
Join Date: Apr 2009
Posts: 181
Re: Banks preparing to charge for debit card usage

There is talk that people that used a certain debit card will be charged $5 a month, along with it totaling up to $60 a year! Forget the name of the credit card but think, it could be a Visa.
__________________
July Independence of Will!
JPPT1974 is offline   Reply With Quote
Old 10-01-2011, 10:22 PM   #14
Naega jeil jal naga
 
Dirtbag59's Avatar
 
Join Date: Jan 2006
Location: Atlanta, Georgia From: Silver Spring, Maryland
Age: 28
Posts: 14,424
Re: Banks preparing to charge for debit card usage

Be careful about using credit cards instead.
Bank of America fee to benefit bank, despite angry customers - Sep. 30, 2011
__________________
"Hey baby, wake up from your a sleep." -Zlad

"I feel like Dirtbag has been slowly and methodically trolling the board for a month or so now."
- FRPLG
Dirtbag59 is offline   Reply With Quote
Old 10-02-2011, 09:37 AM   #15
Pro Bowl
 
Beemnseven's Avatar
 
Join Date: Feb 2004
Location: Virginia Beach
Age: 40
Posts: 5,293
Re: Banks preparing to charge for debit card usage

Quote:
Originally Posted by Chico23231 View Post
bank regulation called Dodd-Frank to thank for this one. You seriously didnt think the finacial industry was gonna cut its bottomline in response? Big corporations always win in this country.
Exactly right. But guess what? If they don't "win" they're out of business.

Middle America, the poor, and the working class may hate it, but, that's the way businesses exist. If they don't make a profit, they disappear. They have to answer to their shareholders. The first person who decides to be charitable and eats the loss in the face of a loss of revenue, the shareholders will say "see ya" and it's on to the next dude who makes sure they stay in the black by the widest possible margin.
Beemnseven is offline   Reply With Quote
Reply

Bookmarks

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -4. The time now is 10:10 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
This site is not officially affiliated with the Washington Redskins or the NFL.
Page generated in 0.27648 seconds with 9 queries

Search Engine Friendly URLs by vBSEO 3.2.0 RC5

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25