Banks preparing to charge for debit card usage

mooby

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.

Chico23231

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.

mooby

Where was that implied? Of course banks would try to make up for the loss of profit elsewhere.

Chico23231

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

MTK

The little man always suffers.

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Alvin Walton

This will piss me off it it hits my bank. We use a debit card almost every day.

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Chico23231

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.

MTK

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.

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saden1

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.

DynamiteRave

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

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JPPT1974

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.

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Dirtbag59

Be careful about using credit cards instead.
Bank of America fee to benefit bank, despite angry customers - Sep. 30, 2011

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Beemnseven

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.