A $5 fee for using your own bank debit card?

Stealth3si · 10-10-2011, 02:53 PM

This may not be a concern or issue for many folks (i.e., don't use/need debit card, fee is simply insignificant for whatever reason, ability to 'offset' the fee, life is too good to worry about this, you're rich, etc) but I guess the days of customer service-oriented services are long gone with the big banks. Funny how the banks needed the government to bail 'em out with tax payer money. Now we can't access our own money that we trust them to hold and guard without paying for it. I can understand the term "purchasing" an account by opening it and making an initial deposit to get it going. What I don't understand is the reason we have to "buy" our own money that is already ours. But I suppose that's just the way things are in life and the big guys gotta make a profit somewhere too. Unfortunately they're doing this at the expense of their customers' ability to access their own already-owned money.

^^^
That's why I'm with USAA!

In light of this, I Googled for some 'fee-free' banks and a few came up: ING, M&T, & Ally.

There are however a fees charged for certain services, like M&T charges a $3 fee for bank-to-bank xfers!

Moreover, Ally IIRC requires good credit!

As for ING, AFAICT there are no fees (that would be an issue for me) and they offer interest for our earned money!

Check 'em out if anyone's interested.

**bobthecockroach** · 10-10-2011, 02:59 PM

Who is doing this...? I've never heard of it or been charged such a fee.

**redbaron** · 10-10-2011, 03:05 PM

BoA is introducing a $5 (per month?) fee to use a debit card

***Pauler*** · 10-10-2011, 03:06 PM

yea, i am with BoA...its not that $5 is a lot of money or anything...its just that i hate being nickel and dimed for everything. i am considering moving to a local bank or credit union.

Cam42 · 10-10-2011, 03:10 PM

From what I've heard, Credit Union's are apparently the way to go now.

TheProdigalModern · 10-10-2011, 03:16 PM

Quote:

Originally Posted by redbaron

BoA is introducing a $5 (per month?) fee to use a debit card

This is supposedly in response to new banking regulation prohibiting certain other fees.

Honestly, I was surprised to find there wasn't a debit card charge already in effect. After all, my bank charges me $12 a month if a certain amount isn't direct-deposited into my checking account, regardless of its current balance.

Stealth3si · 10-10-2011, 03:17 PM

Quote:

Originally Posted by bobthecockroach

Who is doing this...? I've never heard of it or been charged such a fee.

BoA and SunTrust. Chase and Wells Fargo don't exactly charge $5 but are testing a similar plan at $3. And the BoA fees begin October 1 but fees start rolling out early 2012. SunTrust began on June for new comers and November 1 for existing members.

What's your bank? And do you use a debit card?

I wouldn't be surprised if more banks jump on the wagon.

Citi won't do this but like most big banks they do typically charge fees for monthly balances below $1500. So if you're shopping for 'fee-free' banks to avoid general fees then scrutinizing fees is a must.

Quote:

Originally Posted by Cam42

From what I've heard, Credit Union's are apparently the way to go now.

There seems to be an increase in CU memberships.

**bobthecockroach** · 10-10-2011, 03:22 PM

I use a debit card with a local bank. I can physically get to the HQ of my bank faster than I can get a person on the phone at Bank of America.

jthomas1600 · 10-10-2011, 03:37 PM

I've heard of some other potential fees coming down the pike. Sure am glad we passed financial reforms....oh wait, that's why this is happening. It looks like we left some back door loopholes open. It makes me more discouraged and cynical everyday. Over the last 2 years my health care costs have skyrocketed and my banking is becoming more and more expensive.

***Art*** · 10-10-2011, 03:47 PM

I started with a local bank that my Mom worked for. It merged with another bank to make a bigger company, which was in turn purchased by Bank of the West. It is a pretty decent bank. I do not get charged for that kind of petty stuff, though things like Interchange Charge still bug me a bit. (The charge your own bank charges you for using someone else's ATM.) I have had this account since Jr. High school. My Mom is on my account, which means I can do instant transfers between our accounts for free any time. That has come in handy more than once.

Bryan · 10-10-2011, 10:58 PM

i love USAA. I hope they don't do something like this. They are as close to a CU you can get w/o being a CU. More of a Co-Op.

normajean777 · 10-10-2011, 11:50 PM

Honestly who cares if BoA starts charging $5 to use your debit card? There are tons of other options if you don't want to pay the fee (and honestly, who does?). Unless your married to that bank I suppose...

Stealth3si · 10-11-2011, 12:03 AM

Quote:

Originally Posted by Bryan

i love USAA. I hope they don't do something like this. They are as close to a CU you can get w/o being a CU.

Indeed.

Quote:

Originally Posted by Bryan

More of a Co-Op.

As in this?

Could you briefly summarize in a way how this is so?

**thesteve** · 10-11-2011, 12:54 AM

Quote:

Originally Posted by normajean777

Honestly who cares if BoA starts charging $5 to use your debit card? There are tons of other options if you don't want to pay the fee (and honestly, who does?). Unless your married to that bank I suppose...

For a lot of people it is a huge matter of inconvenience. For example, I re-financed my car loan through my bank a few years ago. If they were to put in some sort of scheme like this, I'd either have to eat the $5 a month or move my checking account to another bank and hopefully be able to find someone other method of conveniently paying my car bill.

normajean777 · 10-11-2011, 08:27 AM

Quote:

Originally Posted by thesteve

For a lot of people it is a huge matter of inconvenience. For example, I re-financed my car loan through my bank a few years ago. If they were to put in some sort of scheme like this, I'd either have to eat the $5 a month or move my checking account to another bank and hopefully be able to find someone other method of conveniently paying my car bill.

$60 is rather inconvenient as well. In this day and age especially, it is increasingly easy to pay any bill anywhere.