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The crux of the matter is this (from the link above)
"The Dodd-Frank Act's Durbin amendment, due to go into effect on October 1, caps fees banks can charge merchants for processing debit card transactions at 21 cents per transaction from an average of 44 cents, potentially costing banks billions of dollars."
Wells Fargo are "trialing" a $3 per month charge in some states. Here's another extract from the relevant link.
"Wells Fargo's $3 debit card fee test will be limited to accounts opened in Georgia, Nevada, New Mexico, Oregon and Washington."
I too shall be looking to a Credit Union for my day to day banking. I will do this just to avoid paying the $36 (3 * 12) that Welss Fargo will certainly impose once their "trial" has finished.
I shall vote with my feet.
Yep let us place the blame where it belongs...Sandwich Dodd, Turbin Durbin, and Log Cabin Frank.
If this doesn't make you angry about the fees and the banks crying that they "need" this additional income, I don't know what will.
BTW, #2 is gone. Kelly left Bank of NY earlier this year. Hence, our illustrious CEO of Wells Fargo is bumped up to #2.
Meanwhile...people are loosing their jobs...there is an active campaign to "cut costs"...seems like the greatest way to cut costs is to cut a paycheck from the top of the house!
If you do decide to shop Credit Unions, make sure to 1) ask about debit card fees; 2) read the fine print and 3) flip one of their debit cards over and read the back...
Reson being that most community banks and credit unions cannot afford to operate a division like this on their own. They outsource it, usually to a big bank or another similar provider. If that provider demands a fee, you can bet it will be passed along to you. Credit unions cannot afford to eat it. They are too busy holding mortgage paper on 4% fixed loans, which is suicidal on the income statement over the long haul.
My cash is in tin cans, in undisclosed locations. I have them spread out in three counties, buried wooded areas. When I need cash, I go to my nearest ATM(tin can) and make my withdrawal.
Whats wrong with going back to writing checks or stopping by the ATM and paying with Cash?
It safer without the worry about stolen identity.
Sorry, but i don't think walking around with cash is safer than carrying a debit card. If your debit card/credit card gets stolen and used somehow, you will get the money back from your bank. Can't do that with cash, you get robbed...you're SOL.
Yep let us place the blame where it belongs...Sandwich Dodd, Turbin Durbin, and Log Cabin Frank.
It's really a no-brainer for the bank to levy this charge. They will be saying, "We are getting less revenue directly from purchases now so we shall regain it directly from our retail customers."
Previously the bank were seeing a 44 cent payment to them on each debit card transaction. Now this drops to 21 cents.
I guess that now the merchant will keep the 23 cent difference and we, the consumers and payers, will get stuffed with the $3 -5 (depending on the bank) monthly charge.
It would be too much to hope that the merchants drop each purchase by 23 cents. Yeah, dream on.
Just open a Mad Money account with NCBT. Free checking and 4.25% interest on the first $25k, with a maximum of two accounts for a total of $50k getting the high interest rate.
The only drawback of this bank is their limited locations, but I hardly ever go to the bank or use an atm so this is irrelevant to me.
We recently switched our savings/checking over to an online bank, ING Direct. They pay 1% on savings and .25% on checking with no sign of ATM fees coming. Great online interface and they even have paper checks as well. There are plenty of no fee ATM locations as well, generally those you'd find in a CVS, Wal-Greens or even a Cash Points.
In terms of locally, we also have an account with Piedmont Advantage Credit Union. They have 3 branches in the Iredell/Mecklenburg county area. While that doesn't sound like a lot, the key thing is that any Truliant, Allegacy, etc. credit union (not SECU however) can service our account which means give us cash, take deposits, loan payments, etc. so only a few branches is no big deal at all. We've moved our car loans as well as the HELOC we had over to them as well as their interest rates were substantially better than what we had, which I thought were pretty good!
Definitely some options out there for those looking to leave BoA or any of these other places charging the new fees.
Yep let us place the blame where it belongs...Sandwich Dodd, Turbin Durbin, and Log Cabin Frank
Oh Jesus. How old are you?
Yes it's the fault of the made up people you mention not BofA, who helped take dow our economy with their incompetence and greed.
Yeah, keep shovelin'
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