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They'd never get away with this because too many people would ***** about it, forcing the government to intervene and smack this down.
Besides, the day a bank tells me I can only use $50 of my own money daily is the day I become a product of their's.
Not sure of your exact meaning except that you are outraged by the idea of a cap on the use of your own money via debit card, and I agree 100%. This thread has gotten off on a tangent about the use of checks (but an interesting one). But to get back to the point of the article cited by the OP, I just hope banks discover the amount of anger we consumers have about many of their practices. To bring this home we need to vote with our feet by moving our banking business to credit unions or where ever we can get a better deal if such proposals become reality.
Really, it's up to the consumer like Escort Rider says.
My local credit union has given me great service, great rates (on our mortgage), and been very easy to deal with. The only fee we pay them is a $1.00/month fee for using our debit cards. That's it. What need would I possibly have for any bank, especially one of the big mega banks? Look up online surveys of the worst or most hated companies in America, and the mega banks are always flooding the lists. Go figure.
I don't write checks anymore. I don't even have any checks for my checking account.
Five years ago, I paid my rent with a check. And someone stole the check from the leasing office, but the leasing office didn't tell me for a month. I found out when my husband's paycheck was direct-deposited, and disappeared within seconds. Then everything in our checking and savings went next. Identity theft is the one crime where you're guilty until you prove yourself innocent, and I spent a fortune on notary fees and faxing trying to prove we had nothing to do with it, and get our money back. I had the state anti-terrorism unit knocking on my door, and another time a couple guys from the secret service came to ask us questions, because the people who had stolen the check also had made a driver license in my husband's name and were out there doing bad stuff with it. It was a crazy couple of years. I still get letters from bill collectors pertaining to it.
Whenever I see someone write a check I want to go up and say, "Stop! You'll ruin your life!" Of course I don't...but all it takes is one check getting into the wrong hands (or even one clerk at a store taking down your info) to make your life a nightmare for a year or two.
Wouldn't the quickest answer to the whole thing be to stop using your debit card as a debit card (with a pin) and use it like a credit card with a signature?
Wouldn't the quickest answer to the whole thing be to stop using your debit card as a debit card (with a pin) and use it like a credit card with a signature?
Wouldn't the quickest answer to the whole thing be to stop using your debit card as a debit card (with a pin) and use it like a credit card with a signature?
That's what I do but then I hear both that it does and doesn't offer the same protection as a regular credit card.
And honestly, no one EVER checks the signature. Mine is signed and says "see picture ID" but in all the years I've had it I can count on one hand the times that a cashier actually looked on the back. And I thank the ones who do that.
I actually contemplated using my card as a debit at the store one day to get cash back, but then I realized I wasn't sure what my PIN was, since I always use it as a "credit" option.
I actually contemplated using my card as a debit at the store one day to get cash back, but then I realized I wasn't sure what my PIN was, since I always use it as a "credit" option.
I can't remember the last time I did. I usually know what I need for the week (gas/laundry/"allowance") and take it when I deposit my check, and anything else like groceries, I use my debit (as credit).
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Voting with our feet
