Bank of America to charge $5/month for debit card swipes

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Nate4Prez said:
Bringing up taxpayers in this thread is pointless. Just as Blazer Prophet bring up the bailout. Neither one of those things has anything to do with the new banking fees.
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I was taking a swipe at the bank for taking the bailout then crying poor and taking it out on us. We're effectively bailing them out for their misuse of the bailout. So it is relevant.
 
jlprk said:
It used to be, if banks needed to increase their profit from depositors, they increased the interest rate they charged borrowers. Simple.

This concept went out the window when banker's hours ended. When tellers had to greet customers outside of 10 am to 3 pm, they just cracked and freaked out. They forgot how to keep it simple. Just increase interest rates to borrowers. Then they started being open till 6 or 7 pm. The nation's financial system collapsed.

It's quite obvious how to save this country, but no one listens.
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The Fed sets the interest rate, which have been historically low for three years now. That's just another thing that is now less profitable for banks.

$250,000 at 4% for 30 years makes $179,673.71 in interest for the bank.
$250,000 at 8% for 30 years makes $410,388.12 in interest for the bank.
 
Schwab has a basic checking account with ATM card. If you are ever charged an ATM fee for using the card, they reimburse you for it.

ATM fees are absurd, if you think about it. Withdraw $20 with a $2 fee and you just paid them 10% interest on your own money. If you kept that money in a savings account, they might pay you $.20 in interest if you keep it there for a year.
 
Denny Crane said:
ATM fees are absurd, if you think about it. Withdraw $20 with a $2 fee and you just paid them 10% interest on your own money.
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In some cases, you get double-dinged. In other words, a service fee from your banking institution, along with an additional service fee from whomever owns the ATM machine.

In your example, you could get charged $4 (or more) on that same $20 withdrawal.

PS: Sometimes, I found myself dropping by a grocery store and buying something small (such as a pack of gum), then getting cash back as to avoid these types of charges/fees.
 
ABM said:
PS: Sometimes, I found myself dropping by a grocery store and buying something small (such as a pack of gum), then getting cash back as to avoid these types of charges/fees.
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When I first started in retail banking I worked in a branch that was inside a Safeway. I always recommended buying a pack of gum and getting cash back instead of using the banks ATM. There are a lot of banks out there that will refund your ATM charge if you bring in you receipt for the withdrawal (like Schwab the Denny mentioned above).
 
They can charge what they want. The market will decide if this fee sticks.
 
guest said:
The reason this fee now exists is because of Congress interfering with the free market:

http://www.nationalreview.com/articles/278888/durbin-fee-editors

It hurts credit unions and small banks as well.
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I think this is great. I don't use a debit card. Why should I be forced to subsidize your debit card via higher prices? That's socialism, that's what that is.

This way, you have the freedom of choice. If you choose to use a debit card, you can pay for the cost of doing so.

And the prices for what I buy can theoretically be reduced, since the merchants no longer have to pay as much for your debit card.

barfo
 
barfo said:
I think this is great. I don't use a debit card. Why should I be forced to subsidize your debit card via higher prices? That's socialism, that's what that is.

This way, you have the freedom of choice. If you choose to use a debit card, you can pay for the cost of doing so.

And the prices for what I buy can theoretically be reduced, since the merchants no longer have to pay as much for your debit card.

barfo
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I take it you don't use a credit card, either.
 
ABM said:
That's what we used to call boogers back in the day.
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We hung the boogers on our belt, that was the style at the time.

barfo
 
Why does it cost banks more to process payments via debit card payments vs. check payments? Processing electrons through wires to a computer should cost less than delivering paper checks by truck and then mechanically sorting them.

Banks should PAY stores or individuals for debit card use, not GET paid.
 
barfo said:
And the prices for what I buy can theoretically be reduced, since the merchants no longer have to pay as much for your debit card.

barfo
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Enjoy your theoretical savings when you shop.
 
MARIS61 said:
Enjoy your theoretical savings when you shop.
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Luckily, I only theoretically shop, so I will be able to enjoy the full theoretical benefits.

barfo
 
guest said:
The reason this fee now exists is because of Congress interfering with the free market:

http://www.nationalreview.com/articles/278888/durbin-fee-editors

It hurts credit unions and small banks as well.
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The Durbin Amendment was passed in response to exhorbitant fee-gouging of merchants by the banks.

The fact that banks are now gouging unprotected debit card users instead of gouging merchants which is now illegal can hardly be blamed on the government's impotent attempts to rein in the obscene profit-taking B of A and other large banks are engaged in at the expense of our country's financial viability.

A total government takeover of B of A, Morgan/Chase, Wells Fargo and other criminal banking organizations sucking this country dry may be the only way to save our country from total collapse.
 
barfo said:
I think this is great. I don't use a debit card. Why should I be forced to subsidize your debit card via higher prices? That's socialism, that's what that is.

This way, you have the freedom of choice. If you choose to use a debit card, you can pay for the cost of doing so.

And the prices for what I buy can theoretically be reduced, since the merchants no longer have to pay as much for your debit card.

barfo
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What about the poor, Barfo? What about the poor? Why do you want to increase their taxes?
 
blazerboy30 said:
What about the poor, Barfo? What about the poor? Why do you want to increase their taxes?
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I thought we'd decided to render the poor into lovely bars of soap for our executive washrooms?

barfo
 
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