Archive

Bank of America Plans $5/month Fee for Using Debit Cards .

  • LJ
    Nate;916879 wrote:You must be an idiot because the previous link worked perfect for me.
    I'm not an idiot, it works now. Sometimes when a WSJ article gets a lot of traffic, they lock it for a while to try to get subscribers.
  • dlazz
    QuakerOats;916917 wrote:You can thank Barney Frank and Chris Dodd, liberal hacks and sponsors of the Dodd-Frank financial 'reform' (NOT) bill. This is just another piece of massive and wreckless regulation that does nothing to address too-big-to-fail, but burdens all banks, including community banks, and will lead to all types of other fee enhancements in order for the banks to survive. Once again, liberalism generates the exact opposite of its stated intent.

    Change we can believe in ........
    You seem to have mistaken this forum for Politics.

    See yourself out.

    Thank you.
  • gut
    I've never understood why people use debit cards. First off, I don't want one and I have no use for one. I use my credit card for almost all transactions (which is just smart, because you have certain consumer protections, among other things). Once or twice a month I take like $200 cash out for walking around money (though I tend to need to reload at inconvenient times and get stuck with those pesky $3 ATM fees).
  • WebFire
    gut;917135 wrote:I've never understood why people use debit cards. First off, I don't want one and I have no use for one. I use my credit card for almost all transactions (which is just smart, because you have certain consumer protections, among other things). Once or twice a month I take like $200 cash out for walking around money (though I tend to need to reload at inconvenient times and get stuck with those pesky $3 ATM fees).
    Convenience and budget tracking are two good reasons. Most banks you can use the same card for debit and credit, and I do use credit for most of my stuff. For the protection, and the fact I get rewards for using it as credit.
  • dlazz
    gut;917135 wrote:I've never understood why people use debit cards. First off, I don't want one and I have no use for one.

    Not everyone is you.

    Hope that clears it up.
  • WebFire
    Also, I may be the opposite of most people, but I tend to spend the cash easier than I do if I just have my debit card. I rarely carry cash for that reason.
  • Heretic
    WebFire;917158 wrote:Also, I may be the opposite of most people, but I tend to spend the cash easier than I do if I just have my debit card. I rarely carry cash for that reason.
    That's how I am, too. Cash turns me into more of an impulse spender like that stuff's burning a hole in my wallet and I have to get rid of it.
  • Nate
    LJ;916934 wrote:I'm not an idiot, it works now. Sometimes when a WSJ article gets a lot of traffic, they lock it for a while to try to get subscribers.
    I hope you sensed my sarcasm as I really don't think you are an idiot today.
  • Glory Days
    gut;917135 wrote:I've never understood why people use debit cards. First off, I don't want one and I have no use for one. I use my credit card for almost all transactions (which is just smart, because you have certain consumer protections, among other things). Once or twice a month I take like $200 cash out for walking around money (though I tend to need to reload at inconvenient times and get stuck with those pesky $3 ATM fees).
    Same here. only reason i have one is because its attached to my ATM card, never used it as debit though. doesnt make any sense to me if you have credit cards.
    Nate;917170 wrote:I hope you sensed my sarcasm as I really don't think you are an idiot today.
    so just today? not other days :laugh:
  • gut
    dlazz;917157 wrote:Not everyone is you.

    Hope that clears it up.
    But WHY would you use a debit card if you have a credit card? What advantages does a debit card offer over a credit card, except perhaps protecting people from the own wreckless spending habits? I get "cash back" on my credit card with points. Broad consumer purchase protection. It goes on and on. Is everyone not as smart as me, is that what you meant to say?
  • Glory Days
    gut;917174 wrote:But WHY would you use a debit card if you have a credit card? What advantages does a debit card offer over a credit card, except perhaps protecting people from the own wreckless spending habits? I get "cash back" on my credit card with points. Broad consumer purchase protection. It goes on and on. Is everyone not as smart as me, is that what you meant to say?
    can you over draw using your debit card? doesnt seem like it would control spending if you could.
  • gut
    Glory Days;917172 wrote:Same here. only reason i have one is because its attached to my ATM card, never used it as debit though. doesnt make any sense to me if you have credit cards.
    Exactly. And I do not use that ATM as a debit card ever. Though I guess the risk of being lost or stolen is identical to the ATM card, but the risk of getting your numbers/pin stolen increase with the number of transactions, and I'm only using mine once or twice a month. I've had my CC info stolen twice and I can't imagine what would happen if my ATM info got ripped and they had access to my checking and savings accounts - it cost me NOTHING when my CC info got hacked.
  • gut
    Glory Days;917177 wrote:can you over draw using your debit card? doesnt seem like it would control spending if you could.
    CC have limits, too (though typically much higher than what someone would keep in a checking account). If a debit card is linked to a savings account, it might be potentially worse (certainly in the case of a stolen/hacked card). People also have overdraft protection.

    I regularly get alerted of suspicious transactions on my CC (I travel, and also occasionally buy some stuff online). That's another big plus, but even without the consumer protection the amount of my loss could not exceed my CC limit (I pay off monthly, and so do not have and do not need large limits on my CC).
  • queencitybuckeye
    gut;917174 wrote:But WHY would you use a debit card if you have a credit card? What advantages does a debit card offer over a credit card, except perhaps protecting people from the own wreckless spending habits? I get "cash back" on my credit card with points. Broad consumer purchase protection. It goes on and on. Is everyone not as smart as me, is that what you meant to say?
    There are retailers (not a lot, but they do exist) that accept debit but not credit cards. That's about the only time we use ours.
  • gut
    queencitybuckeye;917182 wrote:There are retailers (not a lot, but they do exist) that accept debit but not credit cards. That's about the only time we use ours.
    Cash only business? Makes sense, although outside a few cash-only fast food joints I've never run into a place that didn't accept VISA. Run into a few that don't accept AMEX, but VISA and Mastercard seem everywhere. And small items I tend not to use my credit card, which is why I do carry cash. It's one way I manage the risk of my CC info being stolen (which, as I said, has happened twice in the last 10 years or so). I know other people this has happened to, as well, business cards in particular are popular targets. Seems to happen enough that I guard that ATM/Debit card as much as I can, which is to say I hardly ever use it except for once or twice a month for cash.
  • FatHobbit
    gut;917185 wrote:Cash only business?
    I know ALDI only accepts cash or debit cards. Other than that I don't use a debit card. There might be a good reason for it, but I can't think of one.
  • QuakerOats
    dlazz;917129 wrote:You seem to have mistaken this forum for Politics.

    See yourself out.

    Thank you.

    People are bitching about an issue; I am helping to explain the situation, put it into context, and connect the dots. I could care less what you think about that.
  • gut
    QuakerOats;917193 wrote:People are bitching about an issue; I am helping to explain the situation, put it into context, and connect the dots. I could care less what you think about that.
    I don't know if I'd blame Dodd-Frank, though it's probably a factor. Banks have been reducing costs and looking for other revenue streams for years. Some I've seen are or planning to charge people for branch visits to get service from a teller! Also a lot of bait-and-switch where they'll offer a new checking or savings account with a premium interest rate that subsequently drops to below market rates after 6 months if you aren't paying attention.
  • Hb31187
    WebFire;917158 wrote:Also, I may be the opposite of most people, but I tend to spend the cash easier than I do if I just have my debit card. I rarely carry cash for that reason.
    Really? Im the complete other way. If I have to fork over 100$ cash, I'm gonna think about it much more than if i just swipe a card and pay 100$
  • tcarrier32
    i dont carry cash because i'm not trying to lose it if i get robbed. they can take my card, i'll just cancel it.

    as for the topic, I have Huntington, BOA can blow me.
  • wkfan
    gut;917201 wrote:I don't know if I'd blame Dodd-Frank, though it's probably a factor. Banks have been reducing costs and looking for other revenue streams for years. Some I've seen are or planning to charge people for branch visits to get service from a teller! Also a lot of bait-and-switch where they'll offer a new checking or savings account with a premium interest rate that subsequently drops to below market rates after 6 months if you aren't paying attention.
    Yes, blame Dodd Frank.

    Sure, banks have been monkeying with fees for years, but that monkeying leads to a market reaction that is 'natural' and lets the consumer decide. Dodd Frnk is artificial in that the government is stpeeing in where they don't belong and legislating pricing and rules to 'help the consumer'.

    Bawney....help this consumer and go back into the closet. At least, that is something that you know something about.
  • ts1227
    dlazz;917129 wrote:You seem to have mistaken this forum for Politics.

    See yourself out.

    Thank you.

    Reps
  • derek bomar
    Dodd-Frank will actually help in this instance, as the general public will be more aware of the fees they're paying, thus the market mechanism will work better and consumers will go to banks that aren't charging people to use their own money.

    Why don't we all charge BOA $5 for the bailout? If they're going to charge people to use their own money, seems we could do the same...no?
  • dlazz
    gut;917174 wrote:But WHY would you use a debit card if you have a credit card? What advantages does a debit card offer over a credit card, except perhaps protecting people from the own wreckless spending habits? I get "cash back" on my credit card with points. Broad consumer purchase protection. It goes on and on. Is everyone not as smart as me, is that what you meant to say?
    Credit cards build interest because they tie up "future" funds.

    Debit cards do not carry interest, and they do not tie up future funds. They also allow you the convenience of using "real" money, when you have no cash on hand.
    QuakerOats;917193 wrote:I am helping to explain the situation, put it into context, and connect the dots.
    No you weren't, you were looking to start a political rant. "Change" this, "liberal" that...shut the fuck up.
  • derek bomar
    dlazz;917342 wrote:
    No you weren't, you were looking to start a political rant. "Change" this, "liberal" that...shut the fuck up.
    reps