Is your bank starting the debit card fee?

mrdc

mrdc

Active Member
So the financial news this week has been about several banks implementing a $3 a month debit card fee and my bank is included. We are now in the process of switching to a local bank that still has free everything. I can afford the $3 fee but it isn't about what I can afford but about greedy banks sticking to the customers because of the caps imposed by the gov't on what they can charge the stores per transaction. Just irritates the mess out of me.
What about your bank?
 
slice

slice

Active Member
This fee is a direct result of banking regulation to "reform" the structure; another unintended consequence of centralized control by those who haven't a clue.
I have been a member of a Credit Union for some 20+ years now and will not deal with a traditional bank if I can ever avoid it.
 
mrdc

mrdc

Active Member
And you know who did the "reform". Yep the gov! It was said that this would come to us eventually and here it is. Wells is only doing it in test states to see what happens but I say F them. I am done and will go smaller which is what we are doing. If my credit union offered more, I would go with them but all they do is take and invest the money.
 
slice

slice

Active Member
Hiya Toots!
Slice has a new laptop on a wireless network!
I finally relented and went wireless, had a problem with security algorithms until recently.
 
reefraff

reefraff

Active Member
Mine hasn't as far as I know. I hang with them because I make so much off the cash back on the credit card but I might switch if they add the fee.
 
meowzer

meowzer

Moderator
Well I live in a small town and deal with a small town bank,......I highly doubt they will do it
 
scsinet

scsinet

Active Member
We use Wells Fargo too.. I have two checking accounts with them. One is a "free" checking account that I keep for it's ties to my paypal account, the other is our main checking account, which is a premium account we have, with the requirement that we maintain certain minimum balances. The notification came in my email for the free account, but not the main account. When I went online and select the main account, the link to the notification is not there... so it looks like they are only charging the fee on the "basic" accounts, but I haven't called them. I never use the debit card on the free account so I won't get charged the fee there anyway.
While it's unfortunate that this is happening, we really have the government to blame for this. What many people do not understand is that the costs of these regulations, corporate taxes, etc are not paid by companies, they are paid by consumers after being passed onto them by the companies.
I may end up switching banks if they charge a fee on my main account... I've got like 4 bank accounts, a mortgage, safety deposit box, money markets... etc all through them, and I don't like being made to pay fees when I know they are earning enough from holding my money to cover those costs and still make a profit, but at the same time, I feel sorry for the banks because it's ultimately the government that is causing this, not them.
 
flower

flower

Well-Known Member
I hope everyone Wells Fargo charges, pulls out and goes to another bank, that will crush all ideas about charging for debit cards. That's like your own bank charging you to cash a check that came from them. It isn't much right now, but after it all becomes the norm when all the other banks follow....we could land up paying for each transaction in the future.
We peewees who use our checking accounts need to make a stand. Believe me, I know how hard it is to sawp banks, but some banks will even give you a $150.00 just to switch...make a statement and make it worth your time.
 
reefraff

reefraff

Active Member
Wells Fargo is a fowl feces company anyway. I saw first hand how they bent my son when he had an account with them. He goobered up but once I saw what they were doing to him I vowed I'd never deal with them in my life. He had a college student credit card, never mind he was NEVER in college, that was tied to his checking account. Also had an auto loan with them. So I don't try to understand the workings of the 20 year old mind but for some reason he decided that when he left the state to work paying his bills became an option....
So once I got curios enough to open his bills I found that his checking account was overdrawn and the credit card was over the limit. So what they did was hit him with a late fee, over the limit fee PLUS even though his checking account was overdrawn they took a CC payment from the checking account and applied it to the CC account. When it "bounced" he got a fee added to the CC for a returned item fee and another overdraft fee to the checking account. The kid messed up but their money grubbing was absurd but it gets worse.
I call up and find out what it will cost to settle his idiocy. They tell me and I go down and pay his whole mess, credit, checking and truck off. Clean slate for the idiot. Or so I thought. Turns out I paid it off after he had incurred another 75.00 fee but it had not yet posted to the account so it wasn't included in the payoff amount. Because it hadn't been paid they sent a bill for 150.00. The 75.00 fee and another 75.00 fee for being late...... So I call them up. I am told if I go pay the 75.00 at the branch with an E check (my check wasn't acceptable even though the ones I wrote them for a total of over 6 grand about a month before cleared fine) RIGHT NOW!!! they would remove the other 75.00 charge. BUT IT GETS BETTER.
I got to the bank and it took about an hour to get everyone on the same page, we do the E check and everything is good, or so I though. Fast forward about 2 years. A collection agency calls trying to collect 149.00 from Wells Fargo. During one of the calls to my house looking for him I got to talk to a very helpful lady who told me a LOT more than she should have. When I explained the situation to her she became quite frustrated and told me they have received "many" accounts from Wells Fargo that were seeking money that they had no record of why it was owed, my son's included. They tried to collect that debt for like 5 years before his now ex wife got the right person on the phone and threatened to sue them for credit slander if they didn't either A) demonstrate what the debt was for or B) remove the negative posting from his credit report and cease all collection activities. A lawyer had given her a script to use and it worked like a charm.
Sorry for the novel but it was such a convoluted mess.....
 
flower

flower

Well-Known Member
Quote:
Originally Posted by reefraff http:///t/387430/is-your-bank-starting-the-debit-card-fee#post_3409135
Wells Fargo is a fowl feces company anyway. I saw first hand how they bent my son when he had an account with them. He goobered up but once I saw what they were doing to him I vowed I'd never deal with them in my life. He had a college student credit card, never mind he was NEVER in college, that was tied to his checking account. Also had an auto loan with them. So I don't try to understand the workings of the 20 year old mind but for some reason he decided that when he left the state to work paying his bills became an option....
So once I got curios enough to open his bills I found that his checking account was overdrawn and the credit card was over the limit. So what they did was hit him with a late fee, over the limit fee PLUS even though his checking account was overdrawn they took a CC payment from the checking account and applied it to the CC account. When it "bounced" he got a fee added to the CC for a returned item fee and another overdraft fee to the checking account. The kid messed up but their money grubbing was absurd but it gets worse.
I call up and find out what it will cost to settle his idiocy. They tell me and I go down and pay his whole mess, credit, checking and truck off. Clean slate for the idiot. Or so I thought. Turns out I paid it off after he had incurred another 75.00 fee but it had not yet posted to the account so it wasn't included in the payoff amount. Because it hadn't been paid they sent a bill for 150.00. The 75.00 fee and another 75.00 fee for being late...... So I call them up. I am told if I go pay the 75.00 at the branch with an E check (my check wasn't acceptable even though the ones I wrote them for a total of over 6 grand about a month before cleared fine) RIGHT NOW!!! they would remove the other 75.00 charge. BUT IT GETS BETTER.
I got to the bank and it took about an hour to get everyone on the same page, we do the E check and everything is good, or so I though. Fast forward about 2 years. A collection agency calls trying to collect 149.00 from Wells Fargo. During one of the calls to my house looking for him I got to talk to a very helpful lady who told me a LOT more than she should have. When I explained the situation to her she became quite frustrated and told me they have received "many" accounts from Wells Fargo that were seeking money that they had no record of why it was owed, my son's included. They tried to collect that debt for like 5 years before his now ex wife got the right person on the phone and threatened to sue them for credit slander if they didn't either A) demonstrate what the debt was for or B) remove the negative posting from his credit report and cease all collection activities. A lawyer had given her a script to use and it worked like a charm.
Sorry for the novel but it was such a convoluted mess.....
Nice dad....
 
ironeagle2006

ironeagle2006

Active Member
What's a Debit card if I do not have the CASH to pay for something I do not BUY IT. Makes my life real simple and my banks life a Living HELL sincethe only money they make off of me is NOTHING. Called free accounts if you have Direct Deposit well I have all my accounts setup with Direct Deposit.
 
reefraff

reefraff

Active Member
It's a debIT card, not a debt card. You use it and the money comes out of your checking account. No money? Card no worky.
 
flower

flower

Well-Known Member
Quote:
Originally Posted by reefraff http:///t/387430/is-your-bank-starting-the-debit-card-fee#post_3409154
Stupid Dad. I should have let it crater his credit and made him dig his own way out. Let that be a lesson to all the parents out there. You can't fix stupid, it has to fix itself and 8 years later it finally is.
OMG...I had a huge letter saying just that, and I felt so bad..I erased it and put...Nice dad.
Until Junior pays his own debts and realizes credit is a privilege not a right....he will never learn.
 
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