More 'fun with banks'

[melchar]

So Bank of Atrocity* will start charging debit card holders $5 a month to use their cards 'only for non-ATM transactions'. The report says other banks are prepared to do the same. Yup. My cynical side has been expecting this ... since debit cards were introduced. I was guessing it would take about 15 years to institute - and it's been juuuust about that long [closer to 20 years]. Give folks a 'generation' of use, then start charging.

I wonder how many sheeple will stop using debit cards & remember that checking accounts still exist/only use the ATMs/or actually just walk in to do inside-the-bank transactions. Cynicism opines 'very few' will so do.


[* BoA has directly messed up bank balances for/charged wrongly/arranged erroneous overdrafts on/mistakenly foreclosed upon/ignored their own rules for lending - on more of my friends and family than any other bank or banks put together, so I am rather put out with them.]

Comments

[seawasp]

I remember they exist, but the inconvenience of checks is worth about a hundred dollars a month NOT to have to deal with. I always detested the things, I have been ecstatic not to have them for years, I'm not going back. Going INTO the bank? Non-starter except for deposits. ATMs, yeah, I use them, but THOSE you get charged Per Use unless it belongs to the particular bank you do business with.

[melchar.livejournal.com]

I'm cheap, old-fashioned and anachronistic. I gladly use checks and have avoided using debit cards or any kind of online pay program for bills [except for online bookshops & ebay]. Payment for my one MMO [City of Heroes] is paid for with time cards.

Every few months one of my chums tells me how their bank [usually BoA] or online payment for some bill has gone wonky and they've been over-charged/billed incorrectly/had an auto-payment missed/suffered some kind of identity theft.

It's worth it to me to mess with checks and do personal banking just to avoid that sort of drama.

[seawasp]

To each their own. I've never had any of that kind of drama. The only bank-related drama I had was the circus involving loans and refinance, and that was partly due to the complexities of the setup and certain information lost by a bank that effectively no longer existed.

My day-to-day stuff, so far no problems in ... um... 30+ years.

[melchar.livejournal.com]

Here's hoping you continue to not have problems. My problems with banks have been minor. BofA messed up on a scholarship fund [so I never received it] - less than $200, but back in 1978 it was major. They also messed up my parent's mortgage for a few months: things were straightened out, but it left a bad feeling.

My hubby had a number of problems with Wells Fargo [accepting his paychecks and then not putting the funds in his checking account], which led to a bank change. But in general, it's been friends who have had the problems - many of them have lately be in regards to automatic bill-paying programs. So maybe I'm just being cynical here.

[seawasp]

Well, I certainly hope I don't have problems either. I've had auto-pay arrangements for at least the past 8 years without issues.

[kimberlywade.livejournal.com]

Yes, i heard the same story and the reason given: since the new regulation limits what they can charge merchants, they *must* raise fees on customers. Heavens knows, their own emense profit margins must not be cut!

[seawasp]

You're the head of BoA. The Board of Directors and Stockholders determine your continuing vast income. You have the option to

1) Reduce profit margins in a way that benefits the little guy, or
2) Charge fees that maintain or increase your profit margins.

Which one is the best course to prevent Stockholder and Board protests and keep your job?

[kimberlywade.livejournal.com]

Since i'm a decent human being, i suggest a cut to my $100 millions yearly salary, but that's not really an option is it?

[seawasp]

Oh, you're such a kidder. Wait, you're SERIOUS? Okay, you're such a naive waif, we need you to understand the facts of life...

[kimberlywade.livejournal.com]

Ha, ha, love that userpic! :)

[seawasp]

So do I. It's a reference to a series of parody commercials for a super-energy drink called "Powerthirst", which takes all the ads ever done for such energy drinks and turns them Up To Eleven. I think it's in the second one that they use that line, when some guy lost in the desert/on a desert island whines "why have you forsaken me?" and the Overly Loud Announcer bellows, "*CAN* IT! When God gives you lemons you FIND A NEW GOD!" (picture of Jesus and a new flavor bottle) "GODBERRY -- KING OF THE JUICE!"

[maestrodog.livejournal.com]

You know, the ironic thing is that they don't charge these fees on people who maintain minimum balances, which can be anything from $1500 to $15,000. You'd think it would make more sense to charge the accounts that could actually afford it...

[howeird]

Checks? You mean those things which are so easy to copy and forge? All I need is your deposit slip to steal your bank account. Your bank card does me no good - it will be shut off $50 after you report it stolen, and it has no information I can read other than your name.

Isn't it amusing that Wells Fargo and about six other banks have been charging that fee, but until BofA announced they are thinking about doing it, all the press gets up in arms? Yes, they have done Evil Things in the bad loan business, but so have all the other banks. I would bet real cash pennies that the reason more of your friends have been wrongly foreclosed on by them is simply because more of your friends had loans with them.

I've been with B of A for about 8 years and have never had a bogus transaction with them. I left Wells Fargo when they messed up one of my accounts, and imposed an internet fee.

I don't think this has anything to do with the "generation" thing. BofA has had ATM cards since 1978. I know because my first electronics job included repairing their ATMs. And those of several other, mostly smaller, banks.

If BofA charges a fee only for purchases with the check card, I'll only use it in the ATM. If they charge a blanket fee, I will find another bank, if there is one, which does not.

[ravan.livejournal.com]

I found another bank two years ago, when they started jacking up fees left and right. I ♥ my credit union.

[howeird]

I used to love credit unions, but have had two go belly-up on me.

[melchar.livejournal.com]

I far prefer credit unions. I've had one since 1980 - and a 2nd since 1989 - and neither have done me wrong [knock wood]. They are easy to visit and deal with - and have ample ATMs.