Plentyoffish dating forums are a place to meet singles and get dating advice or share dating experiences etc. Hopefully you will all have fun meeting singles and try out this online dating thing... Remember that we are the largest free online dating service, so you will never have to pay a dime to meet your soulmate.
     
Show ALL Forums  > Off Topic  > Banks finding more ways to rip you off.      Home login  
 AUTHOR
 SteelCity1981
Joined: 8/16/2005
Msg: 1
view profile
History
Banks finding more ways to rip you off.Page 1 of 5    (1, 2, 3, 4, 5)
So now I see that Banks like Bank Of America will charge you 5 dollars a month to use your debt card. Other Banks are going the same route. So even if you use your debt card 1 or 100 times a month you get charged 5 dollars per month. Basicly you are going to be paying 60 dollars a year in debt card fees if you use your card once every month!!!

So basicly you are going to get punished for being their customer everytime you use your debt card. That's just soo nice isn't it.
 Cdn_Iceman
Joined: 12/1/2010
Msg: 2
Banks finding more ways to rip you off.
Posted: 9/30/2011 1:05:33 PM
Well hate to break it to you Steel, What B of A is doing, most banks that took money from the TARP will be doing something like what B of A is doing, they are trying to get around Basel III, no more leveraging, proprietary trading etc, they have to make money for the shareholders or management heads will roll

Welcome to the new age of banking my friend, the smaller banks I think will flourish in the next few years
 U make it entertaining
Joined: 7/17/2009
Msg: 3
Banks finding more ways to rip you off.
Posted: 9/30/2011 1:46:15 PM
Yup ... my business account charges me $19.95 per month.
I get a grand total of 8 debits
They could be used as debits, cheques or withdrawls.
But only 8.

Anything more then that I have to pay an additional $1 per debit transaction.

Sheesh ... and you only have to pay 5 dollars a month to use your debit card 1 or 100 times.

Hell ... I like your plan.
 SteelCity1981
Joined: 8/16/2005
Msg: 4
view profile
History
Banks finding more ways to rip you off.
Posted: 9/30/2011 2:20:47 PM
Well hate to break it to you Steel, What B of A is doing, most banks that took money from the TARP will be doing something like what B of A is doing, they are trying to get around Basel III, no more leveraging, proprietary trading etc, they have to make money for the shareholders or management heads will roll


Yeah and in the mean time we the consumors get screwed because of thier mistakes that allowed them to put themselves into that position in the first place.

Yeah cowboy i agree getting charged 4 or 5 dollars to pull out money from your ATM each time is BS.
 daynadaze
Joined: 2/11/2008
Msg: 5
view profile
History
Banks finding more ways to rip you off.
Posted: 9/30/2011 2:38:24 PM
What bugs me about it is that if you don't have a checking or savings account somewhere, many companies won't give you your paycheck! At best you end up with some sort of bank card that costs you every time you use it, not just once a month. It's like insurance companies, they have a lock on you and getting around them all by paying cash makes you seem like a deadbeat, and some times you just can't use cash. How crazy is that?
 SteelCity1981
Joined: 8/16/2005
Msg: 6
view profile
History
Banks finding more ways to rip you off.
Posted: 9/30/2011 2:51:10 PM
That said, the decision to have a $60 debit card that is only used once a month would be a poor decision on the part of the customer. The charge is nothing new; some banks have already been charging a fee to use a debit card.


You don't get it. it's the fact that the banks already make money off of you when you invest your money in that bank. it's the fact that they want to charge someone at all for using the money that you put money in each month to support their bank. It doesn't matter if you use it once or thousand times a month you are still getting charged for money that you already have not money that you don't have that's the problem. Which is why many people are upset at these new fees. This is only the beginning to i was reading that some banks are also now thinking about charging people a monthly fee to withdraw their own money from their bank account too! Want to still think being charged a monthly fee on the use of a debt card isn't a real issue now?


If we really need to put it in terms of "punishment," what you describe is punishment for having the card at all; it has nothing to do with "everytime you use your debt card."


Um yes it does. Why don't you go read the new charges bank of american is putting on their debt card. It's if you use it you weill get charged a monthly fee of 6 dollars.
 sillymeh
Joined: 3/20/2009
Msg: 7
Banks finding more ways to rip you off.
Posted: 9/30/2011 3:24:49 PM
If you're tired of WF and BOA ripping you off, than stop doing business with them. Open an account with a bank that doesn't charge you stupid fees.
 SteelCity1981
Joined: 8/16/2005
Msg: 8
view profile
History
Banks finding more ways to rip you off.
Posted: 9/30/2011 3:27:43 PM
And that's the problem it's going to become harder and harder to find banks that won't charge you for these fees. hopefully there will be enough outrage that banks like bank of america will think diff and stop charging fees if enough people either threaten or leave them and take their money elsewhere. The last thing you want to do is bite the hands that feeds you..
 SteelCity1981
Joined: 8/16/2005
Msg: 9
view profile
History
Banks finding more ways to rip you off.
Posted: 9/30/2011 4:04:13 PM
what are you talking about? it's the principle of the matter that you aren't understanding. You don't charge people that invest money into your bank and then charge them for providing you with their buisness. That's the issue this is why soo many people are getting upset.

um i never was trying to pretend anything. I don't know where you came up with that notion i stated that one thing is going to end up leading to another thing thus is why i made the correlation between debt fees and now some banks thinking about charging withdraw fees as well.

Again you are missing the point that relates to getting charged for your OWN money peroid.

What are you talking about playing victim? Did you not read that other banks are following suit with this? It's not about playing victim it's about principle it's about what's not right. Damn if i didn't know any better it sounds liek you work for a bank that does this the way you are defending it.
 KittenCatt
Joined: 6/11/2011
Msg: 10
Banks finding more ways to rip you off.
Posted: 9/30/2011 4:35:09 PM
I don't even have an account anymore. Cash only. It's easier to not overspend, and I relish not having to deal with banks anymore. Some of them can be unbelievably brutal in how they treat customers, even to their face. No more for me.
 BigBadNIrish
Joined: 1/31/2011
Msg: 11
Banks finding more ways to rip you off.
Posted: 9/30/2011 4:49:14 PM
Unfortunately, transparency comes with a cost...The Dodd Frank Wall Street Reform and Consumer Protection Act lowers the oblique transaction cost paid to banks by vendors where you use your debit card...in theory lowering the cost of goods and services...but, transfers the transaction cost from the vendor directly to the consumer thru higher debit fee's at the bank where the consumer WILL see them...ya see....the man ALWAYS gets his due.
 null_locus_accede
Joined: 6/25/2011
Msg: 12
Banks finding more ways to rip you off.
Posted: 9/30/2011 5:36:11 PM
Why you guys ragging on banks. My bank just informed me that I could put all the money I give them into a high interest rate account! Think of all the interest the money I am loaning them will accrue! Nice guys they are.
 SteelCity1981
Joined: 8/16/2005
Msg: 13
view profile
History
Banks finding more ways to rip you off.
Posted: 9/30/2011 8:46:15 PM

OP, so will these same charges apply if you actually go into your bank to withdraw money, rather than using their machine?


Not yet, but it's coming. Banks are already thinking about charging fees to take out your own money.
 timestandstillfla
Joined: 7/15/2011
Msg: 14
Banks finding more ways to rip you off.
Posted: 10/1/2011 12:53:59 AM
Don't feel bad. They're getting so cheap that they no longer have the bullet proof glass protecting the employees.
 timestandstillfla
Joined: 7/15/2011
Msg: 15
Banks finding more ways to rip you off.
Posted: 10/1/2011 12:56:46 AM
Chase will only charge the $5 IF I don't use the debit card 5x /mo. I got hit w/ a $5 fee for my savings balnce going under 300 once but since they gave me $125 to open an acct I'm ahead of the game.

 robin-hood
Joined: 12/2/2008
Msg: 16
view profile
History
Banks finding more ways to rip you off.
Posted: 10/1/2011 10:27:03 AM

OP, so will these same charges apply if you actually go into your bank to withdraw money, rather than using their machine? If not, then there's another solution as well. Take out what you need during the bank's operating hours, and plan ahead as someone else suggested.


Making cash withdraws from a teller will solve the ATM charge, if enough patrons are willing to spend a little more time. If the line gets to long make some verbal complaints like "Lets get some more tellers here", at least loud enough for other patrons to hear. You might even get an applause like I did at the DMV (dept of motor vehicles).

It cost the bank more for tellers than ATM machines. The banks are betting you will just pay.
 RichenLosAngeles
Joined: 11/14/2010
Msg: 17
Banks finding more ways to rip you off.
Posted: 10/1/2011 10:54:52 AM
Think of it this way: in the days before ATM's, what did we do? We took our paycheck and went to the bank and deposited it, and maybe took out some cash too. How long did that take? We all lost at least 20 minutes, when you figure time, travel, standing in line, etc. Many of us did that every week, so that's over an hour of lost time per month just dealing with your paycheck. Would you rather go back to the old way? We save a lot of time for that $5, and every grocery store and most merchants become a source of fast cash too, which is a HUGE timesaver.
It was nice to have that free ATM card, and I definitely resent all the rules that favor banks over depositers, especially that little zinger where the bank gets your money today, but you can't spend it for 2 days!! But it looks like that's where we are headed, and maybe we can shop around some and vote with our feet, as they say.
Do credit unions have better deals? Haven't heard much about those lately.
Cowboy, when you say that ATM's cost nothing to operate, that's pretty much so. But keep in mind that those things hold 200K of US dollars, and banks see that having those dollars sitting around has value too. That money could be earning interest if it went back into the system, that's how banks think of it.
 BigBadNIrish
Joined: 1/31/2011
Msg: 18
Banks finding more ways to rip you off.
Posted: 10/1/2011 12:47:32 PM
The Federal Reserve has taken a gentle swipe at the banking industry's multibillion-dollar business of collecting debit-card fees from retailers.

Beginning this fall, the Fed said Wednesday, banks will only be allowed to charge retailers 21 cents for each debit card transaction, plus an additional 0.05 percent of the purchase price to cover the cost of fraud protection.

The final rule is not as punitive for banks as the Fed's earlier proposal, which had sought to cap fees at 12 cents per transaction. Banks currently charge an average of 44 cents per transaction. Shares of Visa, MasterCard and bank stocks rose after the announcement was made.

It's unclear how consumers will be affected by the change, which was required under last year's overhaul of financial regulations and goes into effect in October.

http://abcnews.go.com/Business/wireStory?id=13959969


I think BofA has shown us how the new debit transaction rules will effect us....it's passed the transaction fee directly to the consumer..
 5150Rivergirl
Joined: 8/3/2008
Msg: 19
Banks finding more ways to rip you off.
Posted: 10/2/2011 12:08:05 AM
I spent 20 minutes on the phone with B of A last night, trying to understand all this.

He told me that my type of acct. is not on the list to be charged the fee. Subject to change is possible and I will be given a 30 day notice (thanks for the notice that I can take out all my money and invest elsewhere).

Said it isnt going to be in affect til next year sometime in April 2012.

Im thinking of going to a credit union, used to have one. Smaller bank is where Im thinking of going. I never use checks (other than for rent).
 Lacquered
Joined: 10/10/2006
Msg: 20
view profile
History
Banks finding more ways to rip you off.
Posted: 10/2/2011 2:36:51 AM
I read this earlier today and thought wtf, but...........
I with the help of my lovable pooch, have misplaced my "debit card" for the past few weeks.. He likes to bury stuff and hide stuff, IDK....... So I have been stopping off at the bank and withdrawing cash, like we did in the "OLD DAYS" before debit cards n ugly tellers......
I have fared quite well with this, when my bank decided to enact a fee, I will cease to use a debit card, and just become a regular customer once again.
It hasn't take more than 10 mins out of my day to stop by and pick up some good old cash. Also, it puts a perspective on spending... It's easy to swipe a card, but say you pulled 100 for the weekend, thats pretty easy to blow through, but the banks arnt open on Sunday n holidays, so some days, you got to budget the $$$$$'s till the bank is open.
 Twilightslove
Joined: 12/9/2008
Msg: 21
view profile
History
Banks finding more ways to rip you off.
Posted: 10/2/2011 2:41:24 AM
Credit Unions are the best route and/or small local banks. Going local helps keep the money in your locality which improves your local economy. Credit Unions usually provide much better services and more reasonably.


Bank of America rips people off.
 nipoleon
Joined: 12/27/2005
Msg: 22
view profile
History
Banks finding more ways to rip you off.
Posted: 10/2/2011 4:13:54 AM
Bank of America, along with Citti, and Chase are among a list of banks being sued by the government for forging fake mortgage papers in order to process foreclosures, because they couldn't find the original paperwork.

Because the original paperwork got bundled up and shipped upstream to suckers who bought them at face value.
Because the credit rating agencies gave AAA ratings to what they knew were D - mortgages, and the banks knew it too.

All these banks are looking to have to pay billions in fines because of their own negligence and fraudulent practices.

I say, shop around and move you money to a different bank that treats people right.

There's a lot of guys in the banking business and on Wall Street who aught to be in jail right now.
 SteelCity1981
Joined: 8/16/2005
Msg: 23
view profile
History
Banks finding more ways to rip you off.
Posted: 10/2/2011 5:39:14 AM
I find Credit Unions going "hey we won't charge you debit card fees like banks, so come join us!" pretty funny, because they neglect the fact to tell you like with many Credit Unions, that you have to at least have 100 dollars in your account at all times or else they can take upwards of 5 dollars per month out in penalties if you dip below that base amount. So you don't win there either.


The people that really get hit with these fees are people that use their debit cards to shop online. There is pretty much no way around it when you shop online. You can't obv use cash. The vast majority of places online won't accept check numbers or money orders anymore due to fraud. And i'll be damned if i'm going to use my credit card and get slapped with interest.
 SteelCity1981
Joined: 8/16/2005
Msg: 24
view profile
History
Banks finding more ways to rip you off.
Posted: 10/2/2011 6:01:34 AM
What? You get slapped with interest everytime you use a credit card to buy something, unless you got a totally diff credit card that doesn't do that in which i would love to find out because every credit card i know charges you interest fees everytime you buy something.
 BalderDog2
Joined: 1/6/2011
Msg: 25
Banks finding more ways to rip you off.
Posted: 10/2/2011 7:42:18 AM
My brother recently went to his Small Local Bank for a loan to buy a house. He received the loan without difficultly.

My sister, on the other hand, who has a higher credit rating than my brother, owns more assets than my brother, has more money in savings than my brother, and makes more dough than him, banks with a Big National Bank. She wanted to refinance her home mortgage at a bank advertised lower rate. The Big National Bank has been making her jump through a ridiculous amount of hoops for six months now in order for her to get the refinance. When she finally had tolerated all that she could, she asked The Big National Bank's manager about it. He blamed all the hoop-jumping on Obama. He told her that they are now doing millions of these refinancings’ and everyone has to jump through all of Obama’s hoops.

I believe what The Big National Bank is actually trying to do with all this hoop-jumping is piss people off. They figure if they can get enough people mad at Obama and the recent much-needed banking regulations, it will help the Republicans win in 2012; and perhaps these folks won’t balk when the Republicans then deregulate the banking industry.
Show ALL Forums  > Off Topic  > Banks finding more ways to rip you off.