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

Home ▸ Archive ▸ Serious Business ▸ Bank of America Plans $5/month Fee for Using Debit Cards .
LJ's avatar

LJ

Senior Member

16,351 posts
Sep 30, 2011 10:27 AM
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.
Sep 30, 2011 10:27am
M

MontyBrunswick

Sep 30, 2011 12:02 PM
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.
Sep 30, 2011 12:02pm
G

gut

Senior Member

15,058 posts
Sep 30, 2011 12:07 PM
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).
Sep 30, 2011 12:07pm
W

WebFire

Go Bucks!

14,779 posts
Sep 30, 2011 12:25 PM
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.
Sep 30, 2011 12:25pm
M

MontyBrunswick

Sep 30, 2011 12:26 PM
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.
Sep 30, 2011 12:26pm
W

WebFire

Go Bucks!

14,779 posts
Sep 30, 2011 12:26 PM
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.
Sep 30, 2011 12:26pm
Heretic's avatar

Heretic

Son of the Sun

18,820 posts
Sep 30, 2011 12:28 PM
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.
Sep 30, 2011 12:28pm
N

Nate

Formerly Known As Keebler

3,949 posts
Sep 30, 2011 12:39 PM
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.
Sep 30, 2011 12:39pm
Glory Days's avatar

Glory Days

Senior Member

7,809 posts
Sep 30, 2011 12:42 PM
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:
Sep 30, 2011 12:42pm
G

gut

Senior Member

15,058 posts
Sep 30, 2011 12:45 PM
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?
Sep 30, 2011 12:45pm
Glory Days's avatar

Glory Days

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7,809 posts
Sep 30, 2011 12:47 PM
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.
Sep 30, 2011 12:47pm
G

gut

Senior Member

15,058 posts
Sep 30, 2011 12:48 PM
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.
Sep 30, 2011 12:48pm
G

gut

Senior Member

15,058 posts
Sep 30, 2011 12:52 PM
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).
Sep 30, 2011 12:52pm
Q

queencitybuckeye

Senior Member

7,117 posts
Sep 30, 2011 12:52 PM
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.
Sep 30, 2011 12:52pm
G

gut

Senior Member

15,058 posts
Sep 30, 2011 12:56 PM
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.
Sep 30, 2011 12:56pm
FatHobbit's avatar

FatHobbit

Senior Member

8,651 posts
Sep 30, 2011 12:58 PM
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.
Sep 30, 2011 12:58pm
Q

QuakerOats

Senior Member

8,740 posts
Sep 30, 2011 1:07 PM
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.
Sep 30, 2011 1:07pm
G

gut

Senior Member

15,058 posts
Sep 30, 2011 1:13 PM
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.
Sep 30, 2011 1:13pm
Hb31187's avatar

Hb31187

Senior Member

8,534 posts
Sep 30, 2011 1:21 PM
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$
Sep 30, 2011 1:21pm
tcarrier32's avatar

tcarrier32

Senior Member

1,497 posts
Sep 30, 2011 1:46 PM
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.
Sep 30, 2011 1:46pm
W

wkfan

Senior Member

1,641 posts
Sep 30, 2011 1:50 PM
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.
Sep 30, 2011 1:50pm
ts1227's avatar

ts1227

Senior Member

12,319 posts
Sep 30, 2011 2:19 PM
dlazz;917129 wrote:You seem to have mistaken this forum for Politics.

See yourself out.

Thank you.

Reps
Sep 30, 2011 2:19pm
derek bomar's avatar

derek bomar

Senior Member

3,722 posts
Sep 30, 2011 2:41 PM
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?
Sep 30, 2011 2:41pm
M

MontyBrunswick

Sep 30, 2011 2:45 PM
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.
Sep 30, 2011 2:45pm
derek bomar's avatar

derek bomar

Senior Member

3,722 posts
Sep 30, 2011 2:47 PM
dlazz;917342 wrote:
No you weren't, you were looking to start a political rant. "Change" this, "liberal" that...shut the fuck up.
reps
Sep 30, 2011 2:47pm