mrs.m Posted September 30, 2011 Share Posted September 30, 2011 I doubt it. The store pays for those. I always try to use my card as debit instead at small local stores because of that. There is a reason that the debit option comes up first and you have to hit "Cancel" to pay with credit. :001_smile: Our C/U has an incentive points program, and you get triple the points for using credit rather than debit because it costs them less. So I usually use credit everywhere else. The merchants were paying for the debit swipes as well. That was the entire reason that banks are charging for debit use. They are limited on how much they can charge merchants per transaction. http://www.nytimes.com/2011/09/30/business/banks-to-make-customers-pay-debit-card-fee.html?_r=1 If you are concerned about local merchant's cost (which you shouldn't be, they built that into their overhead cost if they are business minded), then you should hand them cash. Of course the bank probably charges them for cash and check deposits over a certain amount too. The entire thing irks me. We end up paying the charges twice. First to the store that hasn't lowered prices (why would they?) and now to our bank to use the debit card. The idea that this was hurting stores is a bunch of fooey. We were paying for it anyway and now we are paying even more at a time when the cost of everything is already sky-rocketing. :glare: I'll still use my debit card. I hate credit cards. and I don't feel comfortable carrying that much cash around on shopping days. I'm considering checks but I feel like that is so 1990 and my checks cost money too. :lol: Old habits die hard and I'm sure that the banks know this. Quote Link to comment Share on other sites More sharing options...
angela in ohio Posted September 30, 2011 Share Posted September 30, 2011 (edited) The merchants were paying for the debit swipes as well. That was the entire reason that banks are charging for debit use. They are limited on how much they can charge merchants per transaction. Not nearly as much, though. There's a reason Costco only lets you use your card as a debit card. :D If I appreciate the local stores and what they do, I can try to help them stay in business in whatever way I can. I also understand that if I can help them keep prices down, things cost less for me in the long run. I'm not willing to carry that much cash, but I am willing to help keep their credit card costs down. Edited September 30, 2011 by angela in ohio Quote Link to comment Share on other sites More sharing options...
Daisy Posted September 30, 2011 Share Posted September 30, 2011 We left BoA 13 years ago because of their lousy customer service and high fees. I'm surprised anyone is with them. I love my credit union. Quote Link to comment Share on other sites More sharing options...
Trish Posted September 30, 2011 Share Posted September 30, 2011 Time to write checks instead of using a debit card when shopping, or use a credit card, and carry more cash to pay for lower cost items. That's what I will do, anyway. I don't have to use a debit card that costs me money when there are other options that don't cost me anything or that cost less. But really, most people are so used to using a debit card that the banks will make a lot of money off their new fee. Most people won't change their buying habits for $5/month. Look what happened to Netflix when their fees went up $5 a month. In this economy, I think people will notice. Quote Link to comment Share on other sites More sharing options...
mrs.m Posted September 30, 2011 Share Posted September 30, 2011 Not nearly as much, though. There's a reason Costco only lets you use your card as a debit card. :D If I appreciate the local stores and what they do, I can try to help them stay in business in whatever way I can. I also understand that if I can help them keep prices down, things cost less for me in the long run. I'm not willing to carry that much cash, but I am willing to help keep their credit card costs down. Before this law went into effect it actually would depend on the amount of your purchase whether or not you were saving them money. CC transactions have a flat fee and percentage fee. Debit cards just have a flat fee (which is sometimes higher than the CC flat fee, depending on their contract with the processing company). So there is a point where it was costing them more for us to use debit. Places like Costco have a higher price point so the debit percentage works to their advantage. I didn't know about this until we had dinner with a friend who is a banker (not at our bank, though). We were discussing the upcoming changes. I didn't even know that debit cards had a fee, so this all came as a surprise. Now I feel bad about swiping my card for an 89 cent Diet Coke local or not. Quote Link to comment Share on other sites More sharing options...
LidiyaDawn Posted September 30, 2011 Share Posted September 30, 2011 Okay I'm gonna guess that it's not normal for banks to charge fees down there? I saw the thread title and thought "uh..haven't they always?" because it's normal to me. Banks aren't free.. our account has unlimited debit purchases and some other stuff (I don't know what, dh set it up) and that's something like $12/month or whatever (I don't know exact numbers since he did it)… if you don't use a plan like that, you only get so many free uses and then you get charged for each one after it. Quote Link to comment Share on other sites More sharing options...
DawnM Posted September 30, 2011 Share Posted September 30, 2011 So if you are a premier banker with BofA you don't get the charges. Does anyone know off hand the qualifications of having one? Quote Link to comment Share on other sites More sharing options...
Tammyla Posted September 30, 2011 Share Posted September 30, 2011 :tongue_smilie::tongue_smilie::tongue_smilie: Figures, it was only a matter of time...I'm not real comfortable with the debit pin anymore anyway. FYI to those of you who don't use credit cards: Bank of America will charge $5 monthly fee for debit card purchases Quote Link to comment Share on other sites More sharing options...
dcjlkplus3 Posted September 30, 2011 Share Posted September 30, 2011 We primarily use our Credit Union debit card as a credit card (mastercard logo) The card is free, as is our checking account. We use checks at Costco (out new CU cards can be used as debits at Costco now, the old ones couldn't). When we got the new cards, I tried using them as debit cards, but found out that our CU charges $.25 per transaction to do that, it annoyed me greatly and now I am back to always using my debit card as a credit card and writing checks at Costco (since we pay bills online free through the credit union, Costco is one of the only places we regularly write checks). Our credit union got taken over by a different credit Union that is in Texas (we are in CO), to my mind, that translates as yes, there are more regional, if not national credit unions. It has also been my experience that you can use any credit union to access your credit union. Quote Link to comment Share on other sites More sharing options...
*lifeoftheparty* Posted September 30, 2011 Share Posted September 30, 2011 Is there a nation-wide credit union to use? My credit union is in CA and I live in NC. So, we opened a BofA account to have a national bank to go to. I really have NO IDEA where we will be long term, so I am not really wanting to open a local credit union account. Dawn I think your best bet is to see if you can get a USAA account. Just call them up and ask and they will help you determine if and what you are eligible for. 1-800-531-USAA Quote Link to comment Share on other sites More sharing options...
Truscifi Posted September 30, 2011 Share Posted September 30, 2011 I think your best bet is to see if you can get a USAA account. Just call them up and ask and they will help you determine if and what you are eligible for. 1-800-531-USAA Schwab Bank is also free. It is an online bank, so if you feel you must have a brick and mortar building to go to it might not work for you, but we have been with them for over 3 years now and love them. Quote Link to comment Share on other sites More sharing options...
abacus2 Posted September 30, 2011 Share Posted September 30, 2011 For those considering changing accounts, consider Charles Schwab: http://www.iwillteachyoutoberich.com/blog/my-favorite-checking-account/ Quote Link to comment Share on other sites More sharing options...
usetoschool Posted October 31, 2011 Share Posted October 31, 2011 I doubt this will be a permanent back down but for now at least some banks seem to be rethinking their "raise fees/lower service" mentality. ""Score one for a customer rebellion!" -- that's how Diane Sawyer announced on ABC Nightly News Friday night that big banks are backing off debit card fees after 300,000 people signed Molly Katchpole's Change.org petition against Bank of America's $5 debit card fee. Not only is Bank of America revising its $5 debit card fee, but big banks like Chase and Wells Fargo are publicly canceling their plans to charge their customers for debit cards. You must watch this segment from ABC Nightly News about Molly's Change.org petition. It's a truly inspiring story about what's possible when we organize together. Molly's fight against Bank of America isn't over. While BofA is revising its fee, many customers, including Molly, would still have to pay $5 for a debit card fee even after the bank's revisions. But, as the Wall Street Journal put it, the "big banks blinked." " Quote Link to comment Share on other sites More sharing options...
linguistmama Posted October 31, 2011 Share Posted October 31, 2011 That's awesome! Quote Link to comment Share on other sites More sharing options...
Big Buckin' Longhorn Posted October 31, 2011 Share Posted October 31, 2011 We took every.single.penny. out of a large bank and put it into a credit union. They treated us like royalty and all of their accounts, even business accounts, are absolutely and completely free. I'm tired of jumping through hoops to not be charged for accessing my own money. Love it! Quote Link to comment Share on other sites More sharing options...
Parrothead Posted October 31, 2011 Share Posted October 31, 2011 We are in the process of leaving BoA and joining USAA and PenFedCU. I can't believe how crappy the big 4 US banks (BoA, WF, Citi, and Chase) have become over the last 10 years. Quote Link to comment Share on other sites More sharing options...
YourFidgetyFriend Posted November 1, 2011 Share Posted November 1, 2011 You can get a free debit card through PayPal! When your PayPal account it empty, it automatically pulls funds from your bank account, and there's no fee. You also earn 1% cash back on any transactions processed as credit. I love my PayPal card! :D I use my Paypal card for everything because I run an ebay business and I thought they stopped the 1% cash back a couple of months ago? That's awesome if they still do it. Maybe it was something else they discontinued? I enjoy using my Paypal card, but they've frozen my account several times generally for no real reason at all. I'm in line, ready to pay, and BAM Paypal strikes again. Quote Link to comment Share on other sites More sharing options...
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