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Old 09-30-2011, 12:25 PM   #61
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For those looking to leave Bank of America, USAA checking is pretty awesome.
FYI, USAA posted this on their website regarding charging debit card fees:

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USAA Bank Reaffirms Its 'Fee-losophy' of Free Debit, Free Checking

Posted on Sep 29, 2011

In an environment with some major banks making plans to charge customers new monthly fees for using their debit cards, USAA Bank announced today it has no plans to add fees to its debit card. USAA Bank remains committed to offering a free checking account — and free debit card — with superior features...
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Old 09-30-2011, 12:26 PM   #62
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Another poster, BestWife, referenced earlier in this thread regarding Congressional legislation which is directly driving these fees. I don't think anyone else mentioned it but it should be the crux of this discussion. IMO, Durbin's bill is yet another example of the Law of Unintended Consequences through poorly thought out regulation from our Congress as they, rather than the banks, are "kindling competition in the marketplace". The small local banks are obviously using this PR hit for the Big Banks as a loss leader to draw in more customers...with the eventual goal of becoming a Big Bank themselves one day.

Did Congress Kill the Debit Card? - Daniel Indiviglio - Business - The Atlantic

Mr. Gus....you're "Right On", on your comments concerning "congress" and the "unintended consequences" from there actions!

I guess I will need to apply for a credit card and start using it...but, I still want to move my money to another bank if I can find the same interest rates for my home equity loan with BofA, (2.99%).

So far, I haven't had any luck, finding another bank with the same or lower interest rates. Redding is a small town... so my options are low, when it comes to banks & CU's.

The only good news is... I got ATT to reduce my mouthly bill by $27 bucks! From $42 to $15, plus taxes. I told them on the phone that I wanted to shut down my home phone with them. They came back with a counter offer... to lower my mouthly for 12 months.


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Old 09-30-2011, 12:38 PM   #63
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I guess I am the only one ....who does not use an ATM card or Debit card. I still write checks, use cash or my 1 credit card I've had the last 35 years. Works for me...and I don't feel inconvenienced at all. But as a woman, I carry a purse... can carry more stuff than what can fit in a back pocket.
You might have been the lady in front of me the other day at the grocery store that waited for the cashier to tell her the amount of the purchase and then proceeded to get the check book out of her purse and started the writing process with date, store name, her name (all things that could have already been on the check), followed by the amount and then entered it in her check register and did the subtraction and balance. Aaaarrrggggghhh!!!!
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Old 09-30-2011, 12:44 PM   #64
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Like Ken, I think you are mistaken in thinking that it is a credit card... you can use your debit with pin or signature, but if they take the money out of your account the instant you use it, it is a debit card pure and simple... also without the CC protections that you might think you have...


AFAIK, you can have either a debit card OR a credit card, but not both in one card... maybe someone can prove me wrong...
Yeah Tex, I just found that out for myself. Went to the store for some purchases. Got out my BOA debit card. Credit card machine said to enter debit or credit, I push credit. Transaction goes through and I have to sign on the machine. Got home and went to online banking to check this transaction and it went through as a debit anyway. So, regardless of how you use the card, it's going to result in a debit transaction and would trigger the fee.
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Old 09-30-2011, 12:53 PM   #65
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So far, I haven't had any luck, finding another bank with the same or lower interest rates. Redding is a small town... so my options are low, when it comes to banks & CU's.
This new fancy-schmancy internet doo-dad means you can 'bank' with financial institutions all over the place - even outside the city limits!
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Old 09-30-2011, 12:53 PM   #66
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Yeah Tex, I just found that out for myself. Went to the store for some purchases. Got out my BOA debit card. Credit card machine said to enter debit or credit, I push credit. Transaction goes through and I have to sign on the machine. Got home and went to online banking to check this transaction and it went through as a debit anyway. So, regardless of how you use the card, it's going to result in a debit transaction and would trigger the fee.
This is consistent with what the BofA rep told me when I asked him (in person, at my local bank) about the different uses of a debit card. When you use a debit card, you are asked for a PIN.....but, if you use your debit card and you can't enter a PIN (i.e. you hand it to a restaurant server), then you have to sign a charge slip although the money is still taken out of your account the exact same way as if you had used a PIN.
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Old 09-30-2011, 01:05 PM   #67
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I'm sure I don't have a smart phone, but I could possibly have a finger-chip. I'll have to check that. Like some others here, I'm puzzled about what use anyone would have for a BOA debit card. I do have a debit card, but it's only to use the ATM machine of my local bank. BOA doesn't have ATM machines hereabouts, so far as I know. Is that an East coast thing?
Maybe I'm missing something in your question, but here in Florida and most other states I know of, I use the debit card at ANY establishment that sells anything (I think). Works just like a credit card but you don't have to sign any document, usually just enter a pin number and your debit card works just like cash. I also use the debit card at the BOA ATM to deposit checks or cash rather than go into the bank. Also, with a debit card I can purchase something and get cash back from the merchant if I need it. The cash back just becomes part of the purchase process. At WalMart I can get back up to $100. Easier than going to the bank.

Note, have found a few places that won't accept credit or debit cards because of the fees. Cash or local check only.
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Old 09-30-2011, 01:23 PM   #68
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I hate to think of buying groceries on the credit card. I'll either have to change my thinking on that and start charging everything or just use my debit card as a credit card by not puttting in a pin number.
Knowing BofA, they'll probably charge the merchant the higher credit card fee AND ding you the five bucks for using your debit card that month. It'll be clearly detailed in the 24 page brochure of fine print that they mail out.
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Old 09-30-2011, 01:25 PM   #69
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Knowing BofA, they'll probably charge the merchant the higher credit card fee AND ding you the five bucks for using your debit card that month. It'll be clearly detailed in the 24 page brochure of fine print that they mail out.
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Old 09-30-2011, 01:33 PM   #70
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... and your debit card works just like cash.
I suppose my debit card works that way, too, but I've never used it that way, because I didn't see the point. I use a credit card for almost every purchase. Long ago, I could use my credit card for my bank's ATM machines, too, but the bank decided that only debit cards would work in its ATM machines, and that's the only reason I acquired a debit card. It's okay -- the debit card is not very heavy.
Quote:
I also use the debit card at the BOA ATM to deposit checks or cash rather than go into the bank. Also, with a debit card I can purchase something and get cash back from the merchant if I need it.
My Discover credit card does the cash back thing, up to $60 or so. And they've stopped requiring a signature for small purchases made with a credit card. My Chase card supposedly no longer requires a swipe; you just wave it in the air, but my local stores don't yet have credit card stations that accept the wave feature.
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Old 09-30-2011, 01:43 PM   #71
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I don't want to get too much into the politics, but our government, in their quest to "protect" us consumers from unfair practices, put in place such protections that the banks had to look for different ways to raise money, and this is the outcome.

Used to be that those with low FICO scores paid all the penalties in terms of higher rates on their cards, but now they'll have to spread those costs out to all users in the form of debit card fees and other such fees.

I say get the government out of this, and let people walk with their feet if they don't like the fees they are being charged. It would be great if there was a PRIVATE consumer protection division and people joined it and used it. Probably the closest we have to that is Consumer Reports. I wish they'd come out with a TV network focusing only on such things...I'd gladly pay for it as a premium channel. However, 50% of the US population is too busy watching "Dancing with the stars" and "The Jerry Springer" show to spend time learning how to be a wise consumer.
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Old 09-30-2011, 01:55 PM   #72
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I suppose my debit card works that way, too, but I've never used it that way, because I didn't see the point. I use a credit card for almost every purchase. Long ago, I could use my credit card for my bank's ATM machines, too, but the bank decided that only debit cards would work in its ATM machines, and that's the only reason I acquired a debit card. It's okay -- the debit card is not very heavy.
My Discover credit card does the cash back thing, up to $60 or so. And they've stopped requiring a signature for small purchases made with a credit card. My Chase card supposedly no longer requires a swipe; you just wave it in the air, but my local stores don't yet have credit card stations that accept the wave feature.


But having a debit card in your wallet also has some downside... if you lost your wallet or it was stolen, the person could use your debit card and wipe out your account...

Sure, at some time in the future you would most likely get your money back, but you also might have some bounced checks you have to handle etc. etc.

I refused the debit card and insisted they give me the old fashioned ATM card... no Mastercard or Visa logo on mine... it ONLY works in an ATM machine... and you have to have the pin... YMMV...
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Old 09-30-2011, 02:02 PM   #73
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I don't want to get too much into the politics, but our government, in their quest to "protect" us consumers from unfair practices, put in place such protections that the banks had to look for different ways to raise money, and this is the outcome.

Used to be that those with low FICO scores paid all the penalties in terms of higher rates on their cards, but now they'll have to spread those costs out to all users in the form of debit card fees and other such fees.

I say get the government out of this, and let people walk with their feet if they don't like the fees they are being charged. It would be great if there was a PRIVATE consumer protection division and people joined it and used it. Probably the closest we have to that is Consumer Reports. I wish they'd come out with a TV network focusing only on such things...I'd gladly pay for it as a premium channel. However, 50% of the US population is too busy watching "Dancing with the stars" and "The Jerry Springer" show to spend time learning how to be a wise consumer.
+1 and then some. This is the post I would have liked to have made, Dave. These unintended but entirely expected outcomes of the drive to "protect" consumers will keep coming.
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Old 09-30-2011, 02:10 PM   #74
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However, 50% of the US population is too busy watching "Dancing with the stars" and "The Jerry Springer" show to spend time learning how to be a wise consumer.
I don't see the problem here. Let Dick Durbin watch the banks for me so I have more time to watch "Dancing with the stars". Life's too short to spend it in paroxysms of paranoid looking over your shoulder. Besides, I won't be paying any debit card fees.
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Old 09-30-2011, 03:08 PM   #75
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Anyone holding BAC? Where is the stock going in the next 12 months?
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Old 09-30-2011, 03:26 PM   #76
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I don't want to get too much into the politics, but our government, in their quest to "protect" us consumers from unfair practices, put in place such protections that the banks had to look for different ways to raise money, and this is the outcome............
We had a similar problem locally. The government clamped down on people scrapping brass grave markers and now these same folks have to "recycle" copper downspouts off the churches.
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Old 09-30-2011, 03:35 PM   #77
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Does anyone know if I can have my SS direct-deposited to Schwab, Fidelity or Vanguard? (For future reference. Still laboring in the fields of mammon.)
I have my VA disability "check" direct deposited to my FIDO Cash Management account and plan to do the same with my SS when it starts.

From there, I transfer (ETF) to my various CU/Bank accounts, but that's the "home account" for income sources such as our SPIA.

I'm sure the other vendors have the same thing in place.
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Old 09-30-2011, 03:41 PM   #78
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Bank of America fee to benefit bank, despite angry customers - Sep. 30, 2011

From the article:

Despite threats to leave the bank, it is more likely that consumers will simply switch back to credit, he said -- a boon for the very bank that ticked off those consumers in the first place.
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Old 09-30-2011, 03:42 PM   #79
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I refused the debit card and insisted they give me the old fashioned ATM card... no Mastercard or Visa logo on mine... it ONLY works in an ATM machine... and you have to have the pin... YMMV...
The only downside to that is if you travel (out of the country) a lot, the non-debit ATM card will not work to get local currency from your bank/CU account.

I found that out very early in my travels ...

Anyway, just add me to the column for not using a debit card (other than ATM withdrawls) and use credit cards for most (not all) purchases.

Heck, I still use the old "envelope system" for budgeting to ensure I keep a lid on purchases. For example, I'll take cash out of the envelope for items such as food shopping, or going out to dinner. Sure, I could use a credit card (and get a rebate), but using cash does keep me from buying wants rather than needs, which is (for me) a big thing in food shopping or spending money on entertainment.
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Old 09-30-2011, 04:05 PM   #80
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The only downside to that is if you travel (out of the country) a lot, the non-debit ATM card will not work to get local currency from your bank/CU account.

I found that out very early in my travels ...

Anyway, just add me to the column for not using a debit card (other than ATM withdrawls) and use credit cards for most (not all) purchases.

Heck, I still use the old "envelope system" for budgeting to ensure I keep a lid on purchases. For example, I'll take cash out of the envelope for items such as food shopping, or going out to dinner. Sure, I could use a credit card (and get a rebate), but using cash does keep me from buying wants rather than needs, which is (for me) a big thing in food shopping or spending money on entertainment.

I have not been out of the country for a few years, but I have not had any problem getting money when I did...

The wife was out last year and only had a problem until I called the bank and told her she was away... they put it on our account and she could withdraw money....

The only place I ever had a problem was in Egypt... but after 5 or so machines I found one that worked...
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