$5 Debit Card Fees: Blame Obama and Durbin

[SeattleGriz]

The wife and I are switching to a credit union this week just for this fact. Tired of Wells Fargo and the likes trying to nickel and dime us to death.

[AZGrizFan]

The wife and I are switching to a credit union this week just for this fact. Tired of Wells Fargo and the likes trying to nickel and dime us to death.

Atta boy!!!

[AZGrizFan]

Found this on a friends Facebook page. Effing AWESOME graphic and shows what's wrong with the banking industry:

[SDHornet]

I was with WaMu (and loved them) until they folded and Chase took over. Chase immediately implemented fees which resulted in an immediate withdrawal of all my monies and closer of accounts and I moved all my accounts to a CU. Best move ever and I haven't looked back since.

[Ibanez]

Unfortunately, you're in the minority.

90 million Americans have credit union accounts (slightly less than 1/3) ....but only 6% of America's assets are held in credit unions.

TBH and I currently use a bank...it's a small town bank that her entire family uses and her aunt works at. We have amazing service through it. However, that bank is 2.5 hours from Cedar Falls. We have looked at moving our stuff over to a CU in CF, but there are some nice perks to the bank we are at right now and don't want to lose those.

Exactly. I love USAA. NO, there is no brick and morter shop, but I always get great service. I can go to Any ATM and get all ATM fees refunded (10 visits per month). I wouldn't leave them unless they started doing what BoA and Chase are doing. I understand they have to make a profit but how much of a profit do they need to make and is it smart to charge people that are already hurting to make ends meet?

[kalm]

Found this on a friends Facebook page. Effing AWESOME graphic and shows what's wrong with the banking industry:

No way Z, it's the natural result of unregulated capitalism, of the free market. As long as government doesn't interfere somebody gets to eventually win.

[89Hen]

The wife and I are switching to a credit union this week just for this fact. Tired of Wells Fargo and the likes trying to nickel and dime us to death.

Atta boy!!!

Until his credit union closes.

[89Hen]

ATM fees refunded (10 visits per month)

Why do you go to the ATM 10 times a month?

[Ibanez]

ATM fees refunded (10 visits per month)

Why do you go to the ATM 10 times a month?

That's how many you get per month that they will reimburse you. I rarely go to an ATM. I usually get cash out when I'm at the Store or someplace.

[89Hen]

Why do you go to the ATM 10 times a month?

That's how many you get per month that they will reimburse you. I rarely go to an ATM. I usually get cash out when I'm at the Store or someplace.

Ahhh.

[ASUG8]

I was with a CU in NC for a lot of years, but switched over to BB&T when we moved 3+ yrs ago. So far so good - they tried to slip in a $3 charge per month that apparently gave me discounts to amusement parks and a $6 discount per box of checks. I'm no math whiz, but since (a) I haven't been to an amusement park in years, (b) I write maybe 3 checks per month, and (c) I didn't authorize it in the first place, I got it canceled today. I really can't see paying $36/yr to get a $6 savings on a box of checks. Gotta keep an eye on these folks - sure it's only $3, but you let that go then rampant fees become more commonplace.

[Ibanez]

I was with a CU in NC for a lot of years, but switched over to BB&T when we moved 3+ yrs ago. So far so good - they tried to slip in a $3 charge per month that apparently gave me discounts to amusement parks and a $6 discount per box of checks. I'm no math whiz, but since (a) I haven't been to an amusement park in years, (b) I write maybe 3 checks per month, and (c) I didn't authorize it in the first place, I got it canceled today. I really can't see paying $36/yr to get a $6 savings on a box of checks. Gotta keep an eye on these folks - sure it's only $3, but you let that go then rampant fees become more commonplace.

They are almost as sneaky as cell phone companies.

[AZGrizFan]

Found this on a friends Facebook page. Effing AWESOME graphic and shows what's wrong with the banking industry:

No way Z, it's the natural result of unregulated capitalism, of the free market. As long as government doesn't interfere somebody gets to eventually win.

Well, to be fair, there are LOTS of other regional banks that have popped up to take the place of those that have disappeared or been merged in, and those aren't represented here. And also to be fair, the last round of mergers happened at the hand of the gov't during the financial crisis when Wachovia, Wa/Mu, etc. disappeared. And to be fair a THIRD time, you could do a similar graph for the airline industry, oil/gas industry, or any other industry of your choosing.

[bluehenbillk]

BofA's chairman today: "We have a right to make a profit".

Charging the $5 per month on debit cards now - meanwhile 3 BofA employees that live on our street are sweating out if they'll have a job in 60 days.

I'm sure WellsFargo, my bank now, is just as bad, but since I was a Wachovia customer & have a plan that has been the same for over a decade they haven't gone as far as tacking on fees to me yet, and yep, I look every month to make sure they're not.

[TwinTownBisonFan]

No way Z, it's the natural result of unregulated capitalism, of the free market. As long as government doesn't interfere somebody gets to eventually win.

Well, to be fair, there are LOTS of other regional banks that have popped up to take the place of those that have disappeared or been merged in, and those aren't represented here. And also to be fair, the last round of mergers happened at the hand of the gov't during the financial crisis when Wachovia, Wa/Mu, etc. disappeared. And to be fair a THIRD time, you could do a similar graph for the airline industry, oil/gas industry, or any other industry of your choosing.

I don't like it - but this is very correct.

in 1910 (IIRC) there were 440 auto manufacturers in the US (seriously) - as the industry matured, they consolidated... such is their nature. their nature is to move toward monopoly - government intervention usually limits them to a mere oligarchy...

[AZGrizFan]

Well, to be fair, there are LOTS of other regional banks that have popped up to take the place of those that have disappeared or been merged in, and those aren't represented here. And also to be fair, the last round of mergers happened at the hand of the gov't during the financial crisis when Wachovia, Wa/Mu, etc. disappeared. And to be fair a THIRD time, you could do a similar graph for the airline industry, oil/gas industry, or any other industry of your choosing.

I don't like it - but this is very correct.

in 1910 (IIRC) there were 440 auto manufacturers in the US (seriously) - as the industry matured, they consolidated... such is their nature. their nature is to move toward monopoly - government intervention usually limits them to a mere oligarchy...

Yep. Auto industry, beer industry, restaurant industry (think PepsiCo), retailers, you name it. They're ALL looking for economies of scale and, at some point, a global (or at least national) footprint. It doesn't make them inherently BAD, and there's ALWAYS another choice if they get too big for their britches....which it appears these big banks are on the verge of doing.

People just need to choose with their feet....and understand the marketplace better by not believing the tired old line that the behemoths provide a convenience factor noone else can....