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Debit Card Fees are Robbery...saith one person
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 Posted: Fri Oct 7th, 2011 08:54 pm
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librarylady
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Debit cards were developed by banks as a replacement for paper checks. When a consumer pays with a debit card instead of a check, the bank saves money. In the 1980s, Visa calculated the savings at 55 cents to $1.60 per check. The savings is much higher today. For decades, Bank of America, the founding owner and member of Visa (originally called BankAmericard) and all of the Visa and MasterCard banks, including Chase, hid the identity of their debit cards from stores by designing them to look and function like their signature authorized credit cards and by charging stores the same price for debit and credit transactions. Banks did this despite the fact that purchases made with a debit card didn’t involve a loan from the bank, posed very little fraud risk and were extravagantly profitable to banks because they eliminated the costs of processing and clearing checks.

The practice of deceiving stores and forcing them to accept overpriced debit transactions was challenged in a 1996 antitrust lawsuit against Visa and MasterCard, in which I was the lead attorney for the plaintiffs. In 2003, that resulted in a $3.4 billion settlement to stores, a court order to redesign the debit cards and a reduction in the price banks charge stores for common debit transactions — to an average of 42 cents per transaction from an average of 63 cents.

rest of the article

Last edited on Fri Oct 7th, 2011 08:55 pm by librarylady



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 Posted: Fri Oct 7th, 2011 08:59 pm
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Red Oak II
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Ironic how the Sheep will bleat about a 5 buck a month Debit Card fee, and ignore the pending collapse of SS and Medicare, which thay have paid hundreds of thousands of dollars into. 

Last edited on Fri Oct 7th, 2011 09:35 pm by Red Oak II



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 Posted: Fri Oct 7th, 2011 08:59 pm
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Johnson
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First, the ny times ? whatever.

Second, You don't like fees associated with something, DON"T USE IT.



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 Posted: Fri Oct 7th, 2011 09:28 pm
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librarylady
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Johnson wrote

Second, You don't like fees associated with something, DON"T USE IT.

+1   We don't use ATM, any credit card that has an annual fee or debit cards.



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 Posted: Fri Oct 7th, 2011 09:49 pm
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Bob Of Burleson
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Love my debit card, but I'll drop it in a minute if our bank institutes a fee that I consider excessive. However, what's to keep banks from charging for writing checks? Then they'd have you coming and going.

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 Posted: Fri Oct 7th, 2011 09:52 pm
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Jami
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My friend works at BoA, she said that if you are an Advantage customer, you won't have to pay the fee.



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 Posted: Fri Oct 7th, 2011 11:25 pm
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BigTex
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There's something wrong when I have to pay the bank to get access to my money.



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 Posted: Fri Oct 7th, 2011 11:39 pm
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sangersteve
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BigTex wrote:
There's something wrong when I have to pay the bank to get access to my money.

You don't pay for accessing your money, you pay for the convenience of plastic over paper.Plus you can always just deal in cash.



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 Posted: Fri Oct 7th, 2011 11:48 pm
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GregfromBurbank
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Red Oak II wrote:
Ironic how the Sheep will bleat about a 5 buck a month Debit Card fee, and ignore the pending collapse of SS and Medicare, which thay have paid hundreds of thousands of dollars into. 

..or bitch and moan about the 5 Buck debit card fee, while paying hundreds and sometimes thousands each year in credit card finance charges.

..what a world.



Last edited on Fri Oct 7th, 2011 11:51 pm by GregfromBurbank



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 Posted: Fri Oct 7th, 2011 11:50 pm
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GregfromBurbank
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BigTex wrote:
There's something wrong when I have to pay the bank to get access to my money.

Use an ATM card to access cash from your own bank..you'll get no charges and, in most cases, move through life much quicker and efficiently using all cash.

..and why people want to give strangers direct access to their personal accounts, I'll never know.



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 Posted: Sat Oct 8th, 2011 12:26 am
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Robert
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These charges are the banks attempt to make up for the cost of new regulations imposed on them by the Obama administration.

They are just passing on the cost of government.

Last edited on Sat Oct 8th, 2011 12:28 am by Robert



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 Posted: Sat Oct 8th, 2011 12:28 am
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Zephyr
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My banks aren't charging debit card fees yet, but when they do, we're gonna have a talk.

I use debit cards because, if I get mugged, I can recover the money. I found out 9 years ago that checks forged on my account can be recovered after I pay some outrageous costs, and cash, well, once it's gone, it's gone forever.



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 Posted: Sat Oct 8th, 2011 12:30 am
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Bubba
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El Rushbo' has been preachin' Robert's point for several days.....

Can't say I can disagree much......

I'm contemplating using my credit card instead of my debit card for purchases.....and pay off the balance at the end of the month.....When I get the bill..... Gain some "points' that way....

But?.... And this issa BIG BUTT!

Won't the BoA be charging me interest on those purchases put on my BoA credit card?

I don't like carryin' cash......



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 Posted: Sat Oct 8th, 2011 12:32 am
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Zephyr
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The banks can afford to fight the government more than I can. They can also shove the credit cards. Those are a zero-sum to negative-sum game, and I refuse to play.



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 Posted: Sat Oct 8th, 2011 12:35 am
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SpaceCowboy
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Bubba wrote:
El Rushbo' has been preachin' Robert's point for several days.....

Can't say I can disagree much......

I'm contemplating using my credit card instead of my debit card for purchases.....and pay off the balance at the end of the month.....When I get the bill..... Gain some "points' that way....

But?.... And this issa BIG BUTT!

Won't the BoA be charging me interest on those purchases put on my BoA credit card?

I don't like carryin' cash......


pay off balance each month and no fin chgs

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 Posted: Sat Oct 8th, 2011 12:42 am
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Bubba
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Thanks Spacey.....

I like the convenience of not having to SIGN a CC receipt each time I got into the QT for $20 gas and a drink....

Contrary to possible perceptions?

I ain't no 'high roller'..... With airline miles building up on my platinum AMEX card I pay off every month....

:smile:



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 Posted: Sat Oct 8th, 2011 12:42 am
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Zephyr
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SpaceCowboy wrote: Bubba wrote:
El Rushbo' has been preachin' Robert's point for several days.....

Can't say I can disagree much......

I'm contemplating using my credit card instead of my debit card for purchases.....and pay off the balance at the end of the month.....When I get the bill..... Gain some "points' that way....

But?.... And this issa BIG BUTT!

Won't the BoA be charging me interest on those purchases put on my BoA credit card?

I don't like carryin' cash......


pay off balance each month and no fin chgs
I believe that some banks are charging finance charges from the date of the purchase now.



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 Posted: Sat Oct 8th, 2011 02:00 am
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geeiabil
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And another thing.......with the advent of electronic fund transfer to pay bills, why aren't we allowed to transfer payments and receive credit for them on the weekends and holidays?  The banks and other creditors have no problem making them come due on these days yet they won't transfer or accept your payment because it isn't a "business day".
The result being you have to pay them in advance, they have your money for one or two extra days to reinvest and earn interest that you might have earned (albeit slight).



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 Posted: Sat Oct 8th, 2011 02:26 am
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Michigander



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I lost my debit card a few months ago. Lost, but lost in the house somewhere. I think it's in the washer motor compartment. I found the rest of the wallet contents in the washer.. It must be with the lost socks.. I used my credit card for a month instead and was surprised how much I owed at the end of the month. It hurt more to pay that than to have it coming out little bit at a time.

Last edited on Sat Oct 8th, 2011 02:28 am by Michigander

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 Posted: Sat Oct 8th, 2011 02:32 am
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Zephyr
Forming a Polka Line.....


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geeiabil wrote: And another thing.......with the advent of electronic fund transfer to pay bills, why aren't we allowed to transfer payments and receive credit for them on the weekends and holidays?  The banks and other creditors have no problem making them come due on these days yet they won't transfer or accept your payment because it isn't a "business day".
The result being you have to pay them in advance, they have your money for one or two extra days to reinvest and earn interest that you might have earned (albeit slight).
I've wondered about that, but Geeiabil, you're talking about fairness, and that only applies to Them In Control.



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