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FYI Bank of America users...Follow

#1 Sep 29 2011 at 12:11 PM Rating: Excellent
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http://money.cnn.com/2011/09/29/pf/bank_of_america_debit_fee/

Quote:
Get ready for a new wave of bank fees. Bank of America will begin charging a $5 monthly fee at the beginning of next year for customers who make debit card purchases.

Whether you use your card for one purchase a month or 20, you will pay $5 per month starting in 2012. If you don't use your card at all, you won't be assessed a fee. And you can still use ATMs as much as you want without getting hit with the new fee.


Other banks aren't much different:
Quote:
Last month, Wells Fargo (WFC, Fortune 500) said it will test a $3 monthly fee in Georgia, New Mexico, Nevada, Oregon and Washington beginning Oct. 14 for customers who use their debit card for purchases.

At the end of last year, JPMorgan Chase (JPM, Fortune 500) announced a similar test, in which it charged customers in northern Wisconsin a $3 fee for using their debit cards. A Chase spokesman said last month that the tests were still underway.


Won't really effect me at all, as I usually only use my debit card to withdraw money... but still. Heads up in case you start seeing a monthly fee and wonder why.
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#2 Sep 29 2011 at 1:00 PM Rating: Good
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Don't use my card for anything but withdrawals either, but thanks for the heads up. I'll keep an eye out for any accidental charges.
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#3 Sep 29 2011 at 1:01 PM Rating: Excellent
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Well that's just wonderful. I've kind of been thinking about switching banks, but in the end it won't matter. All of them will end up doing this. I use my debit card a LOT. It's very rare for me to have cash on me at all.
#4 Sep 29 2011 at 1:11 PM Rating: Good
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I'll be pissed if TD does this--they already put in a fee for using any non-TD atm...

Well, if they do, I'll just be using my credit card for everything, and paying that off directly from my account.
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#5 Sep 29 2011 at 1:16 PM Rating: Good
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idiggory, King of Bards wrote:
Well, if they do, I'll just be using my credit card for everything, and paying that off directly from my account.


That's what I do. Get a good rewards card, and stay on top of your balance. Works just fine.
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#6 Sep 29 2011 at 1:58 PM Rating: Excellent
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I don't have a credit card, I'm afraid I won't be able to control myself.
#7 Sep 29 2011 at 2:05 PM Rating: Decent
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Nadenu wrote:
I don't have a credit card, I'm afraid I won't be able to control myself.

This isn't a credit card, that I could at least understand. It's debit cards. They're charging you for spending your own money. I know it costs them a little bit to process debit card transactions, but as far as I was aware this was covered by the person selling you stuff. At least this is why in the UK you have to spend at least £5 in some shops before you can use your debit card to pay for stuff.
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#8 Sep 29 2011 at 2:29 PM Rating: Good
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Credit card fees are paid by the shop owners, but debit card fees are usually paid by the issuing bank.

I'm not sure if this is going to apply to my Wells Fargo account, even though I am in GA. I was a Wachovia customer and our accounts are different - we don't get all the perks of people who had their WF accounts natively (for example, no verified by visa, and can't cross-link our checking accounts.) And our fee schedule is also different.

If I do get hit with this fee, the suggestion is to cancel your account, tell them it's because they broke their promise about keeping your checking account free, and move to a local bank instead. The local banks are eating up all this business because free checking is something they are still capable of doing, unlike the big banks.



Edited, Sep 29th 2011 4:30pm by catwho
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#9 Sep 29 2011 at 2:29 PM Rating: Good
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Nilatai wrote:
Nadenu wrote:
I don't have a credit card, I'm afraid I won't be able to control myself.

This isn't a credit card, that I could at least understand. It's debit cards. They're charging you for spending your own money. I know it costs them a little bit to process debit card transactions, but as far as I was aware this was covered by the person selling you stuff. At least this is why in the UK you have to spend at least £5 in some shops before you can use your debit card to pay for stuff.


Correct. Debit cards != Credit Cards, but a lot of people don't understand that they are different because they are being used similarly. Usually the debit card will be set up with something like Mastercard or Visa so that you could use it like a credit card...but it's still a debit card.
#10 Sep 29 2011 at 2:34 PM Rating: Good
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The bank already makes money off of what you have in it at any time. If they charge me for usage of my debit card Ill find a bank that will not in a heartbeat. Banks rip us off enough with crappy interest and more charges than you can imagine these days.
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#11 Sep 29 2011 at 2:47 PM Rating: Good
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We already have this in Canada. Usually your monthly fee covers some of it, but most accounts have a limit (say, 20) and after you've used interac more than that, you start paying a fee.
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#12 Sep 29 2011 at 3:21 PM Rating: Excellent
How apropos. As soon as I finish my lunch I'm heading over to Chase to close my account. I've decided they can go @#%^ themselves and I'm now banking with a local credit union.
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#13 Sep 29 2011 at 4:04 PM Rating: Decent
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Does anyone know the difference between using your card for "purchases" vs using it as an actual debit card (i.e. putting in a PIN code)? I don't have Bank of America, but I wonder how different charge types work on the same card re: the fee.

Also, did anyone NOT see this coming? Banks WILL get their fees somehow. The legislation that passed a year or two ago that limited some fees just forced the bank accountants to get more creative.

Edited, Sep 29th 2011 5:06pm by BrownDuck
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gbaji wrote:
You guys keep tossing facts out there like they mean something.


#14gbaji, Posted: Sep 29 2011 at 4:20 PM, Rating: Sub-Default, (Expand Post) Yup. Thank god Obama saved us from paying high fees for borrowing money on a credit card! So now everyone who *didn't* spend more money than they have get to pay the difference. He's just equalizing the wealth, right?
#15 Sep 29 2011 at 4:24 PM Rating: Excellent
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gbaji wrote:
BrownDuck wrote:
Also, did anyone NOT see this coming? Banks WILL get their fees somehow. The legislation that passed a year or two ago that limited some fees just forced the bank accountants to get more creative.


Yup. Thank god Obama saved us from paying high fees for borrowing money on a credit card! So now everyone who *didn't* spend more money than they have get to pay the difference. He's just equalizing the wealth, right?


This has nothing to do with Obama and everything to do with banks. Personal crusades are silly, Gbaji.
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gbaji wrote:
You guys keep tossing facts out there like they mean something.


#16 Sep 29 2011 at 4:30 PM Rating: Default
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BrownDuck wrote:
gbaji wrote:
BrownDuck wrote:
Also, did anyone NOT see this coming? Banks WILL get their fees somehow. The legislation that passed a year or two ago that limited some fees just forced the bank accountants to get more creative.


Yup. Thank god Obama saved us from paying high fees for borrowing money on a credit card! So now everyone who *didn't* spend more money than they have get to pay the difference. He's just equalizing the wealth, right?


This has nothing to do with Obama and everything to do with banks. Personal crusades are silly, Gbaji.


Obama is directly responsible for championing the very legislation which you agree is to blame for this. WTF?
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#17 Sep 29 2011 at 4:34 PM Rating: Excellent
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gbaji wrote:
Obama is directly responsible for championing the very legislation which you agree is to blame for this. WTF?


If a parent tells a child "Don't bite!" and the child decides to pinch instead, do you blame the parent or the child?
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gbaji wrote:
You guys keep tossing facts out there like they mean something.


#18 Sep 29 2011 at 4:35 PM Rating: Excellent
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gbaji wrote:
BrownDuck wrote:
gbaji wrote:
Obama is directly responsible for championing the very legislation which you agree is to blame for this. WTF?
If a parent tells a child "Don't bite!" and the child decides to pinch instead, do you blame the parent or the child?
Obama!
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#19 Sep 29 2011 at 6:05 PM Rating: Default
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BrownDuck wrote:
gbaji wrote:
Obama is directly responsible for championing the very legislation which you agree is to blame for this. WTF?


If a parent tells a child "Don't bite!" and the child decides to pinch instead, do you blame the parent or the child?


That's a terrible analogy though. You already stated that the legislation "forced" the banking industry to find other areas of their business to make money in by limiting how much they could charge people who owed them money. Your analogy fails because the child has a choice to not pinch, but the banks don't. They must make up that lost revenue somewhere.


Yet another example of Obama proposing some idea, conservatives saying "don't do that, or X negative result will occur", Obama doing it anyway, and then... wait for it... the exact bad thing that conservatives predicted happens. It's almost like we know what the hell we're talking about or something.
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#20 Sep 29 2011 at 6:07 PM Rating: Decent
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gbaji wrote:
BrownDuck wrote:
gbaji wrote:
Obama is directly responsible for championing the very legislation which you agree is to blame for this. WTF?


If a parent tells a child "Don't bite!" and the child decides to pinch instead, do you blame the parent or the child?


That's a terrible analogy though. You already stated that the legislation "forced" the banking industry to find other areas of their business to make money in by limiting how much they could charge people who owed them money. Your analogy fails because the child has a choice to not pinch, but the banks don't. They must make up that lost revenue somewhere.


Yeah, no. The fees limited by the legislation were just a way for the bank to exploit their customers, and not a necessary revenue stream. I'm not surprised that you'd go there though.
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gbaji wrote:
You guys keep tossing facts out there like they mean something.


#22 Sep 29 2011 at 6:26 PM Rating: Default
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BrownDuck wrote:
Yeah, no. The fees limited by the legislation were just a way for the bank to exploit their customers, and not a necessary revenue stream.


And yet, you use the word "forced", didn't you? It's like you understood that the legislation was responsible for this, right up until it was pointed out to you that the legislation was proposed by Obama. Then you went into defense mode.

And when did you become the arbiter of what was a "necessary revenue stream"?


Quote:
I'm not surprised that you'd go there though.


All I did was point out who was responsible for the legislation you yourself said was to blame for these increased fees. If that revelation resulted in massive backpedaling on your part, that says more about your own need to spin things than mine.
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#23 Sep 29 2011 at 6:28 PM Rating: Excellent
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@#%^ you Wells Fargo, I use my debit card for EVERYTHING. I used it five times today alone! @#%^ carrying around cash.
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#24 Sep 29 2011 at 6:34 PM Rating: Excellent
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gbaji wrote:
And when did you become the arbiter of what was a "necessary revenue stream"?
A necessary revenue stream is any one a company can successfully pull off. I'd deem this one necessary.
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#25 Sep 29 2011 at 6:58 PM Rating: Excellent
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@#%^ you Wells Fargo, I use my debit card for EVERYTHING. I used it five times today alone! @#%^ carrying around cash.


Do yourself a favor and go get a free credit card (I use Discover) that offers cash back. Use that for everything and pay it off every month. Not only will you get "free" money via the cash back, you may be better protected than you would be by using a debit card.
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#26 Sep 29 2011 at 7:38 PM Rating: Good
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gbaji wrote:
blah blah blah


A) I don't think you know what backpedaling is.
B) This isn't the Asylum and I'm not an Asylumite. I have no time or patience for your incessant bullsh*t. Consider this me bowing out of the conversation.


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gbaji wrote:
You guys keep tossing facts out there like they mean something.


#27 Sep 29 2011 at 8:22 PM Rating: Excellent
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Nilatai wrote:
Nadenu wrote:
I don't have a credit card, I'm afraid I won't be able to control myself.

This isn't a credit card, that I could at least understand. It's debit cards.


I know. I use my debit card daily, several times a day. I was saying that using a credit card instead isn't an option for me. I'll just have to get hit with this fee.
#28 Sep 30 2011 at 2:48 AM Rating: Excellent
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LockeColeMA wrote:
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Last month, Wells Fargo (WFC, Fortune 500) said it will test a $3 monthly fee in Georgia, New Mexico, Nevada, Oregon and Washington beginning Oct. 14 for customers who use their debit card for purchases.

At the end of last year, JPMorgan Chase (JPM, Fortune 500) announced a similar test, in which it charged customers in northern Wisconsin a $3 fee for using their debit cards. A Chase spokesman said last month that the tests were still underway.
@#%^.
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#29 Sep 30 2011 at 3:30 AM Rating: Excellent
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PunkFloyd, King of Bards wrote:
NixNot wrote:
@#%^ you Wells Fargo, I use my debit card for EVERYTHING. I used it five times today alone! @#%^ carrying around cash.


Do yourself a favor and go get a free credit card (I use Discover) that offers cash back. Use that for everything and pay it off every month. Not only will you get "free" money via the cash back, you may be better protected than you would be by using a debit card.
FYI, don't ever leave the US. You can't use that anywhere else.
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#30 Sep 30 2011 at 4:57 AM Rating: Excellent
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Uglysasquatch wrote:
PunkFloyd, King of Bards wrote:
NixNot wrote:
@#%^ you Wells Fargo, I use my debit card for EVERYTHING. I used it five times today alone! @#%^ carrying around cash.


Do yourself a favor and go get a free credit card (I use Discover) that offers cash back. Use that for everything and pay it off every month. Not only will you get "free" money via the cash back, you may be better protected than you would be by using a debit card.
FYI, don't ever leave the US. You can't use that anywhere else.

This. Visa/Mastercard is popular worldwide; American Express you can get away with in most popular business areas but not smaller stores; but Discover is the black sheep of the family. Even within the US it's the least accepted of the four (apparently due to charging higher transaction fees than the others years ago, although I hear they're all pretty equal now).
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#31 Sep 30 2011 at 5:18 AM Rating: Good
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Nadenu wrote:
Nilatai wrote:
Nadenu wrote:
I don't have a credit card, I'm afraid I won't be able to control myself.

This isn't a credit card, that I could at least understand. It's debit cards.


I know. I use my debit card daily, several times a day. I was saying that using a credit card instead isn't an option for me. I'll just have to get hit with this fee.

Gotcha. It is a bit of a dick move by the banks. I mean, it's not like they're not making sh*t loads of money on the over night markets with your savings or anything.
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#32 Sep 30 2011 at 5:49 AM Rating: Good
Nadenu wrote:
Nilatai wrote:
Nadenu wrote:
I don't have a credit card, I'm afraid I won't be able to control myself.

This isn't a credit card, that I could at least understand. It's debit cards.


I know. I use my debit card daily, several times a day. I was saying that using a credit card instead isn't an option for me. I'll just have to get hit with this fee.
One little thing you can do is get a credit card with a low limit, and funnel some of your income into a seperate checking account that will equal that limit (or what you think you will spend) over a month. It's not perfect, but it's a good way to make sure you don't go crazy with the card, and you will have the money available in the new checking account to pay the bill each month.

Or just pay the $36 - $60 a year in the fees.
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#33 Sep 30 2011 at 8:24 AM Rating: Excellent
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National mega-bank finds another reason to screw customers over. Film at 11.

This is why I bank at a smaller local bank. I'm disappointed that they're being bought out by Comerica, so it'll be my excuse to go to either USAA online checking or a local credit union. I know they'll start adding maintenance fees when the rebranding is complete, so I'll ditch before that happens. Moving my direct deposit over will be a bit of a pain, but I'd have to do that anyway so I might as well get it over with.

Debit card fees still don't really affect me since I usually use credit cards unless there's a cash or debit discount (sometimes smaller businesses will cut you a bit of a cash discount if you ask! :D), and am particularly anal about my finances. It's just the principle of the thing. I have several linked accounts with Amex savings, and I separate each general budget item into separate accounts. Every week I transfer my accrued expenses for the week to my "to pay card" savings, which is then transferred to my current local checking account about 5 business days before my cards' due dates. Their transfer times are very quick and are usually available in my checking account the next day, but I still like to plan ahead.

Also, every time I've spoken on the phone with them about an account issue, their customer service reps have been very helpful and polite. Amex is known for their good customer service for a reason.

Edited, Sep 30th 2011 9:30am by Sweetums
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#34 Sep 30 2011 at 8:34 AM Rating: Excellent
Why would anyone all of a sudden start spending more just because you're holding a different piece of plastic? Unless you're constantly hitting an empty bank account I guess.
#35 Sep 30 2011 at 8:39 AM Rating: Good
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I suppose if you don't pay attention to your spending, you might from all of the interest on a non-zero balance. There are also some people who like to justify unbudgeted purchases with "I'll just pay later, when I have the money!" Some people, regardless of the payment method, will go to a store to waffle about a $2 purchase for 30 minutes, and then leave empty-handed *cough*.

Then again, my bank never charged overdraft fees when you go into the negative using your debit card.

Edited, Sep 30th 2011 9:41am by Sweetums
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#36 Sep 30 2011 at 9:01 AM Rating: Good
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Regions is also doing this starting tomorrow. I have a credit card with them as well which I will use more often now, but also considering a card with a rewards program.
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#37 Sep 30 2011 at 9:09 AM Rating: Good
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If you're only going with one card, I like the Dividend Platinum Select, even if it's from sh*ttybank. If you're a college student it's ridiculously easy to get the student one, and the credit limit is high enough to be usable as a main card while still maintaining a good credit utilization ratio. It's also ludicrously easy to raise it: I went from $4000 to $5000 in one fell swoop without even having a hard credit inquiry. It can easily cover something like an expensive car repair if you don't keep your emergency fund in your checking account.

Only do this is you can pay off the balance immediately since rewards cards always have astronomical interest rates!

Quote:
One little thing you can do is get a credit card with a low limit, and funnel some of your income into a seperate checking account that will equal that limit (or what you think you will spend) over a month.

You really do not want to do this, because this could max out your credit card which really hurts your score. The ideal ratio is apparently around 30% of your credit used.



Edited, Sep 30th 2011 10:24am by Sweetums
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#38 Sep 30 2011 at 9:12 AM Rating: Excellent
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Sir Xsarus wrote:
Why would anyone all of a sudden start spending more just because you're holding a different piece of plastic? Unless you're constantly hitting an empty bank account I guess.


Some people basically use the credit card for all the purchasing, then funnel money back into the credit card when payroll pops up. So it can get really tempting if your card limit is higher than your weekly/biweekly/monthly payroll and something you want is *right there* and only a couple clicks away.

Especially for probably half of the ZAM forums when November comes around and all those games release. :D

#39 Sep 30 2011 at 9:23 AM Rating: Good
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Sweetums wrote:
Amex is known for their good customer service for a reason.
Smiley: confused First I've ever heard of it and it's certainly not been my experience.
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#40 Sep 30 2011 at 9:25 AM Rating: Good
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Uglysasquatch wrote:
Sweetums wrote:
Amex is known for their good customer service for a reason.
Smiley: confused First I've ever heard of it and it's certainly not been my experience.
Maybe not. It's just what I've heard from other people who use Amex's cards. Might not be true overall, I suppose.
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#41 Sep 30 2011 at 9:48 AM Rating: Excellent
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Sweetums wrote:
Uglysasquatch wrote:
Sweetums wrote:
Amex is known for their good customer service for a reason.
Smiley: confused First I've ever heard of it and it's certainly not been my experience.
Maybe not. It's just what I've heard from other people who use Amex's cards. Might not be true overall, I suppose.

My only card is an Amex and I've never actually had cause to talk to them. But I've been very satisfied with it; good rewards, and I pay it off each month so I never worry about the interest.

My main issue is the rare time I'll go to a gas station that only accepts Visa / Mastercard Smiley: glare
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#42 Sep 30 2011 at 11:15 AM Rating: Excellent
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gbaji wrote:
Yet another example of Obama proposing some idea, conservatives saying "don't do that, or X negative result will occur", Obama doing it anyway, and then... wait for it... the exact bad thing that conservatives predicted happens. It's almost like we know what the hell we're talking about or something.

As funny as back in May when this story first broke and you made this same argument and had to backpedal and spin like a madman Smiley: laugh

This does give good evidence though that once a business is drawing blood from you, they'll never voluntarily accept less as shown by retailers making no move to lower their prices to reflect these savings for them. A good lesson for when people claim "Just remove this or that restriction and it's the consumer who'll benefit!"
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#43 Sep 30 2011 at 12:31 PM Rating: Good
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Jophiel wrote:
gbaji wrote:
Yet another example of Obama proposing some idea, conservatives saying "don't do that, or X negative result will occur", Obama doing it anyway, and then... wait for it... the exact bad thing that conservatives predicted happens. It's almost like we know what the hell we're talking about or something.

As funny as back in May when this story first broke and you made this same argument and had to backpedal and spin like a madman Smiley: laugh

This does give good evidence though that once a business is drawing blood from you, they'll never voluntarily accept less as shown by retailers making no move to lower their prices to reflect these savings for them. A good lesson for when people claim "Just remove this or that restriction and it's the consumer who'll benefit!"


Minus local gas stations around here. They ride those razor margins.
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#44 Sep 30 2011 at 2:44 PM Rating: Decent
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Jophiel wrote:
This does give good evidence though that once a business is drawing blood from you, they'll never voluntarily accept less as shown by retailers making no move to lower their prices to reflect these savings for them.


And by "drawing blood" you mean "charging what the market will bear for their goods and services". You get that if these banks thought they would lose more (profitable) business by shifting these fees in this way than they'll gain in profits by charging them, they wouldn't do it. And loud protestations from individuals on an online forum aside, they know better than you do what their customers will really do on whole.


Quote:
A good lesson for when people claim "Just remove this or that restriction and it's the consumer who'll benefit!"


What you meant to say is that it's a good lesson for when people claim "Just add this or that restriction and it's the consumer who'll benefit!". No one makes the claim you are repeating Joph. The supply side argument is wholly different. It says that removing restrictions will make business more profitable for the businessman, who will then turn around and invest in more business, hire more people, and in the case of banks, hand out more loans, to more people, giving them opportunities to themselves achieve the American Dream(tm).

We on the right warn that adding restrictions will only cause those businesses to shift where they get their money. Which is... wait for it... exactly what happened.
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#45 Sep 30 2011 at 2:50 PM Rating: Decent
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Sir Xsarus wrote:
Why would anyone all of a sudden start spending more just because you're holding a different piece of plastic? Unless you're constantly hitting an empty bank account I guess.


Several people have answered, but it bears repeating IMO. When someone has a debit card, they always know that they are limited to the actual dollars in their account. If they hit that limit (or overdraft a bit), they can't use the card anymore. A credit card has a limit that is disconnected from the money the person actually has. It's shocking how many people who don't have more than a few hundred dollars in their bank account at any given time, upon receiving a credit card with a $5k limit really do think "I've got $5k I can use to buy stuff!".


Oh. And as to how to avoid the charges? I believe if you maintain more than $50k in your accounts, etrade will waive all their charges. And they offer much better checking and savings account rates *and* offer credit and debit cards (VISA IIRC). So now you've all got a great excuse to start investing online!
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#46 Sep 30 2011 at 3:25 PM Rating: Excellent
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Ravashack wrote:
Sir Xsarus wrote:
Why would anyone all of a sudden start spending more just because you're holding a different piece of plastic? Unless you're constantly hitting an empty bank account I guess.


Some people basically use the credit card for all the purchasing, then funnel money back into the credit card when payroll pops up. So it can get really tempting if your card limit is higher than your weekly/biweekly/monthly payroll and something you want is *right there* and only a couple clicks away.

This. I've had credit cards before and I went a little crazy with them. And while I've gotten much better with managing money as I've gotten older, I know that I might still give in to temptation and spend above and beyond, rationalizing that "people pay the minimum balance all the time, it's no big deal!"
#47 Sep 30 2011 at 3:28 PM Rating: Excellent
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gbaji wrote:
And by "drawing blood" you mean "charging what the market will bear for their goods and services". You get that if these banks...

You get that these retailers won't budge their prices despite now making more money per purchase. Just like the fantasies that if we just removed this regulation or that rule, businesses would fall all over themselves to pass those savings along.

Of course you don't realize that, you Pollyanna little puppet Smiley: smile
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#48 Sep 30 2011 at 5:24 PM Rating: Default
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Jophiel wrote:
gbaji wrote:
And by "drawing blood" you mean "charging what the market will bear for their goods and services". You get that if these banks...

You get that these retailers won't budge their prices despite now making more money per purchase.


What part of "charge what the market will bear" do you think has to do with how much profit the business makes per purchase?

Quote:
Just like the fantasies that if we just removed this regulation or that rule, businesses would fall all over themselves to pass those savings along.


I just wrote a whole paragraph about how your assumptions about what folks on "my side" think will happen if you reduce regulation was wrong, and you just repeated the exact thing I just told you was wrong.

Do you at any point maybe re-assess your own assumptions when they continually fail to match reality? Or do you just stumble through life, eternally confused as to why outcomes don't match expectations?
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#49 Sep 30 2011 at 5:29 PM Rating: Excellent
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gbaji wrote:
Sir Xsarus wrote:
Why would anyone all of a sudden start spending more just because you're holding a different piece of plastic? Unless you're constantly hitting an empty bank account I guess.


Several people have answered, but it bears repeating IMO. When someone has a debit card, they always know that they are limited to the actual dollars in their account. If they hit that limit (or overdraft a bit), they can't use the card anymore. A credit card has a limit that is disconnected from the money the person actually has. It's shocking how many people who don't have more than a few hundred dollars in their bank account at any given time, upon receiving a credit card with a $5k limit really do think "I've got $5k I can use to buy stuff!".
There's also the "I can buy this more expensive thing because I'll get more rewaaaaaaaaards."
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#50 Sep 30 2011 at 6:59 PM Rating: Good
Sweetums wrote:
gbaji wrote:
Sir Xsarus wrote:
Why would anyone all of a sudden start spending more just because you're holding a different piece of plastic? Unless you're constantly hitting an empty bank account I guess.


Several people have answered, but it bears repeating IMO. When someone has a debit card, they always know that they are limited to the actual dollars in their account. If they hit that limit (or overdraft a bit), they can't use the card anymore. A credit card has a limit that is disconnected from the money the person actually has. It's shocking how many people who don't have more than a few hundred dollars in their bank account at any given time, upon receiving a credit card with a $5k limit really do think "I've got $5k I can use to buy stuff!".
There's also the "I can buy this more expensive thing because I'll get more rewaaaaaaaaards..."

... that aren't nearly worth the amount of credit card interest they'll pay to get them.
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#51 Sep 30 2011 at 9:20 PM Rating: Excellent
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Also, the "premium" checking accounts who already pay additional fees will be exempt. In our case, we have a Crown Checking account with BoA because of our mortgage - normally $50 a year or something. We also have a deal where we pay our mortgage out of that checking account via automatic debit, and they give us an extra $25 credit each month on the mortgage. So they're paying us for that checking account. We're considering just using that as the primary checking account if WF decides to slap its former Wachovia people with the fee.
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