End of free checking - Thank you Sen. Dodd

Discussion in 'Current Events' started by Bluesguy, Sep 6, 2011.

  1. Bluesguy

    Bluesguy Well-Known Member Donor

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    "Legislation designed to protect small businesses from unreasonable debit card fees is pushing free checking and other no-fee bank services closer to extinction."
    http://ado.alabama.gov/content/media/press/BN.aspx?ID=5562

    I was perfectly happy paying the transaction fees to be cashless.
     
  2. Bluesguy

    Bluesguy Well-Known Member Donor

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    And another story that just popped up

    'In a soon-to-arrive consequence of the Dodd Frank Wall Street Reform and Consumer Protection Act, Regions Bank in mid-October will begin charging customers in Mississippi and elsewhere a $4 monthly fee for debit card use.

    The financial services sector has been predicting for the past year that Dodd Frank’s mandated cut in swipe card fees paid to a debit card’s bank would force banks to offset the revenue losses. Other banks in the Magnolia State are holding off assessing the fees, though Wells Fargo is test marketing a $3 monthly debit card charge in Georgia and four other states in the West and Northwest."

    http://msbusiness.com/2011/09/regions-sets-debit-card-fees/

    So instead of those who use their cards more pay more even if you don't use it you will pay $4 a month.

    Why these idiots in Washington think they know better how business should be run is just amazing.
     
  3. Inphormer

    Inphormer Banned

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    Having costs billed to you in a regular $4 monthly stream is better for business. If you have ever run a business you know it's better to have predictability. All the weird surprise fees that banks used to be known for before Dodd Frank were a pain in the ass. You had to be a lawyer to figure out the byzantine fee structure. Banks have to make money to pay their bills. Its better for them to be up front about how much they need to collect and collect it in a transparent straight forward fashion. It also makes it much easier to compare rates between banks.

    Transparency is good for business. Anyone that has worked in a management position will tell you that.
     
  4. Bluesguy

    Bluesguy Well-Known Member Donor

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    I think the bank knows what is better for their business than you or Dodd.
     
  5. TheLastBoyScout

    TheLastBoyScout New Member

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    I think their coming for your free checking right after they come for your guns......

    Banks want to be able to hold on to your money. Checking accounts are great avenues for that. There is still a great incentive to offer free checking accounts to get your business...and the internet and debit alternatives would kill traditional checking accounts if they got expensive. Free checking is one of the ways that banks draw customers to their specific bank. If one doesn't offer it, they've lost a competitive advantage.

    It's not happening...the decision is still left to the market...this is chicken little stuff.
     
  6. rstones199

    rstones199 Well-Known Member

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    If you think the bank knows better, you're dillusional. Banks are crooks.

    Neither knows better.

    [ame="http://www.youtube.com/watch?v=t8YGbAQ07kQ"]Ally Bank "Love Money" 2011 Commercial - YouTube[/ame]
     
  7. Consmike

    Consmike New Member Past Donor

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    No, it was better when there was no monthly fee at all.
     
  8. Landru Guide Us

    Landru Guide Us Banned

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    Boo-hoo, Tea partiers have to pay for a service. No more free lunch subsidized by other depositors.

    More evidence that Tea partiers want capitalism for everybody but themselves.
     
  9. Consmike

    Consmike New Member Past Donor

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    umm, everyone will have to pay. And this has nothing to do with capitalism or not. It has to do with the government forcing regulations that in turn hurt the consumer, as they usually do.
     
  10. Bluesguy

    Bluesguy Well-Known Member Donor

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    Why don't you educate yourself in the matter. As I stated I am more than willing to pay the transaction charges they applied to debt card usage. It is a service I willingly pay for. I am not the one asking for it to be subsidized or price controlled so that other services will now have to subsidize that cost.
     
    catalinacat and (deleted member) like this.
  11. Bluesguy

    Bluesguy Well-Known Member Donor

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    If you don't think the bank knows better what is good for it's business and what is not than Inphormer or Dodd I got a bridge to sell you.
     
  12. rstones199

    rstones199 Well-Known Member

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    You can keep your bridge and your silly debt card fees. I'll take neither.

    Between banks and Dodd, they are making it almost impossible for one to manage their $$$ w/o paying to do in some manor.

    You can pick your poison, I'll look for a better solution.
     
  13. Radio Refugee

    Radio Refugee New Member

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    I dunno, call me a cynic but... Seems like most any 2000 page bill might just take a few decisions out of the hands of the free market.
     
  14. TheLastBoyScout

    TheLastBoyScout New Member

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    Not the decision about offering free checking accounts. That I can assure you.

    The article in the OP is complete nonsense that's following a fearful, slippery slope delusion.
     
  15. Bluesguy

    Bluesguy Well-Known Member Donor

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    Oh you think you should have your checking fees subsidize debt card use?

    Why do you think banking should be free?

    Like what? Why do you think Chris Dodd, who is an idiot, knows better how to run a bank than the banks themselves? There was NO need for them to change how debit cards were billed. You use it, part of the price includes about .06 - .08 cents for the transaction. No problem. My checking which I hardly use at all will now cost me $4.00.

    I just looked in Quicken, we write about 3 - 4 checks a month, sometimes none. Now it will cost me $4 a month just to have that when I need it,, like when I order a pizza for delivery.

    WOW what a great change.
     
  16. Bluesguy

    Bluesguy Well-Known Member Donor

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    I've already received my letter from my bank notifying me of the new charges and changes because of this bill.
     
  17. Piscivorous

    Piscivorous New Member

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    Few banks are offering truly free checking anymore. There are strings attached at most banks. Chase, who I just dropped, specified that you needed either $1500 in your account [at all times] or direct deposit. I have found one small bank chain in the Bay Area that still offers true free checking.

    I thought Democrats were for protecting the poor and teh illegals? Chris Dodd is passing, quite frankly, a tax on the poor and illegals, because it are they who are most likely not able to maintain their balance or have direct deposit.
     
  18. rstones199

    rstones199 Well-Known Member

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    If you use your Debit Card as a Credit Card, then you dont pay fees...Simple really.

    Why shouldn't it be free? If I cannot take a check from employer into a bank and cash it w/o payhing a fee, then I should have free checking. Its that simple.


    One thing they can do is force banks NOT to charge any fee to cash a payroll check. I have no issues using a cash only system for myself.

    Or when I use my Debti Card, I use it as a Credit Card. The only time I use my debit card is when I need to get cash out of my banks ATM machine.
     
  19. theunbubba

    theunbubba Well-Known Member Past Donor

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    Maybe they could force the banks to return my canceled checks! That would help. Suntrust even quit sending me a photocopy. Now I have to pay a (*)(*)(*)(*) fee to keep a paper trail on my mortgage payments.
     
  20. Bluesguy

    Bluesguy Well-Known Member Donor

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    I use my debt care as a debt card.


    Feel free, no pun intended, to start a bank and not charge any fees then.


    Why? If you are using a service at a bank where you are not a customer why shouldn't they charge you for providing you a service. How about you going to work and not charging for your labor? I bet you think that if you use your ATM card at another banks machine they should not charge you to get cash out of it.

    I have no issues using a cash only system for myself.

    I use it as a debt card so I can get cash back if I need and then don't have to waste time going to an ATM. But just you wait, using them as a credit card will be the next target.
     
  21. Beevee

    Beevee Well-Known Member Past Donor

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    I really have no wish to gloat on the situation you find yourself in but isn't this what Republicans on this forum continually state, namely that businesses need to be given more licence to make profits?

    If small businesses need that type of legislation and the banks don't wish to reduce their profits, who, in the end pays for it, other than Mr. Public?
     
  22. Landru Guide Us

    Landru Guide Us Banned

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    Call them and tell them you'll change banks if they don't continue to give you free services. Man, are you Tea Partiers lazy or what? Capitalism takes work. Stop relying on the government to bail you out.
     
  23. Bluesguy

    Bluesguy Well-Known Member Donor

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    Mine are online, I can go and print out anyone of them I need.
     
  24. rstones199

    rstones199 Well-Known Member

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    No wounder why you are paying fees then.


    My employer is a customer there. My Employer is issuing me a check that is payable on demand. There should be NO FEES to cash a check from one of their customers.

    No wounder why you are paying fees then.
     
  25. Bluesguy

    Bluesguy Well-Known Member Donor

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    The government "bailout" is on your side not mine. I was perfectly happy with the way things were and was not asking for any change.

    They are all going to be doing this because of the screw up Dodd has caused.

    And I am not a member of the Tea Party.
     

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