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Should Banks Charge Customers for Using Their Debit Cards?

ABC News U.S. 2011/09/30 20:02:12
Related Topics: Bank, Debit Card, Banks, Debit
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  • MW121 2011/10/07 10:14:58
    Yes. Banks need to find a way to pay their operating costs.
    MW121
    I don't see a problem with it.. most of these banks only charge if you don't keep a minimum balance.. If you don't like it, move to another bank.. It's a business at the end of the day and business is all about making a profit.. If enough people move their money out, maybe they would reconsider their strategy.. Look at airlines companies that charge most people money for baggage.. It's all about profits.. Look at prices of goods and services.. in most cases prices have risen.. Not because they think it's worth more, but they need to pass along all the new taxes and increased healthcare costs onto everyone else to make up the loss in overhead... It all trickles down..
  • Stuart 2011/10/01 06:46:13
    Yes. Banks need to find a way to pay their operating costs.
    Stuart
    The banks have to cover the losses caused by the latest Democratic law that cut off the money that businesses used to give them for using the debit cards. Democrats must have gotten some money from their big business buddies because they stopped the banks from charging them a percentage for each transaction.

    All the free stuff banks give us was funded by that money. Now, they have to make up the losses.

    Of course, they could do like one bank I heard about today. They are shutting down 55 branches at a grocery store chain and laying off 500 people to save the money they need to keep their free debit cards.

    Yay Democrats!!! Give us the choice of increased cost or job losses.
  • lclon 2011/10/01 01:55:05
    No. Customers shouldn't have to pay to use their own money.
    lclon
    If people pay service charge on their checking account they shouldn't have to pay to use a debit card too. I'm thankful that I don't pay service charge. I use my debit card a lot. I will cease using it so much. I will not use it some months. Maybe I will use it no more than 5 months a year. That will be twentyfive dollars given to the banks. This is just plain greed.
  • Stuart lclon 2011/10/01 06:48:32
    Stuart
    They aren't being charged to use their own money. They are being charged for using the banks computerized debit card system, the personnel needed to operate it and maintaining the infrastructure. This was caused by a new law from our Democrat friends who made the way they used to cover these charges (charging the businesses that accepted them) illegal.
  • lclon Stuart 2011/10/02 00:19:19
    lclon
    No matter what, it is still taken from the customer account. The customer will feel the effect.
  • justryin2survive 2011/10/01 01:07:53
    No. Customers shouldn't have to pay to use their own money.
    justryin2survive
    Banks already found a way to pay their operating costs. It's called BAILOUT!
  • Ukie 2011/10/01 00:49:19
    No. Customers shouldn't have to pay to use their own money.
    Ukie
    Carpetbaggers stuffing their poxkets boss tweed robber barons
  • Gone 2011/09/30 23:05:06
  • flrdsgns 2011/09/30 22:38:10
    No. Customers shouldn't have to pay to use their own money.
    flrdsgns
    The cards were introduced so it would give people access to their money and keep banking costs down.
  • Tea in the Harbor 2011/09/30 21:53:20
    No. Customers shouldn't have to pay to use their own money.
    Tea in the Harbor
    I don't do banks, but this fee would be enough to make me not do this bank even if I did.

    I use a credit union, which is locally owned, locally controlled, and had nothing to do with the people who intentionally destroyed the world economy for their own profit three years ago.
  • flrdsgns Tea in ... 2011/09/30 22:39:32
    flrdsgns
    so is it fdic insured? If so, then you are still relying on the government to guarantee your money for you
  • Tea in ... flrdsgns 2011/09/30 22:58:22
    Tea in the Harbor
    +1
    There's a similar program for credit unions, did I say anything about deposit insurance?

    No, I didn't, I said the snakes aren't getting me with this fee and mentioned how to avoid it if you don't want to be a cash cow for the criminal conspiracy who destroyed our economy.

    I think it's unpatriotic to consort with banks in light of what they have done to the country, I'd like to see everyone in the country empty their accounts tomorrow, especially from federal reserve banks. I have this rule, when someone screws me, they lose my business.
  • flrdsgns Tea in ... 2011/09/30 23:07:33
    flrdsgns
    +1
    Not a bad rule, I think you might have a good idea. What laws are in place to protect people from credit unions? How safe is your money in one? Sorry, I've always used banks, but like you, I don't trust them either any longer. Just not sure credit unions are the answer.
    Who controls them?
  • Tea in ... flrdsgns 2011/09/30 23:52:14
    Tea in the Harbor
    +1
    Here's a summary. http://en.wikipedia.org/wiki/...

    The credit unions themselves are overseen by a board of trustees who are also members. They usually do this on a volunteer basis in the ones I'm familiar with, but other states or organizations may differ.
  • flrdsgns Tea in ... 2011/10/01 00:17:05
    flrdsgns
    +1
    Thanks for the info, I'll take a look after work today!
  • justryi... Tea in ... 2011/10/01 01:10:54
    justryin2survive
    +1
    Not for profit. That says it right there.
  • Tea in ... justryi... 2011/10/01 03:06:42
    Tea in the Harbor
    The nerve huh? LOL!
  • justryi... Tea in ... 2011/10/01 01:12:32
    justryin2survive
    Let's see, they screwed themselves, asked the taxpayers to bail them out, sat on the money, and now turn around and say screw you.
  • Tea in ... justryi... 2011/10/01 03:10:30
    Tea in the Harbor
    To be fair, they screwed millions of other people too, and they didn't ask for the bailouts, they told the congress to fork it over in three days or the world as we know it would end.
  • ZippyTheWonderMonkey 2011/09/30 21:36:30 (edited)
    Yes. Banks need to find a way to pay their operating costs.
    ZippyTheWonderMonkey
    +1
    What did you expect when they passed Dodd-Frank? Banks and Businesses to to take the hit on their profits?



    you raise the operating costs and decrease profits through legislation, you get 1 of 3 possible results.



    1.) Fees are assessed/Prices of goods and services increased.

    2.) The company lays off/fires employees

    3.) A little of both to minimize the effects.
  • flrdsgns ZippyTh... 2011/09/30 22:40:33
    flrdsgns
    +1
    banks have been gouging for so long, time to put a stop to it. Same with insurance companies.
  • ZippyTh... flrdsgns 2011/10/01 11:33:18
    ZippyTheWonderMonkey
    There is an easy way to put a stop to it. Get government out of the way of businesses.
  • flrdsgns ZippyTh... 2011/10/01 12:53:30
    flrdsgns
    +1
    like when Bush let business do whatever they wanted? Yeah that worked out so well didn't it?
  • ZippyTh... flrdsgns 2011/10/01 17:36:30
    ZippyTheWonderMonkey
    Get off blaming bush already. Why don't you take a look into Dodd-Frank, Sarb-Ox, and the Fair Housing act and get back to me. K, pumpkin?
  • A Founding Father 2011/09/30 21:14:43
    No. Customers shouldn't have to pay to use their own money.
    A Founding Father
    "Well, you see", Ronald Reagan would commence, "you have chosen to live on their plantations when you accepted those debit cards, and you shouldn't now complain that they want to charge you to withdraw your own money". This thing called "Reaganomics" and "banking deregulation" is a tremendously successful plan that has moved approximately $3Trillion from the accounts of America's middle class citizens upward into the coffers and bonuses of the banks and corporations and their "management". If this is a surprise to any of you, you haven't been paying attention for the past three decades.

    Cut the dammed cards into two pieces and send them to the Customer Service address on the rear. Then, withdraw your money from their branches and deposit it with a local bank. Get a checkbook and a Visa card, pay the charges every month. Live like a sensible person once again.
  • flrdsgns A Found... 2011/09/30 22:41:45
    flrdsgns
    I agree, good idea. I hope people will take this advice
  • Stuart A Found... 2011/10/01 06:57:31
    Stuart
    Or maybe you could tell the truth that it was a Democrat Law that went into effect today that caused this. Talk to Dick Durbin and Barney Frank and Frank Dodd if you want to blame someone. It was Dick's little contribution that caused this.

    And, how can you blame Reagan for the economy when things went down hill starting with 2008's entrance of Pelosi and Reid and it picked up speed when Obama took office. In less than a year, He had doubled the previous debt level. It was Obama that has moved trillions from the pockets of the middle class into the pockets of his supporters. Ever hear of Solyndra and all the other people who gave Obama donations that got millions back?

    Plus, local banks are doing it too. The law doesn't just effect the big banks.
  • A Found... Stuart 2011/10/01 07:04:59
    A Founding Father
    You are so messed up as to not merit a reply. How old are you? Certainly not more than 12 or 14, or you would know how foolish your remarks are.
  • Tea in ... A Found... 2011/10/01 15:23:09
    Tea in the Harbor
    +1
    Local banks are good, but credit unions are overseen by a board of members and aren't part of the banking system that robbed us, so they don't have to replace revenue from illegal credit swaps in their business model. They also aren't connected to Wall Street. The cards are free, using them is free, and not using them is free.

    They can do this because they don't hand out multi-million dollar bonuses to everybody who doesn't do anything in the office. They aren't spending $34 billion this year rewarding people who have collapsed their industry by relying on the profits from ongoing criminal enterprises.

    What the big banks don't want us to know is that we really don't need them for anything. Every service the supply can be found elsewhere, the small banks you recommend, which I declined because I am unsure how connected they are structurally to the big ones, credit unions, and even Savings and loan "thrift" institutions, but they have some problems of their own so this route requires research into the particular institution you are considering. There are also the new online only banks, but they're pretty new and therefore hard to analyze.

    We have a wide choice of other places that are more than happy to hold onto our money, and there are also investment opportunities that don't...

    Local banks are good, but credit unions are overseen by a board of members and aren't part of the banking system that robbed us, so they don't have to replace revenue from illegal credit swaps in their business model. They also aren't connected to Wall Street. The cards are free, using them is free, and not using them is free.

    They can do this because they don't hand out multi-million dollar bonuses to everybody who doesn't do anything in the office. They aren't spending $34 billion this year rewarding people who have collapsed their industry by relying on the profits from ongoing criminal enterprises.

    What the big banks don't want us to know is that we really don't need them for anything. Every service the supply can be found elsewhere, the small banks you recommend, which I declined because I am unsure how connected they are structurally to the big ones, credit unions, and even Savings and loan "thrift" institutions, but they have some problems of their own so this route requires research into the particular institution you are considering. There are also the new online only banks, but they're pretty new and therefore hard to analyze.

    We have a wide choice of other places that are more than happy to hold onto our money, and there are also investment opportunities that don't put a penny into Wall Street's coffers. I'm not familiar enough with these to say a lot about them, but they do exist.

    If a significant number of us decided we wanted to, we could starve the big banks and Wall Street into submission in a matter of a few weeks, just like we could starve China into fair trade policies if we chose to by simply avoiding as many of their products as we can.
    (more)
  • Joe Shwingding BN-ZERO 2011/09/30 20:35:17
    No. Customers shouldn't have to pay to use their own money.
    Joe Shwingding BN-ZERO
    Actually ... GO right ahead BofA! Start charging more fees so depositors will create a bank run.

    In order to correct the mess the WS oligarchy has created and get back to free market capitalism WTP need to have failure. WS banks should have FAILED and needed to be sliced up. Top officials need to be tried for criminal activity instead of having taxpayers fund their bad gambling and year end bonuses. Thanks for destroying the productive middle class thieves.

    Yeah I said it!
  • jeane 2011/09/30 20:31:12
    No. Customers shouldn't have to pay to use their own money.
    jeane
    +1
    Our government is showing itself to be worthless letting banks bilk our citizens the way it does.
  • A Found... jeane 2011/09/30 22:49:11
    A Founding Father
    Destroy "Reaganomics" and the "conservative agenda" and all of this will disappear with them.
  • jeane A Found... 2011/09/30 22:56:08
    jeane
    Oh of course - we all know how wonderful the banks used to be!
  • A Found... jeane 2011/10/01 02:06:44
    A Founding Father
    Jean, banks used to be fiduciaries, a place where you could leave your money, know that it was safe, insured against every loss, and your local banker was the same guy that you met in church on Sunday or at the Masonic picnic, or school board meeting.
    When "Reaganomics" deregulated the banking system, the invitation was extended for hedge funds and Wall Street to buy up banks, all of them, the largest, the smallest, all that were for sale, and use them as their piggy banks, a source of money with which to invest in the "emerging economies". The fiduciary relationship was removed, and banks were allowed to be brokerage houses, selling worthless papers (derivatives, asset backed securities, etc.) to their customers, knowing these were worthless or could be come so by shifting the risks of the banks investments onto their customers. That, is a nutshell, is the foolish thing called "Reaganomics" and "deregulation".

    Stay away from any involvement with a large banking corporation. Go to our local bank, open a checking account without monthly charges, keep a $1,000 balance or so, they will give you a free safe deposit box, no service charges, buy checks from the Walmart website, and let most of your monthly charges fall to your Visa or Master Card, where you can earn either a 1% refund or some airline miles. Don't accept a Debit Card or any other offer from a large bank, don't use the ATM, just have a small checking account.
  • jeane A Found... 2011/10/01 02:13:40
    jeane
    I have no doubt that what you are saying is true - Thank you for informing me. I remember reading a lot about banks just before the depression - there seemed to have been a lot of problems even then. I have no doubt that it is worse now. I have five children and we kind of bank as a family. Later when we all get together maybe on a holiday I will bring up your suggestion and see what everyone wants to do. Thank you for your concern and I hope that others are listening.
  • Stuart jeane 2011/10/01 07:03:00
    Stuart
    +1
    I doubt what he is saying is true. This was caused by a "finance reform" law that the Democrats Dick Durbin, Barney Frank and Frank Dodd put into effect today.

    Banks were covering the cost of providing free debit cards by charging the businesses that accept them a few cents for every transaction. Now, that is not legal anymore so the banks are taking steps to cover the costs of providing the computers, servers, personnel, and other costs of providing "free" debit card usage.

    It never was free but until the Democrats took some money from their big business friends to stop the money from coming from them it was not necessary to charge the customers. They could do like one bank is doing though. They are closing 55 grocery store locations and laying off 500 people just to keep providing the "free" debit cards.
  • jeane Stuart 2011/10/01 14:47:17
    jeane
    I am not a banking expert but I know that we the people are being fleeced by them!
  • Rusty Shackleford 2011/09/30 20:21:23
    Yes. Banks need to find a way to pay their operating costs.
    Rusty Shackleford
    Government regulations have added to the bank's operating costs.

    If we start expecting businesses (and banks are businesses) to lose money, then we are dooming our entire economy to the fate currently being experienced in Europe.

    The fees that we will be paying are not the fault of the banks, they are the fault of oppressive government regulations.
  • jeane Rusty S... 2011/09/30 20:31:54
    jeane
    Customers should not have to pay to use their own money!
  • Rusty S... jeane 2011/09/30 20:33:17
    Rusty Shackleford
    You do not have a 'right' to use the bank's services for free.

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