Possible Limits on Debit Card Transactions

[sooner59]

This is a bunch of bull****. Banks could soon begin limiting transactions on debit cards to as low as $50. I wouldn't even be able to pay my damn bills off that. Try going to Wal-Mart and getting your card decline when there is plenty of money in your account because your bank won't give it you. If I have to start writing checks often again, I'm gonna be pizzed. :mad:

http://finance.yahoo.com/news/Debit-card-spending-limit-cnnm-3728211539.html?x=0&.v=4


Declined! Your debit card may soon be denied for purchases greater than $100 -- or even as little as $50.

JPMorgan Chase, one of the nation's largest banks, is considering capping debit card transactions at either $50 or $100, according to a source with knowledge of the proposal. And the cap would apply even if you run your debit card as credit.

Why? Because of a tricky thing called interchange fees.

Right now, every time you swipe your debit card your bank charges the retailer an average fee of 44 cents, which it shares with its partners. Those little fees, however, add up to about $16 billion per year, according to 2009 data from the Federal Reserve.

But as part of the Wall Street reform legislation that was passed last year, these fees are being slashed. The Fed is currently proposing rules that would go into effect in July and would cap interchange fees at 12 cents.

That's a big enough cut to cost Chase more than $1 billion a year. And Chase may not be alone. Other major issuers are also projecting huge losses from the interchange fee cap.

Joe Price, president of consumer banking for Bank of America, said in an e-mailed statement that the lower fee wouldn't fairly compensate the bank for the infrastructure and services it provides to retailers.

And consumers would end up feeling the pain when Bank of America is forced to recoup costs "by increasing the cost of their everyday debit card transactions, limiting their payment choices, and impacting industry innovation," according to the email.

Aside from mulling over a limit on transaction amounts, Chase is already testing $3 monthly fees on debit cards and $15 fees on checking accounts in certain states. Additionally, the bank announced in November that it has stopped issuing debit rewards cards.

A Chase spokesman declined comment on this story.

The revenue banks get from interchange fees helps to offset money lost from fraudulent transactions. So with the Fed's proposed cap in place, banks argue they won't have the money to protect themselves against fraud. And, of course, the bigger the purchase the bigger the risk, so banks are considering limiting consumers' ability to pay by debit card.

"If banks cannot recapture their fraud-prevention costs, it is likely that a lower percentage of transactions at the point of sale would be approved," Price said. "If the final rules that are issued in April look like the draft, there's no question that it will impact how we and other issuers price deposit and payment services and what features and benefits are included."

But a Bank of America spokesman declined to comment on whether the bank would cap debit card purchases at $50 or $100.

Representatives from Wells Fargo and HSBC declined to comment on their plans, while a spokeswoman from Citi said the bank isn't making any changes at this time.

If a cap like this does make its way into accounts across the board, consumers would be forced to write checks, withdraw cash from ATMs, or put their spending on credit cards.

"The whole model on the debit card side is in flux because of Dodd-Frank," said Brian Riley, senior research director at financial services consulting firm TowerGroup. "The unfortunate thing is that the people who will really get hurt on this are the people who need the most help."

Many consumers with bad credit aren't able to qualify for credit cards -- and when they do, it's often with hefty rates and fees. Additionally, ATMs typically only dole out a limited amount of money at a time and checking accounts are being loaded with fees.

At the same time, even the customers who do qualify for credit cards are being punished for having tarnished credit. Bank of America, for example, announced a $59 annual fee last month for its riskiest customers -- making up about 5% of consumer credit card accounts.

[StoopTroup]

I guess not all money is good money. I can go back to writing checks and keeping some money on me. Of course that isn't good news but to hell with them. I hope they go broke.

[Leroy Lizard]

Same old story: Feds come in and force banks to give consumers a better deal. Banks find another way to make money. Consumer loses in the end.

It will always be that way.

[Harry Beanbag]

Ah, the fruits of government "regulation". **** you Congress and Barack.

[btk108]

Leroy? is that you?

[OUthunder]

I'd probably save more money if they did put a limit on transactions.

[sooner59]

I'd probably save more money if they did put a limit on transactions.

In all seriousness, I would too. Psychologically, it doesn't hurt as much to swipe a card as it does to hand out cash. I just like to pay my bills and stuff online and stuff. Couldn't get much online, and some things aren't sold in stores. It wouldn't affect you much until that one day where it just ****s up your day.

[Leroy Lizard]

Leroy? is that you?

You misunderstand. My post was aimed at the ill-advised intentions of the Feds to do the popular thing and "hammer those banks." It never works, because the banks are not in the charity business.

The next time the Feds want to do us any favors, just tell them "Thanks, but you've done enough for us already."

[Curly Bill]

If it hits me, it's back to putting it on the credit card...which I pay off at the end of the month, cause that's how I roll.

I only use the debit card cause I have to use it 8 times per month to earn decent interest on my checking account.

[btk108]

You misunderstand. My post was aimed at the ill-advised intentions of the Feds to do the popular thing and "hammer those banks." It never works, because the banks are not in the charity business.

The next time the Feds want to do us any favors, just tell them "Thanks, but you've done enough for us already."

Exactly....I understood your stance...and I think most everyone here would agree with you...which is WAY out of your character. ;)

[Curly Bill]

Maybe we're rubbing off on Leroid? :D

[MamaMia]

I don't have a debit card. I never have had one. I'm no financial guru but why do people have debit cards instead of credit cards? :confused:

[Curly Bill]

I don't have a debit card. I never have had one. I'm no financial guru but why do people have debit cards instead of credit cards? :confused:

Debit card comes out of your checking/savings account, so there's no possible interest.

[MamaMia]

Debit card comes out of your checking/savings account, so there's no possible interest.

Oh. I suppose that would come in handy for people who think they may lose their cash. That might be good for traveling. I think my husband has one.

[sooner59]

I have a debit and a credit card. I only use my credit card when I have to. I normally use my debit for all purchases. My parents went through bankruptcy over the 30 credit cards they had. The interest built up so much they couldn't pay it and and their medical expenses. I don't want to put myself in that position. I pay off all debt as quickly as I can.....except for the student loans I am racking up. I will live like a college student my first several years after school so I can pay it off quickly.

[StoopTroup]

It would have been cool if the Bush administration had left Bankruptcy Laws alone too. Obama and Congress seemingly tried to keep the Card Comapnies from having it both ways and the Card Companies brainstormed and instead of figuring out how to survive on less like they wanted us to do....they found a loophole. Of course us having a loophole isn't good for America. We can't write off our mistakes/misfortunes but they can.

Seriously folks....the Government can do anything they want to those robber barons IMO. I could give two ****s about them. I relish the idea of just writing a check and keeping some money in an account.

They started all this with teaser rates and offering you to use their money for free and of course...people spent money they couldn't afford to pay back. Throwing folks into indentured servitude I'm sure seemed fine to them....but when the markets all started to fail.....the banks they represent went crying for a bailout based on if you don't....we are all screwed.

Now they have folks hooked on debit cards and they are crying foul. I'm betting there are plenty of other folks who would be estatic to get 12 cents on every transaction throughout the US. Just not them. They've been used to getting billions and they haven't realized that it's just not there anymore.


Wahhhhhhhhhhh!!!!!

[Curly Bill]

I used to use the credit card and paid it off at the end of the month, but started using the debit card as part of the checking/savings account I had where I had to use the debit at least 8 times a month to earn interest. Now, it's about all I use.

[SanJoaquinSooner]

You misunderstand. My post was aimed at the ill-advised intentions of the Feds to do the popular thing and "hammer those banks." It never works, because the banks are not in the charity business.

The next time the Feds want to do us any favors, just tell them "Thanks, but you've done enough for us already."

Why Leroy, don't blame the Feds, it's the banks that make decisions to limit transaction sizes.... yuk ,yuk yuk. sarcasm.

[Leroy Lizard]

Seriously folks....the Government can do anything they want to those robber barons IMO.

Throw them in the briar patch?

[yermom]

Debit card comes out of your checking/savings account, so there's no possible interest.

they get you on the overdraft fees that they get creative on the timing with

it's way better to use a credit card for things that are deposit related, like hotels and rental cars

i like credit cards because if there is a fraud issue you aren't immediately out of your real funds

i basically never use a debit card. i mostly spend cash.

[Curly Bill]

Cash? What's that? I'm to the point where I can get $200 cash, and I won't need anymore for another two months.

I never thought I'd be that guy either.

[Turd_Ferguson]

Cash? What's that? I'm to the point where I can get $200 cash, and I won't need anymore for another two months.

I never thought I'd be that guy either.Bruce?

[texaspokieokie]

they get you on the overdraft fees that they get creative on the timing with

it's way better to use a credit card for things that are deposit related, like hotels and rental cars

i like credit cards because if there is a fraud issue you aren't immediately out of your real funds

i basically never use a debit card. i mostly spend cash.

I've never had a debit card.
i only use credit cards for gasoline & motels.
@ Christmas, i use cards for larger purchases. that's about it.
i prefer cash, like for restaurants & stuff.

interest on bank accounts is next to nothing.

[C&CDean]

Well it's good to see there's still a couple of folks who use cash for their $1.79 Big Gulp. You ****ers who use a debit card for that kind of **** chap me. We have people in the lunch line here at work who use a card for a $2.89 salad. They hold up the whole damned line digging out their wallet, swiping the card, waiting for approval, signing the deal, putting their card away...

I have a debit card, but rarely use it. If I do, it'll be at a gas station pay at the pump or something like that. I have several credit cards, but only use two of them and pay them off every month. One is for American Airlines miles, and the other is for Marriott points. Those of you who use debit cards all the time need to start using your credit card for multiple reasons/benefits. Just be disciplined enough to be able to pay it off every month.

[HBick]

Debit card comes out of your checking/savings account, so there's no possible interest.

I have two checking accounts, one with Chase linked to my credit card, another with Bank of Oklahoma because that's where my mortgage is at. I get a free safety deposit box with BOK as well.

Oh and both earn interest

[Mjcpr]

I'm pretty sure you will still be able to use your "debit" card but would not be able to choose a debit transaction, you'd have to use the credit option.....it really doesn't matter to the consumer.

[My Opinion Matters]

Well it's good to see there's still a couple of folks who use cash for their $1.79 Big Gulp. You ****ers who use a debit card for that kind of **** chap me. We have people in the lunch line here at work who use a card for a $2.89 salad. They hold up the whole damned line digging out their wallet, swiping the card, waiting for approval, signing the deal, putting their card away...

I have a debit card, but rarely use it. If I do, it'll be at a gas station pay at the pump or something like that. I have several credit cards, but only use two of them and pay them off every month. One is for American Airlines miles, and the other is for Marriott points. Those of you who use debit cards all the time need to start using your credit card for multiple reasons/benefits. Just be disciplined enough to be able to pay it off every month.

I use a debit card almost constantly. I'm equally annoyed by people who dig out a wad of coins from their pocket, dump it on the counter, count out the amount, then gather the rest of it back up and cram it back back in the front pocket of their Wranglers every time they want some Ding Dongs and lottery tickets from QT. So suck it.

[HBick]

I don't have a debit card. I never have had one. I'm no financial guru but why do people have debit cards instead of credit cards? :confused:

I have a chase debit card because I use auto bill payment for utilities, Cox, and AT&T, and I have it set up to pay 4 days before the due date on the bill which is helpful, and also it won't pay if there aren't sufficient funds in the account, so it alerts me the 4th day before the bill is due and I can transfer money in.

The only reason I even do auto bill payment is because I had an uncle pass away unexpectedly in Feb 2009, he was single, and when my family had to get all of his affairs in order, it helped tremendously that his bills were on auto payment because he had some financial stuff we didn't even know about and might not have if not for the auto payments

[HBick]

Well it's good to see there's still a couple of folks who use cash for their $1.79 Big Gulp. You ****ers who use a debit card for that kind of **** chap me. We have people in the lunch line here at work who use a card for a $2.89 salad. They hold up the whole damned line digging out their wallet, swiping the card, waiting for approval, signing the deal, putting their card away...


I work at a liquor store, and believe me, I wish everyone paid with a debit card, I don't like even touching the type of trash that frequents my place of work. The worst are the people who are a quarter short and have to go out to their car and hold up everything to count out $.25

Also, most places that aren't huge chains have a minimum charge of $3.00, and Dean, they hold up the entire damned line digging out their wallet, swiping their card, and the rest of what you detailed? You ever been behind someone who has to count out $2.89 in pennys? Then the person working has to double check it?

Maybe I'm to far on the other side of it here, but I'm all for plastic

[DIB]

I love the mentality of our government. A few large banks **** over the country. Government gets scared and bails them out, instead of letting them fail and letting the well run banks snap them up. Government changes bank laws to limit how much all banks can charge in fees, in effect punishing all banks for the actions of a few. Banks try to find other ways to stay profitable. All banks are obviously evil.

People act like these changes will only affect the Chase and BofAs of the world. Trust me, they can sustain these changes a lot easier than smaller local banks. But who cares, right? It's their fault for being in the same industry as crooks.

[C&CDean]

I use a debit card almost constantly. I'm equally annoyed by people who dig out a wad of coins from their pocket, dump it on the counter, count out the amount, then gather the rest of it back up and cram it back back in the front pocket of their Wranglers every time they want some Ding Dongs and lottery tickets from QT. So suck it.

You and Hbick point out the extreme situations with cashish users. And it's bull****. You might wait at some POS convenience store for some tweaker who stole his kids' pennies from his piggy back once a year. I have to stand behind POS card users every damn day, and every so often (much more often than the situation you guys describe) their card doesn't work/is overdrawn/etc. Cash is never "overdrawn."

In my hay business I have a sign that says "CUF." That stands for Cash Up Front. I believe in cash, so go suck yourself.

[HBick]

You and Hbick point out the extreme situations with cashish users. And it's bull****. You might wait at some POS convenience store for some tweaker who stole his kids' pennies from his piggy back once a year. I have to stand behind POS card users every damn day, and every so often (much more often than the situation you guys describe) their card doesn't work/is overdrawn/etc. Cash is never "overdrawn."

In my hay business I have a sign that says "CUF." That stands for Cash Up Front. I believe in cash, so go suck yourself.

Well looks like you really hate people who use cards. Majority of places, if the purchase is under $25 you don't even have to sign, how awesome is that.

And while at my place of employment we have tweakers, poor people, homeless who all pay in nickles and dimes because they don't have cash. Besides, you paying with cash is different, I take it you shower daily (I hope). Cash and change are probably two of the most disgusting things in America. I'd rather clean up dog **** all day than have to take money from some of the people who come in the place where I work. Unfortunately, they don't pay you for that

[My Opinion Matters]

You and Hbick point out the extreme situations with cashish users. And it's bull****. You might wait at some POS convenience store for some tweaker who stole his kids' pennies from his piggy back once a year. I have to stand behind POS card users every damn day, and every so often (much more often than the situation you guys describe) their card doesn't work/is overdrawn/etc. Cash is never "overdrawn."

In my hay business I have a sign that says "CUF." That stands for Cash Up Front. I believe in cash, so go suck yourself.

Well, trying to buy hay with a credit card would just be silly.

[C&CDean]

Well, trying to buy hay with a credit card would just be silly.

Almost as silly as buying a $1.49 soda with a card. Almost.

[C&CDean]

Well looks like you really hate people who use cards. Majority of places, if the purchase is under $25 you don't even have to sign, how awesome is that.

And while at my place of employment we have tweakers, poor people, homeless who all pay in nickles and dimes because they don't have cash. Besides, you paying with cash is different, I take it you shower daily (I hope). Cash and change are probably two of the most disgusting things in America. I'd rather clean up dog **** all day than have to take money from some of the people who come in the place where I work. Unfortunately, they don't pay you for that

At the liquor store I usually use a credit card. A couple bottles of good booze, and the bill is usually ~$75 or so. I like to get my miles or points. If I came in to buy a couple pocketshots or a half-pint (I don't do either BTW) I'd pay with cash.

[HBick]

At the liquor store I usually use a credit card. A couple bottles of good booze, and the bill is usually ~$75 or so. I like to get my miles or points. If I came in to buy a couple pocketshots or a half-pint (I don't do either BTW) I'd pay with cash.

The main reason I keep a card on me at all times is because I spend cash to fast, and of course you can say, you should learn to limit your spending. I do, it's a lot easier with a card

[My Opinion Matters]

Almost as silly as buying a $1.49 soda with a card. Almost.

I carry around a small amout of cash for things like that. For me, it's just a matter of convenienice. It's just easier using a debit card and managing my checking account electronically than carrying around a wad of cash, keeping track of it, and figuring out what the hell to do with all those unwanted pennies and nickels.

[NormanPride]

I think you're in the minority here, Dean. Most people that use cash take either just as long as people that use cards, or more. Maybe in the past when cashiers could count change and stuff without burning out a circuit you'd be right, but nowadays most places are built to handle most of their transactions with cards.

[C&CDean]

I carry around a small amout of cash for things like that. For me, it's just a matter of convenienice. It's just easier using a debit card and managing my checking account electronically than carrying around a wad of cash, keeping track of it, and figuring out what the hell to do with all those unwanted pennies and nickels.

Dude, keeping track of cash is WAY easier than keeping track of a debit card. Nobody, and I mean NOBODY has a perfectly balanced checking account. If I've got $200 in my pocket, and I spend $3.50 it's really easy to see what I've got left. DOH.

Also, I love those pennies/nickels/dimes/quarters. I pay for things with bills (even if I have the correct change in my pocket) just so that I can get some more jingle-jangle. I throw all my change in a jar, and I use that money every year to pay for my elk hunting trips to Colorado. In a year I can usually save about $600 worth of change.

[HBick]

The best thing about using chase for me, is that i can monitor transactions instantly. Obviously anyone who pays a credit card through Chase knows about that bullsh*t and hassle and that's a different story.

all i have to do is keep a receipt, no more balancing checkbooks for me. i love 2011 even if the world is going to hell in a hand basket!

[OULenexaman]

Cards for me.....I likes them points.....even them soda points add up. Last time I was in a 7-11 and bought a soda it took longer to make the change for a 20 then it did to swipe and go. Hey.....new idea for a all cashless **** and get....Swipe-n-Go.

[HBick]

Dude, keeping track of cash is WAY easier than keeping track of a debit card.

http://www.forumspile.com/Misc-Im_using_the_internet.jpg

[My Opinion Matters]

Another thing is most employers require you to enroll in direct deposit nowadays. The days of cashing checks are pretty much over. There's no incentive for me to carry lots of cash. I mean, really, why the hell would I? I haven't stepped foot inside of a bank in years.

[HBick]

Dude, keeping track of cash is WAY easier than keeping track of a debit card. Nobody, and I mean NOBODY has a perfectly balanced checking account. If I've got $200 in my pocket, and I spend $3.50 it's really easy to see what I've got left. DOH.

Also, I love those pennies/nickels/dimes/quarters. I pay for things with bills (even if I have the correct change in my pocket) just so that I can get some more jingle-jangle. I throw all my change in a jar, and I use that money every year to pay for my elk hunting trips to Colorado. In a year I can usually save about $600 worth of change.

Sorry I really wanted to post that picture because I like pirates and the mr. monopoly eye piece.

But I do see what your saying, it does take time for transactions on a debit card to come through, especially with tips.

I normally keep $35 in cash on me, two $10's, two $5's, and five $1's. But I have to keep it in an envelope in my car, otherwise I spend it things like gum, tobacco, damn strawberry limeades at sonic

[HBick]

Another thing is most employers require you to enroll in direct deposit nowadays. The days of cashing checks are pretty much over. There's no incentive for me to carry lots of cash. I mean, really, why the hell would I? I haven't stepped foot inside of a bank in years.

Why would you want to? They keep getting robbed. Plus the Chase app on my phone lets me deposit checks

[Leroy Lizard]

Cards for me.....I likes them points.....even them soda points add up.

Sic'em would be a land baron if that were true.

[HBick]

Sic'em would be a land baron if that were true.

Debit card reward programs have been axed for new customers. Phasing out for old members

[Curly Bill]

Well it's good to see there's still a couple of folks who use cash for their $1.79 Big Gulp. You ****ers who use a debit card for that kind of **** chap me. We have people in the lunch line here at work who use a card for a $2.89 salad. They hold up the whole damned line digging out their wallet, swiping the card, waiting for approval, signing the deal, putting their card away...

I have a debit card, but rarely use it. If I do, it'll be at a gas station pay at the pump or something like that. I have several credit cards, but only use two of them and pay them off every month. One is for American Airlines miles, and the other is for Marriott points. Those of you who use debit cards all the time need to start using your credit card for multiple reasons/benefits. Just be disciplined enough to be able to pay it off every month.

I'm with ya on this. I use my debit card a lot, but if I spend just a few bucks, like on that 1.79 Big Gulp, I'm payin cash so I can get outta the way.

[OUthunder]

In all seriousness, I would too. Psychologically, it doesn't hurt as much to swipe a card as it does to hand out cash. I just like to pay my bills and stuff online and stuff. Couldn't get much online, and some things aren't sold in stores. It wouldn't affect you much until that one day where it just ****s up your day.

I've really gotten away from using the debit card. It doesn't exactly get us in trouble per say, but I'm old fashioned and I like to keep a register on all purchases. Then, you have a receipt of two that gets lost and I end up getting stressed because I'm anal that way.

Now, the wife and I use my major CC for damned near everything. I always pay it off, unless I have an expenditure during the month that is overwhelming to the monthly budget. Then, I still pay half of it off and do the rest the next month. The points we have earned just from this year is amazing!

When I looked at our last CC statement, I was shocked at how much $30 and $40 stuff that we put on that sucker. However, I'd rather do that, then have to watch every transaction, every month, like I would with my debit card. Especially, the gas and grocery receipts. However, I try to make myself put household expenses on our debit card or write a check, which has become a pain in the arse.

I'm still looking for the perfect way to use both in balance, but I'm still in test mode, lol.

[Sooner5030]

[did not read every post on this thread]

For the last 2 months I've been taking out about $100 a week and putting it in the safe next to my silver and gold.

Just in case and a nice way to keep the $ outta sight & outta mind.

[HBick]

[did not read every post on this thread]

For the last 2 months I've been taking out about $100 a week and putting it in the safe next to my silver and gold.

Just in case and a nice way to keep the $ outta sight & outta mind.

You should invest in firearms, you know, be a real American.

[OUthunder]

You should invest in firearms, you know, be a real American.

Don't forget your bible.

[HBick]

Don't forget your bible.

dang it! i knew i forgot something

[Sooner_Bob]

I'm usually presented with the option run my debit card as a credit card if I want to . . . don't the rest of you hillbillies?

[Sooner_Bob]

Well it's good to see there's still a couple of folks who use cash for their $1.79 Big Gulp. You ****ers who use a debit card for that kind of **** chap me. We have people in the lunch line here at work who use a card for a $2.89 salad. They hold up the whole damned line digging out their wallet, swiping the card, waiting for approval, signing the deal, putting their card away...


True. I hate people who use checks at the store and don't have anything ready when their stuff is getting rung up.

I think I've only had to actually sign a debit card receipt for a purchase under $25 a dozen times in the last 15 years.

7-11 never makes me sign anything when I buy my snacks . . .

[Leroy Lizard]

[did not read every post on this thread]

For the last 2 months I've been taking out about $100 a week and putting it in the safe next to my silver and gold.

Just in case and a nice way to keep the $ outta sight & outta mind.

What about all that massive interest you would earn on that money?

[Leroy Lizard]

True. I hate people who use checks at the store and don't have anything ready when their stuff is getting rung up.

I think I've only had to actually sign a debit card receipt for a purchase under $25 a dozen times in the last 15 years.

7-11 never makes me sign anything when I buy my snacks . . .

Snacks? Or is it something else?

[GKeeper316]

Ah, the fruits of government "regulation". **** you Congress and Barack.

moron... once again i need to point out the FACT that it was massive DEregulation that caused the finacial crisis in the first place.

[Sooner_Bob]

Snacks? Or is it something else?

meth, crack . . . I call 'em snacks.:D

[pphilfran]

moron... once again i need to point out the FACT that it was massive DEregulation that caused the finacial crisis in the first place.

I lean toward poor auditing of regulation....

[MR2-Sooner86]

I use my debit card to get cash out of the ATM for small purchases. My credit card is pretty much for filling up my car and when I go out on the weekends and such to restaurants/bars/movies/mall/etc.

I don't use my debit unless I have to and always keep cash on me. As for the credit card I've had chances to up it but I'm keeping it at a $500 limit.

People who use their debit card for small purchases are pretty damn stupid (speaking from experience). That's what a credit card is for.

I mean how do you get into trouble? Do you make a big purchase or do you make so many small purchases you're in trouble before you know it? It's the second for 99.9% of people with me being included.

I used my debit card everywhere because I treated it like a credit card and found myself in a hole one month. After digging myself out I learned it's no fun and not to do that again. As stated above, I use cash and keep track of what I'm spending and I pay off my credit card every month. I haven't gotten into trouble like I had in the past.

[2121Sooner]

I do this really weird thing where I actually know how much money I have and then spend accordingly.

I know that is a weird concept but it works for me

[SoCaliSooner]

Why would you want to? They keep getting robbed. Plus the Chase app on my phone lets me deposit checks
We have a couple of Chase accounts we are getting ready to close. In the last 3 years they have started charging all kinds of small fees, regardless of balance and pay almost nothing for interest on any accounts.
My work credit union is catching up with technology and starting to incorporate many of the things big banks offer without the fees and pay interest on our checking account.

The also think that within a year, they too will be able to offer photo deposits. Right now they offer online deposits where you put ion the check amount and routing info and they credit your account and you have 7 days to either deposit the check into an account or walk it into the credit union...

[2121Sooner]

7-11 has a credit union?

Who knew......

[SoCaliSooner]

7-11 has a credit union?

Who knew......


[martin pang] I approve of this post [martin pang]

[2121Sooner]

You are on fire

[OUthunder]

We have a couple of Chase accounts we are getting ready to close. In the last 3 years they have started charging all kinds of small fees, regardless of balance and pay almost nothing for interest on any accounts.
My work credit union is catching up with technology and starting to incorporate many of the things big banks offer without the fees and pay interest on our checking account.

The also think that within a year, they too will be able to offer photo deposits. Right now they offer online deposits where you put ion the check amount and routing info and they credit your account and you have 7 days to either deposit the check into an account or walk it into the credit union...

I just closed to Chase cards myself. Never been late, pay the balance off 80% of the time. Raised APR, never increased credit limits, and like to charge fees out the ***. Some of em were unrealistic.

With with our credit union instead, plus I can make the payment in person.

[Scott D]

eh, **** Chase and **** BoA...

I'll stick with my credit union.

[Boarder]

Target recently started this RedCard thing. You get a card and it is tied to your debit card. Basically, you use the RedCard and like two days later it takes it out of your checking, exactly like a debit card. Except, you save 5% on your purchases. No fee or anything like that. If you shop at Target for your groceries, it is great. I see many places doing that kind of thing in the future.

[AggieTool]

Funny how many folks don't realize a bank is just a business like any other.

Except it's one of the lowest profit margin businesses there is, and one of the highest risk to profit ratio businesses to be in.

Then throw in the government trying to protect people from themselves by limiting fees etc, and now the banks have to find other ways to profit and/or reduce costs.

[StoopTroup]

eh, **** Chase and **** BoA...

I'll stick with my credit union.

I love my bank?

[Leroy Lizard]

Funny how many folks don't realize a bank is just a business like any other.

Except it's one of the lowest profit margin businesses there is, and one of the highest risk to profit ratio businesses to be in.

Then throw in the government trying to protect people from themselves by limiting fees etc, and now the banks have to find other ways to profit and/or reduce costs.

Well, we certainly know AggieTool's occupation. :D

[My Opinion Matters]

Yeah, AggieTool is full of ****.

[SoCaliSooner]

Funny how many folks don't realize a bank is just a business like any other.

Except it's one of the lowest profit margin businesses there is, and one of the highest risk to profit ratio businesses to be in.

Then throw in the government trying to protect people from themselves by limiting fees etc, and now the banks have to find other ways to profit and/or reduce costs.

I have no problem with them trying to make money in any way they see fit. I also have a choice to take my business elsewhere where fees are less or nonexistent.

[GrapevineSooner]

If I go to QT, I pay with my debit card.

Drink is one hand and card is in the other hand, I tell the cashier, "Debit, no cash back, and I don't need a receipt."

Swipe card, enter PIN, and I'm done.

Takes less time than if I were to hand a couple of bills to the cashier and wait for him to count out the change, thus, holding up the line.

[GrapevineSooner]

[did not read every post on this thread]

For the last 2 months I've been taking out about $100 a week and putting it in the safe next to my silver and gold.

Just in case and a nice way to keep the $ outta sight & outta mind.

I keep mine in a safe by my mini-giraffe.

[AggieTool]

I have no problem with them trying to make money in any way they see fit. I also have a choice to take my business elsewhere where fees are less or nonexistent.

That's true, but good luck.

The saying "you get what you pay for" applies to banks too.

A bank that gives away the farm is prolly the most likely to go under when things get tough. We've seen this already. :)

This is what happens when people take can't manage their own finances. The gov steps in and now you're gonna pay:)

[AggieTool]

Yeah, AggieTool is full of ****.

Prove it weenie-boy. :D

[yermom]

when you have to bitch about being limited to a $500k salary in a business, i'm not going to believe that they operate on the slimmest of margins ;)

[OULenexaman]

I'm usually presented with the option run my debit card as a credit card if I want to . . . don't the rest of you hillbillies? yes....but not a hillbilly.:D

[GKeeper316]

Funny how many folks don't realize a bank is just a business like any other.

Except it's one of the lowest profit margin businesses there is, and one of the highest risk to profit ratio businesses to be in.

Then throw in the government trying to protect people from themselves by limiting fees etc, and now the banks have to find other ways to profit and/or reduce costs.

it would be a business if they actually bought a product from a manufacturer or wholesaler... but they dont. all they do is loan out money given to them by the federal reserve and charge people interest on it.

banks have a pretty decent profit margin. they could afford to pay their tellers 3 times what they are paid now, and still turn a very hefty profit.

banks are a giant scam.

[AggieTool]

it would be a business if they actually bought a product from a manufacturer or wholesaler... but they dont. all they do is loan out money given to them by the federal reserve and charge people interest on it.

banks have a pretty decent profit margin. they could afford to pay their tellers 3 times what they are paid now, and still turn a very hefty profit.

banks are a giant scam.

Thanks for demonstrating you have no friggin clue what you're talking about.:)

[AggieTool]

when you have to bitch about being limited to a $500k salary in a business, i'm not going to believe that they operate on the slimmest of margins ;)

I'm talking about most banks, which happen to be community banks.

Avg profit margin is about 1-1.5%