Posted on 08/19/2011 10:33:05 AM PDT by throwback
Edited on 08/19/2011 11:57:37 AM PDT by Sidebar Moderator. [history]
NEW YORK -(Dow Jones)- Wells Fargo & Co. (WFC) is joining a growing number of banks that are introducing or testing a monthly fee for debit cards, casting around for revenue lost to debit-card regulatory restrictions.
Wells Fargo, the nation's second-largest bank by deposits, will charge a $3 fee for debit and automated-teller-machine cards as of Oct. 14 in several states if such cards are used for purchases (but not for ATM usage). The bank said it is a pilot program, and it will monitor how people respond.
(Excerpt) Read more at foxbusiness.com ...
A third-party candidate running on a platform of “Elect me and I will regulate bank fees, cap credit card interest, and make sure some of the worst big bank offenders go to jail” will get a whole lot of votes next year.
I’m not saying that’s right, only that’s how I think it will be.
I never had a debit card because it didn’t require ID.
I know plenty of people who are addicted to them. I will carry cash, thanks.
Haha, use of more than one word is allowed! Just kidding. Maybe you’ve just had a lucky experience, or maybe you have a good branch. I don’t know. What I do know is that after years of seeing FReepers say to move to a Credit union (I lurked a long time before joining 3 years ago), I decided to give it a try. It’s so far above and beyond, that’s it’s crazy.
Another Wells Fargo experience. I was paid a settlement years ago (when I banked with Wells Fargo), that my attorney dispersed to me. Because the law office used Wells Fargo, I took the bank to them to have it cashed, because it was drafted on their own checks. They wanted me to wait for a 10 business day (14 day) waiting period in order to have the check cashed, even though it was a computer printed check from a business on their own checks! I walked accross the street (literally), to Bank of America (where I also had an account), and they cashed my check on the spot. I will never, ever have a good thing to say about Wells Fargo, or their banks that look like prisons. Good riddance!
(But, YMMV and if you’re happy stick with what keeps you that way).
Then they tried to get me to make another payment on the paid-off loan. Glad I knew where the paperwork was filed. When I showed them the document that said "Paid in full" they didn't even apologize.
How to guarantee I stay a non-customer.
That's a game they play. I was the new adult leader of a youth group and we'd had our money at a Well Fargo for years. I went in to get the signature cards changed over to reflect the new officers and such only to be told they never look at signatures so not to bother. What?!? I insisted because they hadn't updated our account since the day it was first opened and that had been many sets of officers ago. They put me through the wringer wanting to know about my credit and my house and my husband's info etc. -- I don't think so. They refused to put me on the account and insisted the previous leader come in and speak to them. Uh, excuse me, but about three of them attended the previous leader's funeral! What, was I supposed to dig her up and wheel her in there? Idiots. I finally got ticked off enough and demanded they close the account, which they refused to do, so I promptly wrote out a check for the full balance and dared them to check the signature card. I never set foot in there again and took the money to the next bank down the street.
Agreed, on all points. I had many similar experiences, good riddance!
Pigs. They take tax bailout money , raise credit card rates, stop loaning money and refuse to trim their bloated overhead . There is never enough for these swine.
My little bank knows me by name and always asks about the kids by name. They’re always willing to go the extra step and fix things that may not be their fault or let customers’ stupid mistakes slide. It works both ways - I saved one teller’s hide for a huge mistake she’d made. If you treat people right, they’ll do right by you.
“...little bank”
Yes, that is the key, and there are lots of them; friend’s referrals are probably best.
I just happen to search and found a relatively small CU, so I went for it and never looked back.
Wow, that’s a disheartening story. I think this debit fee will bite them in the behind. Allegedly the purpose of the debit card fee is to make up lost transaction fees, which are allegedly to help out if someone get fraudulent activity on their card. Maybe, but surely there are ways to make purchases more secure, and to require people be accountable for their own cards. If it’s simply an insurance program (in one form or another), they could always have people pay for it themselves who choose to have it, like the identity theft insurances that exsist, and do away with transaction fees altogether. There’s more than one way to make money without producing anything (exactly what banks do), and banks are sure to come up with a new one. And if they don’t end up making money through the facilitation of economy, they’ll be bailed out anyway, so it probably doesn’t matter what they do.
I got fed up with banks after they borrowed TARP funds they didn’t need to buy bonds with the taxpayer’s dollar, to gain interest on money that wasn’t theirs, paid for again by the taxpayer, to give themselves bonuses. It’s well documented, and the rape of the American People. But that’s another story.
If you don’t like it, change banks. Let the sheeple pay the fees.
In other words “Hope” and “Change?”
Write, phone, complain!
Too late. The time to do that was last month when the Federal Government authorized this. It was reported, but very quietly, so our representatives would not be bothered by the people writing, phoning, and complaining. Until now, when it is implemented, then the banks have to take the heat. Brilliant.
I don't think it's a regulatory thing up there, though . . . I think it's just a consequence of having so little competition. There are only about 5-6 different bank companies in the entire country, and I can see the U.S. getting to that point not too far in the future.
I ALWAYS use cash. People who use their debit cards, type in their pins, think if they want cash back etc....and hold up the line at the grocery stores or any market line piss me off.
You must not have used Bank of America much because that is the worst bank ever. They kept screwing up on my mortgage payment that I was happy when it was paid off.
I will avoid them like the palgue.
I do think the branch makes the difference. Any check I deposit is immediately available to me.
Y’know, I seem to remember reading about a Depression in the 1800’s (caused by overreaching bankers) where the citizenry took to hanging bankers from gas lightpoles outside their banks. Oddly enough, the remaining bankers were motivated to clean up their acts at least for a little while.
This is one of many reasons I have belonged to Credit Unions over the past 30 years. The banks can all eat crap and die for all I care.
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