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 ...
Never too late to vote with your wallet!
Make the practice fail and it will stop!
Voting Dems out of office will also help.
PNC charges you to look up your balance at a non-PNC ATM.
I have. They were a step above WF, and awful anyway, which is why I don’t have patronize them anymore either. (Did for over 10 years).
The per-swipe charge, collected by retailers for banks that provided the servicing, was cut from an average of around 85 cents per swipe, to 12 cents per swipe.
The culprits here were the National Retailer's associations, who lobbied the Democrats to reduce what they claimed was their second largest expense, an expense that was passed on to consumers in the price of goods sold. Theoretically, prices would go down, and they probably will somewhat as retailing is still very competitive. The largest money contributor to the effort to buy favor from Congress was Dayton-Hudson's Target division. Most all large retail chains contributed. The retailers simply provided more bribe money than the banks did, in my opinion.
I have difficulty blaming banks for what is happening, I blame politicians whose services are obviously for sale. I wouldn't be for curbing lobbying, if we had a responsible media then this episode would be reported for what it is-an egregious violation of the public trust and, what should be an unconstitutional over-reach on the part of the Obama administration and Democrats in Congress.
As a business owner, who depends on credit to keep the doors open, I'm not happy with anything that pinches banks, and thus affects lending adversely. This bill, if not rescinded, could be just as damaging to the economy as Obamacare, if not more. More shoes will drop soon, as the committee decides how much to regulate over-draft fees, and as other bank regulations in the bill are rolled out.
We have a WF debit card in Nevada. Once that $3 “fee” goes into effect, we’ll just stop off and withdraw the cash.
Maybe there’s enough of the younger ones who will put up with this crap to compensate - it’s just that we won’t be a part of it.
i think this is great news. screw the banks and their cards. A cash society is much more privacy friendly
I ALWAYS use my card. It's fast. People who use cash, fumble through their wallet for the right denomination or a penny so they don't have to get four pennies back, wait for the cashier to carefully count back their change, etc....and hold up the line at the grocery stores or any market line piss me off.
Don't even get me started on people who are still writing out checks in 2011.
Credit Union
'nuff said.
I currently have WF.
If they do this, I will be in a credit union the next day. Only stay with them now because they hold my mortage.
Cash attracts a lot of attention also.
Try making a large purchase with it.
Ping
They should call this the Dick Dubin Fee!
They should call this the Dick Durbin Fee!
>I ALWAYS use my card. It’s fast. People who use cash, fumble through their wallet for the right denomination or a penny so they don’t have to get four pennies back, wait for the cashier to carefully count back their change, etc....and hold up the line at the grocery stores or any market line piss me off.
Don’t even get me started on people who are still writing out checks in 2011. <
Unlike most people with cash, I already have my cash ready. Never had a wallet since I was in high school. (My parents are both CPA’s and CGA’s in US and Canada so I already calculate it in my head alone).
I’m sorry but how can it be fast when:
1) enter PIN
2) “is the amount XXXX OK?
3) “YES”
4) “do you want a cash back?”
5) (decide for another 10 seconds)
6) NO
CASH:
1) amount
2) give amount to cashier
3) cashier gives change
But I agree with you 100% on the check thingy. Some people other than Obama and liberals, I just want to strangle...
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