Punishing Banks For Debit Card Fees
Years ago, the banks have with the ideas of debit cards, advertised and marketed them to death, and finally got us all using them. I was perfectly fine writing a check. Now, so few people write checks, most places won't take them. And if we use credit cards, instead of debit cards, we run the risk of buying more than we can afford and getting into debit.
So along comes the big banks with more than $10 million in assets, and since they are being told they can't charge retailers more for the new debit card fees they provide customers, the banks have decided to stick their own customers with the $5.00 fee.
Fortunatley, leaving a bank, even one you've been at 30 years, is easier than leaving a lot of other companies-- like your favorite grocery store, dry cleaner, health club, etc.
So what happens to these banks when new banks pop up who aren't subject to the big boy fees, and start offering us what our banks gave us to get our initial business (perks now long gone for many of us except those with significant amounts of cash to lay dormant in their accounts) -- like free checking accounts, no fees for the bill-pay, no checking fees or fees for electronic banking and free checks with images, etc.?
We'll leave the Big Boys in droves. I sure hope they thought it through and crunched the numbers on how many of us they can afford to lose< [More....]/p>
Next time you are standing in line behind someone writing a paper check, be patient. This could be you next month. I'm never happy about change in my personal life, and much less so about change for the worse. I'll be reading those mail offers much more closely now.
On a related note, what good is 4% interest rates when the tanking economy has driven peopl's credit scored downward over the past two years? Who beside the rich will even qualify for a loan?
Our health insurance premiums are going up again, as everyone said they would after passage of Obma's health care Act. My line in the sand is still Medicare. Now that I'm close, if the politicians mess with raising the age to 67, I'm getting a whole new plan. So I need some help here, what's a goo way to get back at the Big Boy banks, depriving then of my accounts but having the alternative be convenient and cheaper?
Let's have a contest. Put your ideas in comments and I'll award the top two winners a brand new hardcover non-fiction book on politics, terrorism [More...]
Use the rating system for those you like the best (and least if you want, just no "1"s, (1' are reserved for troll commenter,
not a commenter with a bad idea.
The question is: If your bank is going to go the $5 a month charge on top of your other charges, which banks do we move to and what are our demands? If you talk to any banks, ask if the rates would be lower if we brought in a group of 10 new customers.
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