get ready to pay more fees

**Contrary Housewife** · 06-26-2011, 06:22 PM

Debit cards poised to get much more expensive

Debit card fees: Debit cards likely to get much more expensive for consumers - Los Angeles Times

New rules cutting merchant fees mean banks will be looking elsewhere to make up the revenue.

**mauimagic** · 06-26-2011, 06:32 PM

Knew it was too good to last -I personally like using debit cards - for some reason I am more responsible than with cash.

**nodmicks** · 06-26-2011, 07:06 PM

Darn! I love my debit card.

**imagine** · 06-26-2011, 07:18 PM

We can all thank the government for this when they passed the new law

Now I am going to have to bite my tounge and sit on my hands with this discussion. Hope I can do it.

**Judi Dial** · 06-26-2011, 08:23 PM

Gee, yet another reason to seek out small, independent regional banks. What are they thinking?

Credit union anyone?

Judi

**craftypam** · 06-26-2011, 08:24 PM

I'm with you Judi!!
To the banks; I'll use cash before I give you hard earned money to use your card!!!!!!!!!!! LOL

**imagine** · 06-26-2011, 08:31 PM

Originally Posted by Judi Dial

Gee, yet another reason to seek out small, independent regional banks. What are they thinking?

Credit union anyone?

Judi

They are under the same law it does not matter if it is a big bank a small independent bank or a credit union

Will the merchants (stores) now that they are paying less in fees be passing on the savings to us or just pocketing the difference?

**craftypam** · 06-26-2011, 08:33 PM

Imagine;
They may be under the same law, but in my experience they don't charge all the fees that banks do.

**imagine** · 06-26-2011, 09:00 PM

Originally Posted by craftypam

Imagine;
They may be under the same law, but in my experience they don't charge all the fees that banks do.

I very well know how big banks and small independent banks and credit unions work. I have been following the how they have been reacting to this law. If the bank or credit union was making lots of money from debit transactions it is going to need to make up that income some how. I see no place immune to that.

The bank hubby works at a small independent bank got rid of free checking you can make it free by doing certain things like using your debit card more.

**Beejay** · 06-26-2011, 09:00 PM

Credit Unions are changing !!!
I just closed my account at the credit union that I have been a member of for over 20 years due the implementation of new, excessive fees for EVERYTHING !! They started a charge for an account falling below a $250 average monthly balance among other things. They also built a brand new central location, then closed ALL of the branch locations in town. When I told the member representative why I was closing my account, she said " I understand, and I'm so sorry about all the new fees, but I'm just glad that I still have a job !!" They became a bank masquerading as a credit union.

**pollypurebred39** · 06-26-2011, 09:32 PM

This week at the grocery store a couple at the checkout caused quite a commotion. The cashier called over another cashier, and then another joined. They were all very animated and I wondered what was going on. They then called for the manager. What was all the commotion? The couple wanted to write a check and no one knew how to process it! If debit cards are going to start charging fees, there might be a whole bunch more commotion going on at the checkouts as people start writing checks to avoid fees.

We dumped our bank as soon as they started charging crazy fees for everything. We went with a credit union, so far we are very pleased, I hope we remain so.That said, I'm so done with banks it's not funny, I honestly think I'd stay with a credit union charging fees then ever use a bank again.

**craftypam** · 06-26-2011, 09:56 PM

My bank and my credit union are not charging me any fees for anything. I also get free checks at my bank. When BOA became that from Std Federal, ABNAMRO and then the last one they started charging alot for free checking; I left.

Polly can you just see that at the stores; lines being tied up everywhere because cashiers don't know how to handle checks. LOL.

**nodmicks** · 06-27-2011, 09:11 AM

So far we do not pay any fees at the credit union. If we start too I will go to all cash and Discover

**imagine** · 06-27-2011, 09:44 AM

Originally Posted by nodmicks

So far we do not pay any fees at the credit union. If we start too I will go to all cash and Discover

The law takes affect on July 21 it places a cap instead of a percentage on the transaction fee on debit cards they pay the financial institution. This new law does not affect credit cards at all even ones issued by a bank.

So you could use any credit card not just Discover if you wanted too.

I see this law as a win for the merchants not consumers or financial intuitions. With small banks and credit unions being hurt the most.

The big question is will the merchants be cutting their prices now that their overhead is lower and pass on the savings to us or will they just make a bigger profit?

When this law was being lobbied for by the merchants to the consumer protection part of the government the merchants were all saying this would be a win for customers as they could lower prices. I wonder if it will happen or if it is just be lining the pockets of merchants, like a bigger profit for walmart?

It would be so nice if it merchants did pass on their savings. I guess we will have to wait and see. I hope they do.