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So if we continue to pay with the debit card that doubles as a VISA, we just have to make doubly sure that we choose "credit" rather than debit when purchasing..... We already started doing that a while ago in order to rack up points for purchases. I hope the credit option remains the same. Although I've so often said in the past several months, "We just need to hide our money under the mattress, banks suck." And this is just fuel for my fire! :furious:
 

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Knew it would be coming. Glad I only deal in cash!
 

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Heard about that today and I think Chase too? Thank goodness for the small banks and the credit unions!
 

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It isn't surprising. Frankly, I can't believe it didn't happen sooner. Banks have been providing services essentially for free for a long time. Banks don't get any money back from checks, so they are starting to take away free checking. They did get a bit from debit cards, in per-transaction fees from the stores, but still very little. With all of the overdraft protection in place, even up to declining purchases if there isn't enough money to cover the charge, banks have to support their services somehow.

I'm guessing the reason people with high balances in premier accounts don't have to pay for the services is probably because the banks are getting a better return on however they invest that customer's larger amount of money.
 

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I saw this today too. Glad I don't deal with a "monster mega bank" and only with my local credit union.
 

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I'm leaning more and more towards cash and goods. I only keep enough in the bank to cover my monthly bills.
 

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I'm leaning more and more towards cash and goods. I only keep enough in the bank to cover my monthly bills.
That's sorta what we do. I keep enough in the bank to pay my bills on-line or write a check and I take out enough to cover the rest like groceries until the next payday. So much easier to budget and not over spend, plus you don't have all those little annoying debits to keep track of.
 

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So if we continue to pay with the debit card that doubles as a VISA, we just have to make doubly sure that we choose "credit" rather than debit when purchasing.....
people might need to check with the their bank on that one.

When the new law passed it changed how that works, signature and pin based could both be debit transactions now. So choosing credit just means you are choosing how you want to prove it is you, signature instead of pin number.

We have to have certain number of debit transactions a month to keep our free checking. The ones I run though as credit on my checking account debit card count toward our debit transaction required number. Which is good I do not like using my pin number at the store.
 

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So, if I'm reading this right, it's free to use your card at the ATM for cash, correct? So, I think I can avoid this fee by just going back to the envelope system I used when I was getting out of debt and just paying for those budgeted items in cash instead of by swipe. My bank (local, independent) hasn't announced a fee increase, but I know that certainly might be on the horizon. And, while I understand banks can't offer their services for free, I do think they ARE getting some benefit from my money being in their bank to loan to others at a greater interest rate than they're paying me. To me, that's fair profit. However, I really don't want to pay $60 a year just for the privilege of using a debit card. Guess old fashioned cash will come back into fashion. . . .
 
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Discussion Starter #13
Heard about that today and I think Chase too?
Yeah, after I read this saw something about it on the news........

Chase is "experimenting" in some markets now......so is
Wells Fargo.........think WF fee is $3. And that they do intend to expand the fee market.

US Bank said they had no plans "as of right now" to do it.........in other words, they are watching to see what happens.
 

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Will check and see what my bank is doing. May need to start the envelope system which I dread since I save better by not having "extra" cash lying around.
 

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Glad I have a small home town bank not doing that yet!!!
 

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My bank is a regional bank, I don't think they will do it, but if they do, I also have an account with a credit union and they are unlikely to do this.

This is why I pulled my accounts from Citibank many years ago - they were charging you to get money from your own account at their own ATM.
 

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My bank is a regional bank, I don't think they will do it, but if they do, I also have an account with a credit union and they are unlikely to do this.

This is why I pulled my accounts from Citibank many years ago - they were charging you to get money from your own account at their own ATM.
Citibank is saying it will not do debit fees
 

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My bank has been charging if you use as debit for a few years, cost is per transaction, if you use as credit card they charge no fee. So, I only use as credit card..which to me is no different as it is instantly debted from my account. Merchants probably are not happy with it though since they are the ones paying fee.
 

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Thanks for the heads up!
 

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Interesting, first i've heard of it. Wow, I'm already learning on this site.

From a quick google search I've found a topic about "Chase: Chase will charge a $3 debit card fee to Wisconsin customers beginning in February. No statement has been made about rolling out the plan to other states."

I'm not in Wisconsin, but I guess it'll trickle down to my state sooner or later. At least I have a little time to plan.
 
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