Banks preparing to charge for debit card usage

Some banks starting to charge customers to use debit cards | PennLive.com (http://www.pennlive.com/midstate/index.ssf/2011/09/some_banks_starting_to_charge.html)

:doh:

I suppose I'm one of the relatively lucky ones in that I don't have fees charged to my checking account (yet, mainly because I live within my means), but if this happens to me I'm just going to switch to a credit union.

It's like they say, once you stop a leak another one springs up elsewhere. The only thing interesting about this from my perspective is wondering if this will end up pissing enough consumers off that it cuts into the banks' bottom line. Doubtful imo, but you never know.

Some banks starting to charge customers to use debit cards | PennLive.com (http://www.pennlive.com/midstate/index.ssf/2011/09/some_banks_starting_to_charge.html)

:doh:

I suppose I'm one of the relatively lucky ones in that I don't have fees charged to my checking account (yet, mainly because I live within my means), but if this happens to me I'm just going to switch to a credit union.

It's like they say, once you stop a leak another one springs up elsewhere. The only thing interesting about this from my perspective is wondering if this will end up pissing enough consumers off that it cuts into the banks' bottom line. Doubtful imo, but you never know.

A lot of them make big money selling the raw data they get regarding purchases and spending habits (which gets broken down by age, location, and gender). Charging people to use their debit card is a classic having your cake and eating it too scenario.

A lot of them make big money selling the raw data they get regarding purchases and spending habits (which gets broken down by age, location, and gender). Charging people to use their debit card is a classic having your cake and eating it too scenario.

True but I think the main reason they're doing this is to make up for all the lost revenue as a result of the cap being put on fees banks charge retailers every time a person swipes their debit card. Since the cap is at 24 cents and the average fee before was like 44 cents banks have to make up that lost revenue somewhere else.

bank regulation called Dodd-Frank to thank for this one. You seriously didnt think the finacial industry was gonna cut its bottomline in response? Big corporations always win in this country.

bank regulation called Dodd-Frank to thank for this one. You seriously didnt think the finacial industry was gonna cut its bottomline in response? Big corporations always win in this country.

Where was that implied? Of course banks would try to make up for the loss of profit elsewhere.

Where was that implied? Of course banks would try to make up for the loss of profit elsewhere.

U know something funnier...this cost will not get pass down to those who have a decent deposit relationship with the bank. So the cost will be passed down to the poor, working class, and middle america.....this is how regulation work.

The big corporations still make money , and the upper middle, rich and wealthy will not get hit with the fees cause they will bitch and threaten to move money. So the big corporations help their stock price and their big stock holders previously mentioned upper middle, rich and wealthy win there again. Thats how this country works...the government in cohots with the haves

The little man always suffers.

This will piss me off it it hits my bank. We use a debit card almost every day.

This will piss me off it it hits my bank. We use a debit card almost every day.

Yeah, I wonder how visa and mastercard will react...i suspect they will lower merchant service fee. People never carry cash anymore...i know i dont.

Interesting fact, people tend to purchase more when paying with debit cards vs cash. So if more people go back to using cash to avoid the fee, could hurt the economy indirectly being consumption based.

The concept of charging someone to use their own money is just ludicrous. Personally I used my credit card for everything and pay off the balance each month. If I wasn't doing that already I'd be considering making that switch now.