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Discussion in 'The Okie Corral' started by capnjim01, Nov 16, 2012.

  1. uhlawpup

    uhlawpup Gentle Soul

    Nov 18, 2003
    Although it is no longer my primary bank, I stay with them for a little mad money account. As long as I don't use a teller, I get free ATM and free checking. They're great when I'm overseas because of their extensive free ATM network. I used to have a credit card with them, and they were quick to cancel it when it was compromised. I appreciate that.

    They have gone up on fees, so I just make sure I use their no fee services, which are numerous.

    Their customer service to me has been superb, and believe me, it is a comfort to walk up to an ATM in London, Paris or Rome, even on a Sunday, and get service in English and local currency at a great rate of exchange with no service fees. Plus, I can order foreign currency on line and have it waiting for me at my local branch before I leave.

    The only trouble I had was with a withdrawal in London, which they double-debited me on. A ten minute phone call when I got back solved that with no questions asked.

    I use another bank for daily needs because I got a better deal, but, as long as there's no service charge, I'll keep my little travel account open.
    Last edited: Nov 18, 2012
  2. Wolfgang

    Wolfgang Millennium Member

    Oct 6, 1999
    This is good: they open accounts to illegals with no SS #

  3. bogeyman


    Feb 20, 2002
    That used to be true, but not anymore. You can thank Senator Dodd and Congressman Frank (Dodd-Frank Banking Bill) for that one. Under Dodd-Frank, the amount that banks earn when someone uses their debit card has been cut by almost half. Those fees were used to, among other things, subsidize small accounts so that people with small balances could have "free' checking. When that was taken away by Dodd-Frank, the banks started looking for ways to recoup that lost revenue. Hence no more "free" accounts for those that keep small balances. And on the flip side of that coin, where did that extra money go? I doubt that Wal Mart, K Mart, et. al., lowered their prices to reflect the fact that they are now paying the banks less to process their debit transactions. They have kept the cash. This was nothing more than an income transfer to retailers at the expense of banks simply because banks are 'evil" and Congress could feel good about reducing the profits of banks. It ended up hurting the very people that they were trying to help....those that keep small checking balances.
  4. harlenm

    harlenm Millennium Member

    Jul 20, 1999
    The amount that retailers pay on credit card transactions didn't change under these law changes. We still pay basically the same amount(% for credit, fixed amount for debit) as we always have. Besides, our prices are not based on the amount of fees we pay, its based on the cost of the product, the freight charges, and the price the competition charges.

    posted using Outdoor Hub Campfire
  5. JerryVO


    Oct 22, 2008
    Tampa, FL
    Just switched all of my accounts from BOA to a local credit union last week. I am kicking myself that it took me so long to do it.

    Sent from my SAMSUNG-SGH-I777 using Tapatalk 2
  6. bogeyman


    Feb 20, 2002
    This is what happens under Dodd-Frank:
    "Debit Card "Swipe" Fees
    The new rule caps the maximum permissible swipe fee that the issuer of a debit card can charge for an electronic debit transaction at 21 cents per transaction, plus 0.05 percent of the amount of the transaction. However, the cap applies only to large card issuers - those with $10 billion or more in assets, including the assets of their affiliates. The Board will publish annually lists of institutions that are above and below the small issuer exemption threshold."

    Perhaps you are using a small bank, so their fees are not capped. This will have the opposite effect of what was intended. It will encourage retail merchants to go with large banks so that their transaction fees will be lower. And the lower fees you are charged by your bank, the more you will get to keep. If you bank with a small institution, you may want to check your debit card rates with a larger bank. It could save you some money.