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DelightfulDecember
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DelightfulDe...
posts: 336

So I’m sure some of you have heard about this particular bank which chose to put $5 fee on the usage of debit cards. Since we’re on a Fashion site, I’m sure most of us experience our various ways of spending our items. What do you guys think of this crazy bank fees? Are you the type of person who uses cash instead of a plastic card? Discuss!

posted about 3 years ago
tightsandtea
Style_council
tightsandtea
posts: 1063

aren’t fees on debit cards pretty standard? I know mine are free only because I’m a student, but I assumed there would be some minimum charge/usage when I no longer qualify as a student. I think other banks are doing this too, but they aren’t as transparent about their process. Chase, my bank, sure isn’t transparent about any of their changes.

posted about 3 years ago
 
H07xox
Style_council
H07xox
posts: 427

it’s crazy but what can you do. i’m a student as well so i get lower fees i guess. i guess i’d use cash rather than debit as much as i can though :)

posted about 3 years ago
 
MurasakiNeko
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MurasakiNeko
posts: 1057

I accept there will be some fees associated with using a debit card. For example, a flat fee if I use an ATM not affiliated with my bank. I can also accept overdraft fees provided I am informed about them and they seem reasonable. (For example, most banks charge you if you have negative balance in your account, which makes sense, but some will charge you if you just dip below $15 or something).

But I think the problem is when a bank changes its policy on its customers so they’re in an awkward position of having to decide to stay or go, or they have charges that the customer was never informed about so they don’t know to watch out for them and get slammed. This business of charging people basically just for owning a debit card is just an underhanded ways of bleeding more money from people, because it’s impractical to live entirely without a debit or credit card so people just have to accept the fee.

And, yes, there isn’t much we as customers can do about it, especially if all banks start doing it. But that’s precisely why it bothers me.

posted about 3 years ago
 
DelightfulDecember
Style_council
DelightfulDe...
posts: 336

Newamericanclassic, that would be an ideal world for all of us, but unfortunately, it’s not always like that.

I’m not using a corporate bank, so I’m pretty safe, still it’s best to be aware of your account no matter what. I try to use cash whenever possible while not having to carry a whole lot.

Wow, MurasakiNeko, you pretty much nailed it.

Thanks all of your guys’ insights.

posted about 3 years ago
 
Style4TheCamera
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Style4TheCamera
posts: 621

yep. That’s probably why I’m switching to a Credit Union before 2012.

posted about 3 years ago
 
gstyle
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gstyle
posts: 487

In the old days, people used to rob banks. Things have switched with time, nowadays the banks rob people!

posted about 3 years ago
 
priscillaraq
Style_council
priscillaraq
posts: 899

I really trust credit unions. I usually use debit, but have recently noticed that I feel a bit better when I have cash at hand.

posted about 3 years ago
 
OmniDimensional
Style_council
OmniDimensional
posts: 148

I used to bank with wellsfargo because I had to at that moment, I only used them for like 6 months. They totally tricked me when I opened my account. It was supposed to be free but what they didn’t tell me was a month after I opened my account that everyone who had opened a student checking account within the last 6 months would be charged a monthly fee. It was ridiculous. I then opened an account with a credit union and closed that account. Banks are shady, I don’t even trust a credit union, I only have an account because I like to shop online and other reasons regarding credit and what not. I have paid off everything I have in credit, which wasn’t very much, I was just trying to build credit since to do anything now you have to have good credit, which is fuckin stupid. I am educated on the system of how credit works and it is horrible how many people use it like it is free money. Using a bank and credit goes against everything I believe in. For now I try to use the system to get to where I need to be then I will totally cut it off from there. It is smart to try and build credit then after you have done that never use credit ever again. Also, only put enough money in the bank to be able to purchase things that are electronic. It is so terrible that everyone now a days relies on credit and banks so much and that everything revolves around this “magical” system. Magic meaning conjured up bullshit! Our founding fathers would be disgusted!

posted about 3 years ago
 
JosephineLois
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JosephineLois
posts: 20

I am with a credit union (non-profit institution for finance) and there are virtually NO FEES, awesome :)

posted over 2 years ago
 
michellewright88
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posts: 1

Thanks for the info.

posted over 1 year ago
 
AnErin
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AnErin
posts: 123

It is true that it makes it harder for people to steal your money if you use cards. Just deposit your paycheck then use the debit.
However, this process makes it easier for the BANK to steal your money and call it “Fees”.
On the financial side, the way banks are run makes the mafia look like angels.

posted over 1 year ago
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