marcus phoenix Wrote: ------------------------------------------------------- > pimpineasy Wrote: > -------------------------------------------------- > ----- > > ohai Wrote: > > > -------------------------------------------------- > > > ----- > > > No, but clearly most of your posts are > intended > > to > > > incite hatred or negative responses. I’m not > > sure > > > what motivates someone to do that. > > > > > > But in response to this particular topic, > > clearly > > > BAC realizes that debit card fees would hurt > > their > > > business. If they are taking such steps, it > > must > > > be due to business necessity in the face of > > > increasing regulation. Furthermore, all of us > > can > > > agree that despite BAC being given TARP > > funding, > > > it would be against everyone’s interests if > the > > > bank became insolvent. Thus, we should > applaud, > > > not condemn steps that will return BAC to > > > profitability. > > > > > > as a stockholder i applaud this… > > > I bet some NFLX stockholders applauded too… touche’
marcus phoenix Wrote: ------------------------------------------------------- > What kills me is that these banks were BAILED OUT. > Yet, they’ve done nothing for their customers. > NOTHING. Look at all those loans they foreclosed > on. Did they help those consumers - not one bit. > The Federal Gov should have mandated that they > work in good faith - they ran these people around > and stalled them until there was nothing left for > the consumer to do but lose their house. Now, they > are gouging all customers - just despicable. This is a common misperception. At any other non-bank retail / branch location in the world, you are the customer. At the bank, you are the supplier. They want your capital at a cheap rate and will try to entice you to put your money into their system basically for free in the name of “security.” They don’t give a f*ck about helping you, because you are not the customer – you are a source of fees and capital. Most of the financial services industry in this country exists to strip out value from the middle and lower classes, not to help you. Bank of America is one of the worst offenders.
So basically, you are saying that they should rely on proprietary trades to generate income, rather than organic revenue sources like their retail business? Edit: This is in response to “smuggycfa”, who thinks that banks should have customers for reasons other than profitability.
johnnyBuz Wrote: ------------------------------------------------------- > smuggycfa Wrote: > -------------------------------------------------- > ----- > > johnnyBuz Wrote: > > > -------------------------------------------------- > > > ----- > > > If that is true I am switching banks. > > > > > > you dont have to worry unless u make purchase > with > > debit card. > > > I *ONLY* purchase with my debit card. I never use > cash for anything. Swiping with a debit is easy > and if I am going to be penalized for supporting > businesses then I’ll just take my business > elsewhere. why dont u use credit card?
I will drop BofA if this goes through…heck I might just drop them anyways. At least with banks we have some choice. Cant really do jack about healthcare premiums - just keep taking it in the @55.
smuggycfa Wrote: ------------------------------------------------------- > > > johnnyBuz Wrote: > > > > -------------------------------------------------- > > I *ONLY* purchase with my debit card. I never > use > > cash for anything. Swiping with a debit is easy > > and if I am going to be penalized for > supporting > > businesses then I’ll just take my business > > elsewhere. > > why dont u use credit card? What?!? You use your credit card for day-to-day small purchases? I use my credit card for large purchases that I want to finance at 0% or just wait until the next statement to pay for. I like to separate day-to-day living expenses from large purchases. When I buy a chalupa, I pay debit.
johnnyBuz Wrote: ------------------------------------------------------- > smuggycfa Wrote: > -------------------------------------------------- > ----- > > > > johnnyBuz Wrote: > > > > > > > -------------------------------------------------- > > > > I *ONLY* purchase with my debit card. I never > > use > > > cash for anything. Swiping with a debit is > easy > > > and if I am going to be penalized for > > supporting > > > businesses then I’ll just take my business > > > elsewhere. > > > > why dont u use credit card? > > What?!? You use your credit card for day-to-day > small purchases? I use my credit card for large > purchases that I want to finance at 0% or just > wait until the next statement to pay for. I like > to separate day-to-day living expenses from large > purchases. > > When I buy a chalupa, I pay debit. The merchants prefer that you use your debit card too - less fees for them. Most troublesome aspect is how the fees are calculated to drive you to credit cards for purchases instead, where the bank will earn far more than a debit card use fee. And the unemployed, now paid benefits through BOA debit cards, are also likely to maintain running balances on their credit cards and see their interest rates go up. These twin moves of EDD debit cards and now use fees exploit the most vulnerable, again. BOA is banking on an economy in decline – more unemployment, tighter credit.
johnnyBuz Wrote: ------------------------------------------------------- > smuggycfa Wrote: > -------------------------------------------------- > ----- > > > > johnnyBuz Wrote: > > > > > > > -------------------------------------------------- > > > > I *ONLY* purchase with my debit card. I never > > use > > > cash for anything. Swiping with a debit is > easy > > > and if I am going to be penalized for > > supporting > > > businesses then I’ll just take my business > > > elsewhere. > > > > why dont u use credit card? > > What?!? You use your credit card for day-to-day > small purchases? I use my credit card for large > purchases that I want to finance at 0% or just > wait until the next statement to pay for. I like > to separate day-to-day living expenses from large > purchases. > > When I buy a chalupa, I pay debit. IMO credit card is much safer to use than debit card for ANY purchase. First, u r not responsible for any unauthorized transaction. Second, if u make payments regularly at the end of cycle, u r not paying any interest on that money , instead u r making interest money u have in ur debit card/savings
johnnyBuz Wrote: ------------------------------------------------------- > > What?!? You use your credit card for day-to-day > small purchases? I use my credit card for large > purchases that I want to finance at 0% or just > wait until the next statement to pay for. I like > to separate day-to-day living expenses from large > purchases. > > When I buy a chalupa, I pay debit. I put everything on my credit card and payoff completely at the end of the month. I end up with an interest free loan on everything I purchase and get that much closer to a “free” flight. I also get $0.002 towards my daughter’s college expenses for every $1 spent at select establishments thanks to UPromise.
The amount of interest earned by having it in your checking/savings for 30 days is negligible in this environment. I understand the unauthorized purchases part, but I don’t use my debit # for large transactions so it’s not likely to be compromised. I don’t really know what the deal with my CC benefits are. I have had a balance on their since I was 18 (24 now) which I pay every month so I’m sure my credit score is great but I don’t know about airline miles or all that stuff. Doesn’t really concern me at this point. Plus having to sign everything on credit is a hassle. Soon enough being able to pay debit with your phone or whatever is going to be sweet.
johnnyBuz Wrote: ------------------------------------------------------- > > Plus having to sign everything on credit is a > hassle. Soon enough being able to pay debit with > your phone or whatever is going to be sweet. You rarely have to sign on purchases under $20 now.
It looks like we are trying to sell him a credit card. BTW benefits are huge on credit cards
smuggycfa Wrote: ------------------------------------------------------- > It looks like we are trying to sell him a credit > card. BTW benefits are huge on credit cards We aims to educate. In all seriousness, responsible use of credit cards is one of the best financial moves a person can make. Using a debit card really makes no sense to me at all.
higgmond Wrote: ------------------------------------------------------- > smuggycfa Wrote: > -------------------------------------------------- > ----- > > It looks like we are trying to sell him a > credit > > card. BTW benefits are huge on credit cards > > > We aims to educate. In all seriousness, > responsible use of credit cards is one of the best > financial moves a person can make. Using a debit > card really makes no sense to me at all. +1 it doesnt make any sense period… u can get a no fee credit card with say 1% back airline points with credit protectection benefits…doubles all manufacturers warranty…not liable for loss/fraud/…please let me know under what condition does it make sense to use debit instead of credit?
Meh. I have accounts with 3 banks, BoA, Chase, and Frost (an awesome Texas bank). I’m trying to decide whether to close my BoA or Chase account and I think I’m going to close BoA in the next few months. Not due to this, but because they’re customer service sucks compared to Chase. I really couldn’t care less about this fee, even though I am a BoA account holder. I have used my debit card for a purchase once in the past 6 months, and that was only because this store gives a 5% discount for using cash or debit. I use my Amex for virtually everything because of the rewards, grace period, and separating the payment method from my bank account.
supersadface Wrote: ------------------------------------------------------- > Just gonna start replying like this to the “quote > an entire article with zero meaningful commentary” > posts… > > > http://media.photobucket.com/image/copypasta/or3qu > i3mo/copypasta.jpg?t=1310933533 I’m actually with Marcus on this one. I saw this headlines on CNN, and he did make a brief snide remark on it, which obvious says he thinks it sucks. ssface, take it easy, no one made you AF thread police
People are going to complain like crazy about this, but if you don’t like it, don’t use your debit card! It isn’t a mandatory fee, so just get around it. Get a credit card and accomplish the same thing. This fee will likely work out to be regressive and hit the lower income people more than anything else, like most bank fees do. I have 3 accounts and don’t pay service fees on any of them. Just find out how to waive them and do it, but I guess I’m lucky in that I always have enough cash to meet minimum balance requirements for 3 separate accounts.
I run all my expenses through the CC and pay the balance with a DC online - easy - simple.
who the hell uses debit cards anyway. I haven’t used one in at least five years…everything goes on credit, pay it off at the end of the month…collect the reward points…I am a deadbeat.
Perhaps I am doing it all wrong? How beneficial are CC points? Should I apply for a new CC to get one with the best offers and get rid of my old CC? Also, I keep my CC limit low ($3000) so if I do away with my debit card I would have to ask for a raise on that. Probably not a big deal as I just raised it from $2500 to $3000 but something they would have to approve nonetheless. I think I got into using debit because it kept me financially mindful. I wouldn’t spend if I didn’t have it in my checking. At this point I am sure I am responsible to just move it all to credit but hmm… I might just have to think about this.