Wells Fargo to start charging to use debit card

[looseliam]

One gets fucked either way.

Oh, and I hate when merchants complain about the fees for credit card processing. Last time I did CC processing, I paid $0.15 per transaction, and 1-2% of the total. AMEX was the highest at 3%. It's a small cost of doing business. And if your margin is only 1-3%, you're doing something wrong. So I wonder what huge company lobbied DC because they were sick of paying 'too much'. What about us? What happens when we're sick of paying 'too much'?

Because of my travels, my primary bank is Chase. At a non-chase ATM, I get hit with an ATM fee from the ATM owner and then another one from Chase. Take a $100, one could be paying up to 5% in ATM fees. This is pure greed. I love USAA, but getting money TO them can be problematic. Deposit my checks at a UPS Store? Thanks but no. So that means deposit it into CHase, the EFT to USAA. Depending on the amount, it could take a week to post.

I remember when I didn't have to pay a currency conversion fee when I used my debit card abroad - not anymore. For some reason the the process is so complex that I have to pay 1-2% of the total to offset how much work it takes to convert the currency. I guess they haven't figured out there's an app for that.

There needs to be more community banks. I was with one for almost a decade. I don't remember paying anything in fees to them no matter where I used any of my cards. Sure, there was an ATM fee to the ATM owner, but the bank didn't hit me again.

I hate the reverse mentality when we're in a depression. Don't let the nutters confuse you with the word 'recession' - this is a depression. In a depression, give the consumer more for his money - that's when he needs it the most. When the cloud clears, he'll remember that.

 

[Just_Believe18]

Bank of America does something similar but I got around it by agreeing to do auto-deposit for my pay checks which is something I wanted to do anyway. So it's not a big deal for me.

I agree it is ridiculous that the banks are doing this though.

 

[healingduck]

I read something about this a few days ago but skipped over it. Thanks for posting. It turns out I am in one of those four lucky states. I realize its just a ''test'' but chances are it will become permanent. I might as well change banks while I'm ($3) ahead.

 

[Georgiadude]

they just sent me a reply to my email:

You can avoid the fee by not using your Debit Card or ATM Card to make purchases or payments. You can continue to use your Debit Card or ATM card for ATM access without incurring the fee. Please note there may be other charges for use of non-Wells Fargo or non-Wachovia ATMs (e.g., surcharge imposed by non-Wells Fargo ATM owners and operators).

Your card comes with many benefits. It allows you to conveniently make purchases online, over the phone and in person. The card also gives you 24/7 access to get cash, transfer funds or make deposits and allows you to track your expenses online. Your card transactions are protected with Zero Liability and you are also able to customize the design of your card by using the Card Design Studio service.


How stupid. Isn't the point of a debit card to make payments and purchases. Why even call it a debit card. Say it's an ATM card and be done with it. The "benefits" are laughable. That's the best they can come up with?. I'm looking for a new bank or credit union on line right now. Wells Fargo can KMA.

Steven.

 

[zoltanspawn]

The haves screwing the have nots out of pure greed again.

The beast is never satisfied.

I've figured this was coming eventually. Once they all get together on it.

I've planned to close my debit card account, if and when this happens, and just write a check for cash at the bank. I only use the card for ATM withdrawal anyway.

They won't get one fucking penny out of me. Ever. To use my own money.

Me too. Cash at the bank. I will not pay to use my own money.

Financial services businesses correctly understand that they can profit by selling convenience to their customers. As long as there is a market for that convenience--and that's the foreseeable future--you will be charged for plastic. If you think that merchants aren't passing along these costs of doing business in their prices you merely prefer the illusion that you are not paying the charge to the reality that you are.

 

[Georgiadude]

^Steven, it's not a widely-known fact...

...but you can ask them to remove the POS capabilities on your card by taking it in.

I learned this on Clark Howard's website.

thanks for the tip. I haven't had as much time to look for a new bank today as I had planned. Def. on my priority list.

Steven.

 

[swerve]

Thanks Steven for the "heads up" on this...

I had ALSO received the Email from them -- but hadn't had time to look into it that much...

We have 3 accounts with them, so, for us it would be $9/month...

One of Nineofclubs friends (who works for Wells Fargo) told us that when they were forced to buy Wachovia that they were going to INTENTIONALLY FEE us to death -- I guess we're seeing it...

I guess for the immediate future we'll use our Wells Fargo Credit Card for ALL our purchases -- and CONSTANTLY go online to move money over to cover the charge -- A PAIN IN THE ASS for BOTH us and the bank...

Let us know if you find a good deal on a local bank...

 

[Lefty]

Maybe I've been out in Vino e la Valle Erbaccia too long

partaking of too much local product and sitting in the SUN.

I thought the 'debit' card was a green answer to doing the

writing/processing/snail mail accounting et cetera of the

antiquated bank cheque/draft system.

This smells to me like a Ponzi scheme created by "Milton

Bradley" for the 2012 edition their "Monopoly" game.

would seem to be an appropriate response.