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View Full Version : End of free checking accounts near, this makes me mad


ShellyLynn3630
07-24-2011, 08:40 PM
How many out there fear that we might be losing our free checking accounts here soon do to the debit card reform. I have read that banks might limit how many times a month you will be able to use your debit card or perhaps limit you to a high dollar amount to use it. This really has my blood boiling.

vicki_c
07-24-2011, 08:56 PM
I think I will withhold my reaction until my bank tells me they are doing something. I have enough things to get mad or stressed over without adding ones that haven't happened yet.

peanut12392
07-25-2011, 05:54 AM
I think I will withhold my reaction until my bank tells me they are doing something. I have enough things to get mad or stressed over without adding ones that haven't happened yet.

Agree. I did open an ING checking account (for the free 50$) but also to have available in case the bank starts charging fees.

ancestry
07-25-2011, 05:58 AM
My advice -- Switch to a credit union!

JaymeC
07-25-2011, 06:27 AM
This will affect credit unions and ING as well. All the banks make revenue from the debit card transactions. I work at a credit union and I'm worried not only about our free checking but about my job... right now we're expanding and so our branch is on the slower side and I wouldn't doubt that they may cut someone to try to make ends meet.

Having said that, I will say the perspective from the credit union side is probably different. We're trying to figure out anything that can keep this from affecting our members, it's just hard to make up that kind of money.

Also, it's more likely that your bank would put a cap on how high you can spend with a debit card (I think it was Chase that did the $50 cap?). They now will want you to make multiple small transactions to make up for the lost money from one large transaction.

msmayor
07-25-2011, 07:25 AM
Not sure it will affect me at all. I've never used a debit card....ever....and have no plans to start.

TheRatPack
07-25-2011, 10:04 AM
We use ours for everything from groceries to gas to doctor's copays...etc. I hope they don't start charging or putting a cap on it.....we buy groceries once a month and spend roughly 700.00 in that one trip, if they limit the use to 50.00 at a time that would be a lot of smaller trips LOL. Guess I'd just use my credit card then and come home, sign on to the site and pay the credit card with my checking.

A lot more hassle but I won't be paying debit card fees or have caps placed on it....too much to think about LOL

piperdown
07-25-2011, 10:09 AM
I think I will withhold my reaction until my bank tells me they are doing something. I have enough things to get mad or stressed over without adding ones that haven't happened yet.

:thumbsup2 - I think it's a scare tactic, and right now it's all speculation. IF this happens, I'll just move to cash.

Belle & Ariel
07-25-2011, 10:56 AM
never mind

mom_of_3_mousketeers
07-25-2011, 11:00 AM
Would you be able to use your debit card as a credit card transaction instead? :confused: I know I have the option to use my bank card as debit (entering a pin code) or as a credit (signing for the purchase). I never use it as a debit as I earn points from my bank. We don't have a credit card (our choice), so this would make it a little tricky for us to pay for stuff.

We use ours for everything from groceries to gas to doctor's copays...etc. I hope they don't start charging or putting a cap on it.....we buy groceries once a month and spend roughly 700.00 in that one trip, if they limit the use to 50.00 at a time that would be a lot of smaller trips LOL. Guess I'd just use my credit card then and come home, sign on to the site and pay the credit card with my checking.

A lot more hassle but I won't be paying debit card fees or have caps placed on it....too much to think about LOL

We do the same....we use our bank card for EVERYTHING!

AmandaRG
07-25-2011, 11:02 AM
I haven't checked into the previous post about 1%, but if they are doing 1% in and 1% out, that is double taxation, plus the money we already pay on earnings.

I tend to be one to look at the bright side of things, but with things that have been going on in my current city, and the broader issues of our country, it doesn't give me a warm fuzzy feeling, that is for sure!

tinker&belle
07-25-2011, 11:06 AM
If you read the link about the 1% on snopes it basically says that although it is proposed it won't pass.

Diegosmom
07-25-2011, 11:16 AM
I NEVER EVER use my debt card...hubby does but that is only cause I took his credit card away...Just about ready to give it back to him (actually get a new disney one :) )...I always pay with a credit card and then pay off my CC. I love getting the points and getting FREE flights with Southwest (although we might switch over to disney now).

I also pay all my bills online and I write 1 check a month to DS daycare and that is cause they dont take CC. And maybe a misc. check here or there. At most probably 15 checks a year.

Dont think this would effect me too much. If they did start charging I would just get rid of checking and keep savings and pay bills from savings. I can pay daycare with cash (I like the check cause it is an easy receipt) and for anything else I have to have a check I would just get a money order.

PrincessSuzanne
07-25-2011, 01:09 PM
I moved my checking acct from my Credit Union, because they charge for having a check card, my bank doesn't. I also don't pay for checks and I do use 3-4 a month and hardly ever carry cash. I do get some on the way into the grocery store to tip the baggers. I use my check card for everything.

So far both of our banks have decided to do away with their rewards program so that we can still have free checking and ATM fee refunds.

njmom47
07-25-2011, 01:47 PM
I use my bank card for everything for points (signature-based transactions). I wish our credit union here at work was more competitive; they don't offer checking, our loan rates are 13.99 % (ripoff) and they only offer savings-type accounts (vacation, holiday, and regular savings).:confused3

Swimalie
07-25-2011, 02:05 PM
Not sure it will affect me at all. I've never used a debit card....ever....and have no plans to start.

Same here.

Colleen27
07-25-2011, 03:01 PM
I'm withholding my reaction until we see what actually happens. I suspect a lot of this is a scare tactic intended to incite just the reaction the OP expressed - get consumer's "blood boiling" and they'll start nagging their representatives to modify or discard the regulation before it takes effect.

JB2K
07-25-2011, 03:15 PM
Would you be able to use your debit card as a credit card transaction instead? :confused:

Under the proposed scenario -- the answer is "no", because it costs way more to use MasterCard & Visa's "credit" networks than it does to use a 4-digit PIN.

Under prior rules, merchants paid 3% for any tranactions requiring a signature while the charge was only 1% if the customer used a PIN. American Express and Discover charged merchants 5%, which could be significant if it invloved a big-ticket purchase.

A scare tactic? We'll have to wait and see.

Also, if you find this unnerving, you may want to get in touch with your elected officials (along with the senators who sponsored the bill).

I won't mention specific names of those involved, as it may violate the TOS for this board, but you should be able to google the words "Financial Reform" and "Debit" and get all the information you need...

JB2K
07-25-2011, 03:18 PM
So far both of our banks have decided to do away with their rewards program so that we can still have free checking and ATM fee refunds.

For those of you who are customers of USAA Bank, they recently made the decision to discontinue their debit rewards program on September 1.

PrincessSuzanne
07-25-2011, 03:21 PM
For those of you who are customers of USAA Bank, they recently made the decision to discontinue their debit rewards program on September 1.

That is where I got that from, we got a letter in the mail on Saturday from USAA, we also have another bank we use that did this a few months ago.

AlternateEgo
07-25-2011, 07:53 PM
I work at a bank and they have also did away with their rewards program due to the "Durban Act". We aren't allowed to discuss it with our customers either. Basically merchant processing earned money and now they aren't so we can't rewards our customers.

We don't have a "free account" although if your account is active (meaning you get a direct deposit or 5 transactions) during the month, your account maintainance fee is waived.

jodifla
07-26-2011, 09:35 AM
Boy, am I the only one who remembers when checking accounts weren't "free?"

They didn't start doing this until the 80s, as I recall. And then it was tied to having a direct deposit at the bank or a minimum balance.

sk!mom
07-26-2011, 10:15 AM
How many out there fear that we might be losing our free checking accounts here soon do to the debit card reform. I have read that banks might limit how many times a month you will be able to use your debit card or perhaps limit you to a high dollar amount to use it. This really has my blood boiling.

"Fear" is way to strong a word. I'm interested to see what happens but I'll wait until my bank announces what it will do. I rarely use my debit card- maybe a few times a year just to get cash. I prefer the rewards and protections of credit cards and then pay in full every month.

travelfanatic
07-26-2011, 11:39 AM
It was interesting that I ran across this thread today because I was just in my bank this morning on an unrelated issue. I bank with Suntrust by the way. Anyway, the customer service rep proceeded to explain I would be getting a letter in the mail soon about changes effective November 1st. He said there will be no more "Free" checking unless you have direct deposit or carry a min. avg balance of $500. O.k. no problem for me on that as I have direct deposit so I should not have any charges. He also said they will be charging $5 flat fee for debit card use. He said you can charge 1-1000 times and it will be a flat $5 per month. Not to bad IMHO. I asked him about them doing away with debit card rewards as I have sky miles and he said he has not heard of them doing away with that but it's not out of the question. So, I hope that helps someone for what it's worth. I feel a little better about the situation now, $5 a month I can handle for convenience. :)

fireflymedic
07-26-2011, 12:31 PM
My bank use to give a cash back for Debt card use,they just sent a letter saying this is the last month I will be getting that.

neatokimmo
07-26-2011, 12:56 PM
I write maybe 10 checks a year and get cash from the atm with my debit card maybe twice a month. If I had to pay a fee just for those few transactions I would have to rethink which bank I use.

No way would I pay $5 a month to use a debit card. A credit card, sure, you are using someone elses money for your convenience. But a debit card is your money.

HeatherFeather
07-26-2011, 01:20 PM
Also got the letter from USAA and confirm that they are discontinuing the .5% cashback from use of their debit card It looks to me that this will be the only change for us. We will still have free checking and the other USAA goodies.

JB2K
07-26-2011, 02:39 PM
Also got the letter from USAA and confirm that they are discontinuing the .5% cashback from use of their debit card It looks to me that this will be the only change for us. We will still have free checking and the other USAA goodies.

Absolutely -- USAA saw the writing on the wall and polled their bank customers asking which was more important to them - rewards points or free checking. IMO, that's engaging the customer, which is a good thing.

As banks charging for the privilege of using a debit card may be looming near, let me ask everyone this: What would then be the diffference between banking at a traditional bank and using a prepaid MC/Visa/AmEx card?

Something to think-about...

bettymae1121
07-26-2011, 03:14 PM
Absolutely -- USAA saw the writing on the wall and polled their bank customers asking which was more important to them - rewards points or free checking. IMO, that's engaging the customer, which is a good thing.

As banks charging for the privilege of using a debit card may be looming near, let me ask everyone this: What would then be the diffference between banking at a traditional bank and using a prepaid MC/Visa/AmEx card?

Something to think-about...

For me it wouldn't matter, I don't use my debit card anyway. I have one, but I only use it for the rare occasion I need cash out of an ATM. I use my credit card for all purchases and pay the bill in full at the end of the month.

I signed up for my checking abount BEFORE the bank bill was passed. In order to get free checking you needed to have direct deposit or 5 debit transactions per month. After the bill passed they changed...exactly nothing.

It costs banks money to manage accounts. For a long time they offset the costs by fees on their other products. Now that the fees on the other products are more regulated (ie they can't jam people up the way they used to) some banks need to start charging for checking again. Or they are charging to get people mad in the hopes that the reform is repealed. Likely it's a combo of both motives.

Ultimately I think the free market will decide. If some banks start charging and others keep free checking - and enough people leave the banks that charge for the banks that don't - I'm sure that we'll see free or at least very very low cost checking accounts making a come back.

MScott1851
07-27-2011, 02:03 AM
Boy, am I the only one who remembers when checking accounts weren't "free?"

They didn't start doing this until the 80s, as I recall. And then it was tied to having a direct deposit at the bank or a minimum balance.

Nope. I've NEVER had a 'free' checking account. Even the one I have now has a $7.99/month fee that is waived because I direct deposit my paycheck biweekly. The only time i ever use a debit card is at the ATM, and I only write checks as wedding, graduation, or birthday presents, or to repay someone. Otherwise every single transaction, no matter how small, goes on the Disney Visa and gets paid off at the end of each week.

The fraud liability is the biggest issue I have with bank cards. If someone skims your debit card number and cleans out your checking, then you are screwed. If my CC number gets compromised,then all my cash is safe and sound while Visa investigates and im only on the hook for $50. Plus, I don't know why anyone would rely solely on a debit card when you can earn rewards or rebates by using credit cards. I enter every credit card transaction in my checkbook register just like it was a debit swipe. That way I can keep up with how much I owe. Each Friday, I total up and 'readd' that amount, make sure it matches what the CC site says I owe, and make an online payment. I've earned almost $800 Disney dollars this year so far just by doing this. That's our deposit on next years Dream cruise and BLT stay!

Free4Life11
07-27-2011, 08:33 AM
I'm so sad that banks will collect less fees and merchants will now have higher revenue....not! Crossing my fingers that some will pass on the savings to customers, kind of like Target gives you a 5% discount for using their debit card.

I've never really had free checking and have always had to have a direct deposit to waive the fee, so I think a lot of free checking accounts will simply become free* checking accounts and requiring a direct deposit, paperless statements, etc. It's been this way for me for years, so I'm not to worried.

I wouldn't want to pay a monthly fee to use my debit card, but if that happens I'll just switch to using a credit card or cash.

I really think this is a non-issue and the banks that overreact and start nickel-and-diming their customers WILL see backlash.

DawnM
07-27-2011, 08:41 AM
Can I ask how you do this?

I am thinking you go to a warehouse place like Costco?

Do you plan all your meals for the month and stick to the plan?

Do you still go weekly for things like fresh produce?

Dawn

We use ours for everything from groceries to gas to doctor's copays...etc. I hope they don't start charging or putting a cap on it.....we buy groceries once a month and spend roughly 700.00 in that one trip, if they limit the use to 50.00 at a time that would be a lot of smaller trips LOL. Guess I'd just use my credit card then and come home, sign on to the site and pay the credit card with my checking.

A lot more hassle but I won't be paying debit card fees or have caps placed on it....too much to think about LOL

carone0318
07-27-2011, 08:53 AM
The only place that I write checks for is school. I use my debit card as a credit card for everything else because it has the rewards attached to it. Between my kids 2 schools, I write so many checks. I hate it and would prefer if the schools came up with some other way to pay all their little fees... :thumbsup2

PrincessSuzanne
07-27-2011, 10:08 AM
It was interesting that I ran across this thread today because I was just in my bank this morning on an unrelated issue. I bank with Suntrust by the way. Anyway, the customer service rep proceeded to explain I would be getting a letter in the mail soon about changes effective November 1st. He said there will be no more "Free" checking unless you have direct deposit or carry a min. avg balance of $500. O.k. no problem for me on that as I have direct deposit so I should not have any charges. He also said they will be charging $5 flat fee for debit card use. He said you can charge 1-1000 times and it will be a flat $5 per month. Not to bad IMHO. I asked him about them doing away with debit card rewards as I have sky miles and he said he has not heard of them doing away with that but it's not out of the question. So, I hope that helps someone for what it's worth. I feel a little better about the situation now, $5 a month I can handle for convenience. :)

Suntrust is my other bank and I sure hope they don't do this, or I will have to close my acct there, or I should say DH's acct. My check is direct deposit in my acct there and they actually paid me to open this acct, they gave me $100 for switching, but that was because we have our mortgage with them. I have one of their special accts that requires something like $5,000 minimum balance (that isn't happening), unless you have a mortgage. I don't want to pay them $5 a month for the use of a check card, we never do PIN transactions on that acct.

Absolutely -- USAA saw the writing on the wall and polled their bank customers asking which was more important to them - rewards points or free checking. IMO, that's engaging the customer, which is a good thing.

As banks charging for the privilege of using a debit card may be looming near, let me ask everyone this: What would then be the diffference between banking at a traditional bank and using a prepaid MC/Visa/AmEx card?

Something to think-about...


I love USAA and am really glad a friend encouraged me to switch to them for our Auto Insurance, we are saving a ton and a completely free checking acct and refund of transaction fees, what more can you ask for.

JB2K
07-27-2011, 10:41 AM
Crossing my fingers that some will pass on the savings to customers, kind of like Target gives you a 5% discount for using their debit card.

Doubtful - as the only reason Target is able to do this is because Target owns the bank that backs-up their credit/debit cards (meaning no fees charged to Target stores -- hence, Target is able to pass the savings on to their customers in the form of 5% off each "swipe").

Both Walmart and The Home Depot floated the idea of doing something similar a few years ago and it met with a lot of resistance from the usual suspects (labor unions, big banks, etc.) and our elected officials caved and passed legislation that prohibited big companies from owning their own banks (though companies such as GE and Target were "grandfathered" in) -- now that the banking industry is a complete mess, I bet Washington wishes they had re-thought that one...

Furthermore, given the recent press that Target is not so "union-friendly" (http://www.reuters.com/article/2011/06/17/us-target-union-idUSTRE75G50C20110617) , they may no longer be getting any more "free passes" such as the one they got to keep their bank...

Free4Life11
07-27-2011, 11:06 AM
I had no idea Target owned the bank, interesting. I sure do love that 5% discount!

TheRatPack
08-02-2011, 05:08 PM
Can I ask how you do this?

I am thinking you go to a warehouse place like Costco?

Do you plan all your meals for the month and stick to the plan?

Do you still go weekly for things like fresh produce?

Dawn

Yes, I make a monthly menu on Microsoft Works....I had a rotation of 2-3 of them so you didn't have to fill it out every month, but still sometimes I print out a blank one and just fill it in with new recipes or whatever. I have all the foods the family likes to eat written down and a list of ingredients. Once I choose the meals we're going to eat for the month, I sit down and just put a mark next to each ingredient that I need and put tick marks for each cup or bag or pound that I need so I can keep track of how much cheese, chicken breast, ground beef...etc I'll need for all the recipes. I also factor in eating out once a week and buy various items for snacks. We have fresh fruit the week after the store trip, but otherwise we usually eat canned or frozen unless we stop by the farmers market. It was frustrating at first, I'd always forget one ingredient or not have enough of something...but it got easier with time and we slowly built up quite the pantry. We try to stick with the menu as closely as possible....but if we're not feeling spaghetti or hamburgers one night we'll switch it out with something else on the menu :)

Suntrust is my other bank and I sure hope they don't do this, or I will have to close my acct there, or I should say DH's acct.

Just got my Suntrust letter and it says that free checking will be changed to 'everyday checking' for 7.00 a month (unless you have direct deposit of 100.00 or more a month, or 500.00 minumu daily collected balance). It also says that they are going to start charging 5.00 a month for unlimited check card usage (applies when the ATM or Check card is used during the statement cycle for a signature, PIN point of sale or recurring check card transaction).

The Solid Choice Banking has a 17.00 maintenance fee per month unless you have a 5000.00 minimum daily collected balance or 10,000 in total linked deposits or a Suntrust First Mortgage with SurePay.

While $5.00 a month isn't horrendous, it is enough to make me think about using cash or writing a check. That comes out to be 60.00 a year.....that's ridiculous when it's more convenient for the stores and the banks to process card swipes over checks. I'm disappointed that they passed this on to the consumer :(

KELLY
08-02-2011, 06:51 PM
Yes, I make a monthly menu on Microsoft Works....I had a rotation of 2-3 of them so you didn't have to fill it out every month, but still sometimes I print out a blank one and just fill it in with new recipes or whatever. I have all the foods the family likes to eat written down and a list of ingredients. Once I choose the meals we're going to eat for the month, I sit down and just put a mark next to each ingredient that I need and put tick marks for each cup or bag or pound that I need so I can keep track of how much cheese, chicken breast, ground beef...etc I'll need for all the recipes. I also factor in eating out once a week and buy various items for snacks. We have fresh fruit the week after the store trip, but otherwise we usually eat canned or frozen unless we stop by the farmers market. It was frustrating at first, I'd always forget one ingredient or not have enough of something...but it got easier with time and we slowly built up quite the pantry. We try to stick with the menu as closely as possible....but if we're not feeling spaghetti or hamburgers one night we'll switch it out with something else on the menu :)



Just got my Suntrust letter and it says that free checking will be changed to 'everyday checking' for 7.00 a month (unless you have direct deposit of 100.00 or more a month, or 500.00 minumu daily collected balance). It also says that they are going to start charging 5.00 a month for unlimited check card usage (applies when the ATM or Check card is used during the statement cycle for a signature, PIN point of sale or recurring check card transaction).

The Solid Choice Banking has a 17.00 maintenance fee per month unless you have a 5000.00 minimum daily collected balance or 10,000 in total linked deposits or a Suntrust First Mortgage with SurePay.

While $5.00 a month isn't horrendous, it is enough to make me think about using cash or writing a check. That comes out to be 60.00 a year.....that's ridiculous when it's more convenient for the stores and the banks to process card swipes over checks. I'm disappointed that they passed this on to the consumer :(


I don't have a credit card at all. But I do use cash and debit all the time. I think if this is the case I will just go with cash. I may be forced to apply for a credit card. Dh has 2 of them so we do use his on occasion and pay them off. But I'm not willing to pay a monthly fee to use my account either. Another problem is dh work don't offer direct deposit.

LauraLea
08-02-2011, 07:15 PM
Not sure it will affect me at all. I've never used a debit card....ever....and have no plans to start.

Same here. Too many horror stories of incorrect transactions wiping out your balance and then bouncing or denying new transactions until it is resolved. This often takes days.

Much prefer credit cards with GOOD rewards, and paying my balance in full each month. At least if there is an incorrect transaction, you have the entire billing cycle to take care of it.

Laura

PrincessSuzanne
08-03-2011, 09:42 AM
Just got my Suntrust letter and it says that free checking will be changed to 'everyday checking' for 7.00 a month (unless you have direct deposit of 100.00 or more a month, or 500.00 minumu daily collected balance). It also says that they are going to start charging 5.00 a month for unlimited check card usage (applies when the ATM or Check card is used during the statement cycle for a signature, PIN point of sale or recurring check card transaction).

The Solid Choice Banking has a 17.00 maintenance fee per month unless you have a 5000.00 minimum daily collected balance or 10,000 in total linked deposits or a Suntrust First Mortgage with SurePay.

While $5.00 a month isn't horrendous, it is enough to make me think about using cash or writing a check. That comes out to be 60.00 a year.....that's ridiculous when it's more convenient for the stores and the banks to process card swipes over checks. I'm disappointed that they passed this on to the consumer :(

Maybe I will get mine this week. If this is what they are doing, I will eliminate Dh's acct, because we hardley keep anything in there anyway, we were just using it to cash his Army Reserve check and we are trying to get that changed to his USAA Direct Deposit Acct.

Mine must be the Solid Choice Banking acct, because my mortgage is tied to it, but I will close that if I have to and move my check to USAA. There is no way I could ever even begin to have a $5000 balance. I do have my check direct deposited there though. I will not pay any kind of fee to them, I will move my acct before I do that. I'll learn to carry cash again if I have to and write more checks, those are free anyway, or ry to strictly use that acct for bill pay.

C.Ann
08-03-2011, 08:38 PM
I have checking accounts, debit cards, and savings accounts with several different banks.. None have given any indication - thus far - that there will be any changes..

I'm not concerned.. I think the media is putting the cart before the horse - as they do in most cases..

We'll see..:)

PrincessSuzanne
08-03-2011, 10:17 PM
I have checking accounts, debit cards, and savings accounts with several different banks.. None have given any indication - thus far - that there will be any changes..

I'm not concerned.. I think the media is putting the cart before the horse - as they do in most cases..

We'll see..:)

No, they really aren't, when we are getting notices from more than one company already changing their policies and this so far is the second change for Suntrust, they took away our rewards on our Check Cards several months ago.

C.Ann
08-03-2011, 10:25 PM
No, they really aren't, when we are getting notices from more than one company already changing their policies and this so far is the second change for Suntrust, they took away our rewards on our Check Cards several months ago.

Sorry, I should have clarified "none of mine".. I'm not familiar with Suntrust or some of the other institutions mentioned here..:)

jgates
08-05-2011, 12:01 AM
A lot of banks are holding back to see how it does affect them, as I believe for different sizes of banks, etc., there are different long-term effects.

For those of you who say it won't affect you because you don't have a debit card - watch out. Just because you don't have a debit card, doesn't mean that something like your free checking will not be eliminated to make up for the income lost because of the decrease in the revenue they were earning overall on all of the debit card transactions run through their bank. They still have to make a profit to keep stockholders, etc. happy & to just pay the bills. Net interest margins (in other words profits on loans) are down & now this will make a cut for a significant number of banks. Other things will have to be raised to make up for it - overdraft fees, special service fees, monthly statement fees, etc. And even in the credit union industry, they still have to be able to stay out of the red to stay in business, even though they aren't satisfying stockholders. If someone bleeds out a large part of their income it could be an issue.

Hopefully things such as promoting electronic statements, etc. (postage savings), can offset some of this!

debrapagliasotti
08-05-2011, 12:09 AM
Our bank offers "free checking", however, if you use your check card as "debit" you pay $1.50 fee per transaction, if you use it as "credit", you dont pay the fee.

Deealee
08-05-2011, 01:28 AM
Not sure it will affect me at all. I've never used a debit card....ever....and have no plans to start.

Ditto.

I would rather use my credit card for the extra protection it offers. After all if I have the cash in my checking account to use s debit card I can just use it to pay my credit card.

OhMari
08-05-2011, 09:21 AM
I work at a bank and they have also did away with their rewards program due to the "Durban Act". We aren't allowed to discuss it with our customers either. Basically merchant processing earned money and now they aren't so we can't rewards our customers.

We don't have a "free account" although if your account is active (meaning you get a direct deposit or 5 transactions) during the month, your account maintainance fee is waived.

The Federal government decided on the Durban Act-so why can't it be discussed with your customers. I had 1% rewards on my Debit/Checking account and 2 years ago it went to .5%. As of Sept. 1 I was notified that the program will be discontinued because of the Durban Act the Federal government put in place.

My bank M&I recently got sold to a Canadian Bank. I am looking at my choices, the first choice is called Everyday Checking.
I have to have a direct deposit of over $500 or more, or keep a daily balance of $1,000. No interest will be earned on that $1,000. $2.00 a month if I want a paper statement, free if online. A $5.00 monthly fee for my Check card and if I write out more than 10 checks a month, I get charged $1.00 for every check I write.


Right now I am grandfathered with what I have, but I don't earn anything with the balance I keep in my checking account and I don't pay any fee's, except ATM fees if I get cash besides my banks ATM. No rewards of any kind.

I am going to look for a decent rewards credit card, pay as much as I can with it, and pay it off each month. I do have a Disney VISA, but I put it away. I would like something better than 1%, but that isn't looking to shabby right now.

TheRatPack
08-12-2011, 01:23 PM
Our bank offers "free checking", however, if you use your check card as "debit" you pay $1.50 fee per transaction, if you use it as "credit", you dont pay the fee.

The Suntrust letter said that if the card is swiped as a Point of Sell, Signature or PIN charge then it counts toward the 'usage' during the month. I figured I'd get around the fee if I slid it every transaction as a Credit...but no such luck with Suntrust :(

The Federal government decided on the Durban Act-so why can't it be discussed with your customers. I had 1% rewards on my Debit/Checking account and 2 years ago it went to .5%. As of Sept. 1 I was notified that the program will be discontinued because of the Durban Act the Federal government put in place.


Suntrust also had a rewards on their debit card, when it was slid as a 'credit'....it was nice. Sadly they did away with that months ago, before all this transaction fee stuff came to light.

TyTysMommy
08-12-2011, 01:50 PM
My credit union sent us an email about 6 months ago talking about this. They said we might have to pay a small fee each time we use our debit card, as they are non-profit, so the customers have to pay for the expenses.

I'm not really worried about it until it happens. And if it does happen, there is nothing I can do to change it. I just might carry cash more often.

disneysnowflake
08-12-2011, 05:52 PM
My bank is stopping rewards this coming week, unless you click on their "specials" link. It will take you to a select number of websites where you can earn 1-2% back if you buy a certain dollar amount and pay with your debit card.

No word yet on how they'll change using your debit card or charging more fees for checking.

My bank's web banking service messed up my web bill paying transactions and notified me online on Tuesday afternoon that I needed to call them. I waited on hold for 20 minutes, hung up and asked about it at my local bank branch, was told they couldn't help me, and waited on hold again for over 20 minutes. When I asked why I was on hold so long, I was told they offer such good services it's always busy. :rotfl:

The bank fixed what they did wrong, but I was angry that I had to wait on hold that long to speak to someone about a mistake they made with my checking account in order to get it corrected. I don't think a bank customer would stand in line for 20 minutes, go outside for a while and get back in line for another 20 minutes to get something corrected... but maybe they would and I'm just stupid.

disneysnowflake
08-12-2011, 05:55 PM
My credit union sent us an email about 6 months ago talking about this. They said we might have to pay a small fee each time we use our debit card, as they are non-profit, so the customers have to pay for the expenses.

I'm not really worried about it until it happens. And if it does happen, there is nothing I can do to change it. I just might carry cash more often.

If my bank starts charging me to use my debit card (it's currently free if you use the credit option), then I'll just use my credit card exclusively and not bother using my debit card at all from now on.

I already use ING for my savings account since my bank charges fees for any saving account and gives a whopping 1/2 percent in interest or less depending on how much you have in there.

PrincessSuzanne
08-15-2011, 10:17 AM
The Suntrust letter said that if the card is swiped as a Point of Sell, Signature or PIN charge then it counts toward the 'usage' during the month. I figured I'd get around the fee if I slid it every transaction as a Credit...but no such luck with Suntrust :(



Suntrust also had a rewards on their debit card, when it was slid as a 'credit'....it was nice. Sadly they did away with that months ago, before all this transaction fee stuff came to light.

You know, I still havne't gotten a letter from them regarding these changes, guess I will have to call them, I don't want to be charged any fees without first being notified.

Dismom55
08-15-2011, 11:55 AM
Nothing from my bank yet, but now know to be on the lookout. If they start to charge me to keep my money, well then I will have to investigate my options. I use my debit card like a credit card for nearly everything. Have one credit card I hardly use as it is for emergencies only or car rentals to Disney. My bank recently stopped rewards and I would have had to pay a fee to start rewards on the credit card so I never started it in the first place.

I do remember always being charged for banking when I first got married in the 70's, did not like it then, don't like the idea of it now. We shall see.

PrincessSuzanne
08-17-2011, 01:28 PM
I finally got my letter from Suntrust and I am none too happy with them right now. I would possibly be able to get by without the monthly maintenance fee, but there is still a $5 charge for the check card. The new policy take effect on Nov 10th, so I am going to shop around.

It looks like 2 of the Credit Unions here in town have dropped the monthly check card fee, so I may go to one of them or even add another checking acct to USAA. I would just really like to have something local in case I had a check I needed to cash right away...ugh