End of free checking accounts near, this makes me mad

[ShellyLynn3630]

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]

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]

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]

My advice -- Switch to a credit union!

 

[JaymeC]

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]

Not sure it will affect me at all. I've never used a debit card....ever....and have no plans to start.

 

[TheRatPack]

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]

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.

- 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]

never mind

 

[mom_of_3_mousketeers]

Would you be able to use your debit card as a credit card transaction instead? 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]

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]

If you read the link about the 1% on snopes it basically says that although it is proposed it won't pass.

 

[Diegosmom]

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]

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]

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).

 

[Swimalie]

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]

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]

Would you be able to use your debit card as a credit card transaction instead?

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]

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]

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.