End of free checking accounts near, this makes me mad

[C.Ann]

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]

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]

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]

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]

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]

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]

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]

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]

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]

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.

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]

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]

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]

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]

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