First, ATM fees. Now...

[Nayan]

Chase is killing Debit Rewards:

http://www.bloomberg.com/news/2011-03-21/jpmorgan-will-cease-debit-card-rewards-program-because-of-proposed-fee-cap.html

 

[eliza61]

any thing banks do anymore, no longer surprises me.

Truthfully Nayan, this really doesn't bother me. I think one of the problems we are having is that we have grown to "expect" all types of freebies and now they are disappearing. I want my bank/credit union to do a few things.

1) give me a decent return on my investments (unfortunately interest rates are so low now)
2) make it relatively easy for me to get my money.
3) offer products that have rules that are easy to understand. If I have a credit card, I want to be able to easily find out the terms and regulations without having to have a finance degree or a law degree.

After that, every thing else is gravy. If banks want to do away with debit cards, I will survive and probably save a lot more money in the long run.

 

[pixiewings71]

ATM fees?? DBF has Chase and has no ATM fees....

 

[Kathi OD]

any thing banks do anymore, no longer surprises me.

Truthfully Nayan, this really doesn't bother me. I think one of the problems we are having is that we have grown to "expect" all types of freebies and now they are disappearing. I want my bank/credit union to do a few things.

1) give me a decent return on my investments (unfortunately interest rates are so low now)
2) make it relatively easy for me to get my money.
3) offer products that have rules that are easy to understand. If I have a credit card, I want to be able to easily find out the terms and regulations without having to have a finance degree or a law degree.

After that, every thing else is gravy. If banks want to do away with debit cards, I will survive and probably save a lot more money in the long run.

I couldn't agree more! Taking away a freebie isn't in the same category as charging you to access your money.

 

[cglaura]

ATM fees?? DBF has Chase and has no ATM fees....

There was a recent article about them adding a $5 out of network fee to use their ATM machines.

There was a little discussion on it here:
http://www.disboards.com/showthread.php?t=2680131

 

[Nayan]

any thing banks do anymore, no longer surprises me.

Truthfully Nayan, this really doesn't bother me. I think one of the problems we are having is that we have grown to "expect" all types of freebies and now they are disappearing. I want my bank/credit union to do a few things.

1) give me a decent return on my investments (unfortunately interest rates are so low now)
2) make it relatively easy for me to get my money.
3) offer products that have rules that are easy to understand. If I have a credit card, I want to be able to easily find out the terms and regulations without having to have a finance degree or a law degree.

After that, every thing else is gravy. If banks want to do away with debit cards, I will survive and probably save a lot more money in the long run.

I agree 100%. My DH will laugh when he looks at the interest he's earned and joke that we can really splurge on that amount . I don't have anything that gives rewards but a few of my friends do and they were complaining. But you're right, we've wanted and expected freebies for so long now folks have hissy fits when they get taken away or aren't offered anymore.

 

[PBader]

The caps on swipe fees are very good for the retailers. I have 2 gas stations with small convenience stores. Credit card processing fees are my highest expense right behind rent and employee payroll. Banks have for quite awhile now offered the rewards as a way to make customers use their cards as credit to obtain the rewards while it is much cheaper for retailers to process the cards as a debit transaction.

Over the course of a year credit card companies make more of my fuel sales than I do. 85% of our fuel sales are purchased directly at the pump, On an average $50 fuel purchase a debit transaction costs me $1.20, while my net profit is 70c. (about 5c per gallon) Under the new regulations it is capped at .20c (I believe)

***Consumer rewards should be paid for out of the profits the banks make, not by the retailers***