chevysoldier Posted March 10, 2011 Report Share Posted March 10, 2011 Money hungry bankers or justified to cover costs?JPMorgan Chase, one of the nation's largest banks, is considering capping debit card transactions at either $50 or $100, according to a source with knowledge of the proposal.Why? Because of a tricky thing called interchange feeshttp://money.cnn.com/2011/03/10/pf/debit_cards_limit/index.htm Quote Link to comment Share on other sites More sharing options...
Beegreenstrings Posted March 10, 2011 Report Share Posted March 10, 2011 Be a shame when people actually get smart and take all their money out of the banks... Buy a safe people Quote Link to comment Share on other sites More sharing options...
4DAIVI PAI2K5 Posted March 10, 2011 Report Share Posted March 10, 2011 would this affect me using my bank card an running it credit like i always do? Quote Link to comment Share on other sites More sharing options...
cmh_sprint Posted March 10, 2011 Report Share Posted March 10, 2011 would this affect me using my bank card an running it credit like i always do?Nope, only if you have to enter a PIN. I never use mine as a debit card either. Quote Link to comment Share on other sites More sharing options...
jblosser Posted March 10, 2011 Report Share Posted March 10, 2011 Costs me 75 cents/transaction debit, 0 cents credit.Guess which one I choose?If your bank wants to do this to you, I suggest moving your account(s) to a credit union. Quote Link to comment Share on other sites More sharing options...
jporter12 Posted March 10, 2011 Report Share Posted March 10, 2011 Money hungry bankers or justified to cover costs?I'm gonna guess that it's somewhere in between. I'm sure they're profiting from this, but yet some portion of it is justified for what they're saying it's for. The question lies in what those amounts are, and what would be "fair" for them to still make a small amount, and be able to maintain services. Are they at that point, or is there some other way they can fund what will be lost? All stuff that's WAY over my head! Quote Link to comment Share on other sites More sharing options...
John Posted March 10, 2011 Report Share Posted March 10, 2011 Costs me 75 cents/transaction debit, 0 cents credit.Guess which one I choose?the fees that merchants pay is less for PIN transactions than credit... i guess they hit you with that 75 cents to make up the difference. Quote Link to comment Share on other sites More sharing options...
Cheech Posted March 10, 2011 Report Share Posted March 10, 2011 U. S. A. A.Seriously. You don't need to be military to get a checking/savings account, I get a certain number of ATM fees refunded to me at the end of the month, or if you need cash back just go to a grocery store and get it there, no debit transaction fees. Great customer service, even better online banking.If you absolutely have to have access to deposit live checks, get a account at a local branch (even better, get a acct at a bank where your mortgage lives if they have local branches), get an account that still has free checking with no min. balance (Huntington springs to mind), set up bank-to-bank wire transfers (you get a certain number free per month), and there you go.Learn how to game the system. Quote Link to comment Share on other sites More sharing options...
Cheech Posted March 10, 2011 Report Share Posted March 10, 2011 I'm gonna guess that it's somewhere in between. I'm sure they're profiting from this, but yet some portion of it is justified for what they're saying it's for. The question lies in what those amounts are, and what would be "fair" for them to still make a small amount, and be able to maintain services. Are they at that point, or is there some other way they can fund what will be lost? All stuff that's WAY over my head! Banks lost billions of dollars as a result of the CARD act. Follow the money. Quote Link to comment Share on other sites More sharing options...
chevysoldier Posted March 10, 2011 Author Report Share Posted March 10, 2011 U. S. A. A.Seriously. You don't need to be military to get a checking/savings account, I get a certain number of ATM fees refunded to me at the end of the month, or if you need cash back just go to a grocery store and get it there, no debit transaction fees. Great customer service, even better online banking.If you absolutely have to have access to deposit live checks, get a account at a local branch (even better, get a acct at a bank where your mortgage lives if they have local branches), get an account that still has free checking with no min. balance (Huntington springs to mind), set up bank-to-bank wire transfers (you get a certain number free per month), and there you go.Learn how to game the system.SCREW USAA! Since my wife and I have been out it's lying pulling teeth trying to deal with them. We were on the phone constantly with them because they don't update records, saying one thing and then doing another. All my accounts with them are gone. I will never deal with them again or refer anyone to them. Quote Link to comment Share on other sites More sharing options...
magley64 Posted March 10, 2011 Report Share Posted March 10, 2011 Huntington ftmfw Quote Link to comment Share on other sites More sharing options...
Cheech Posted March 10, 2011 Report Share Posted March 10, 2011 SCREW USAA! Since my wife and I have been out it's lying pulling teeth trying to deal with them. We were on the phone constantly with them because they don't update records, saying one thing and then doing another. All my accounts with them are gone. I will never deal with them again or refer anyone to them.Wow, that really sucks. I hope everything worked out for you. Quote Link to comment Share on other sites More sharing options...
Cheech Posted March 10, 2011 Report Share Posted March 10, 2011 Huntington ftmfwit's free checking, for now. I had an account with them for about 10 years that I opened in college, as soon as I started getting hit with ATM fees, debit card fees, all sorts of dumb shit, I abandoned as fast as I could. Quote Link to comment Share on other sites More sharing options...
justin0469 Posted March 10, 2011 Report Share Posted March 10, 2011 SCREW USAA! Since my wife and I have been out it's lying pulling teeth trying to deal with them. We were on the phone constantly with them because they don't update records, saying one thing and then doing another. All my accounts with them are gone. I will never deal with them again or refer anyone to them.crazy, you are the first person i've ever heard of that's had anything bad to say about USAA. I love it and wouldn't bank anywhere else. Take pictures of checks on my phone to deposit them, free (refunded) ATM use, best customer service I've experienced anywhere (not just banking or insurance) and direct deposits available as soon as they are sent from the other bank rather than waiting days. Huntington is a close second, just because they have free business checking so I use them for that since USAA doesn't offer business accounts. Quote Link to comment Share on other sites More sharing options...
chevysoldier Posted March 10, 2011 Author Report Share Posted March 10, 2011 crazy, you are the first person i've ever heard of that's had anything bad to say about USAA. I love it and wouldn't bank anywhere else. Take pictures of checks on my phone to deposit them, free (refunded) ATM use, best customer service I've experienced anywhere (not just banking or insurance) and direct deposits available as soon as they are sent from the other bank rather than waiting days. Huntington is a close second, just because they have free business checking so I use them for that since USAA doesn't offer business accounts.Dealing with them when I was in was great. And I'm not disputing the services like scanning checks and all that. But since I've been out anytime we had an issue with something, trying to work with them was near impossible. Being on hold for hours at a time, not being able to talk to people that can help with our issue, them saying one thing and then doing another. when we would talk to someone and work out an issue, we'd get a call the next day because they wouldn't annotate it in their system so we'd have to go through the whole process again. Not getting into a lot of details because they are my issues but my experience is unless you are a perfect customer, service is great. As soon as you have some problems with whatever, don't bet on them helping you a whole lot. Just in general, the time difference sometimes makes it difficult to deal with them and not having an actual place I can walk into and talk face to face which is nice sometimes. Quote Link to comment Share on other sites More sharing options...
Jst2fst Posted March 10, 2011 Report Share Posted March 10, 2011 I use the credit option no charge and if they did I'd just switch to another bank account I have. Quote Link to comment Share on other sites More sharing options...
Steve Butters Posted March 10, 2011 Report Share Posted March 10, 2011 you guys who use "banks" are such suckers.....i love my credit union...no fee for debit which works out quite nicely because i like my stuff posting directly to my account instead of waiting a few days Quote Link to comment Share on other sites More sharing options...
gen3flygirl Posted March 10, 2011 Report Share Posted March 10, 2011 Moar Fear? Quote Link to comment Share on other sites More sharing options...
Cheech Posted March 10, 2011 Report Share Posted March 10, 2011 What bank charges a fee for using your card as either a "debit" or "credit" card? More importantly' date=' what moron pays money for any service involving a checking account?[/quote']Chase (amongst others, but they are the biggest), and lots of really dumb people. Quote Link to comment Share on other sites More sharing options...
Disclaimer Posted March 10, 2011 Report Share Posted March 10, 2011 Chase isn't whats in my wallet Quote Link to comment Share on other sites More sharing options...
magley64 Posted March 11, 2011 Report Share Posted March 11, 2011 you guys who use "banks" are such suckers.....i love my credit union...no fee for debit which works out quite nicely because i like my stuff posting directly to my account instead of waiting a few daysyeah, cause the "star" network is soo vast...I'm happy with my visa and mastercard branded debit cards, keep your credit union. Huntington gave me a free hundred for opening my account, no fees for using any ATM, 24 hour grace, no minimum balance, I'm plus 100 and I can use my card as credit pretty much anywhere.enjoy your star network mac card sucker! Quote Link to comment Share on other sites More sharing options...
RVTPilot Posted March 11, 2011 Report Share Posted March 11, 2011 yeah, cause the "star" network is soo vast...I'm happy with my visa and mastercard branded debit cards, keep your credit union. Huntington gave me a free hundred for opening my account, no fees for using any ATM, 24 hour grace, no minimum balance, I'm plus 100 and I can use my card as credit pretty much anywhere.enjoy your star network mac card sucker!I have all that with accounts at two separate credit unions. Plain and simple. Banks are a for profit business, and fees are their revenue stream. They can do whatever they feel is justified to enrich their coffers, and are entitled to do so. Credit unions are non-profit and are better oriented to serve their members first. Some banks do a very nice job for their customers, but don't be fooled to think they aren't making damn sure they are taken care of first. And I have been all over the world with my CU atm/debit card and never had a problem getting my funds. Quote Link to comment Share on other sites More sharing options...
Scruit Posted March 11, 2011 Report Share Posted March 11, 2011 Nope, only if you have to enter a PIN. I never use mine as a debit card either.The articles says it would also limit "run as credit" transactions. Quote Link to comment Share on other sites More sharing options...
Scruit Posted March 11, 2011 Report Share Posted March 11, 2011 Chase FTL. Huntington FTW. Quote Link to comment Share on other sites More sharing options...
tyler524 Posted March 11, 2011 Report Share Posted March 11, 2011 I have Chase and have never uad any issues with them. I have my mortgage, auto loan, checking, and savings with them. I have never been charged any fees except for my $25/year membership fee for my debit rewards program which I made about $600 on last year. I don't get any fees for using my card and run everything as credit and it posts instantly to my account. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.