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Banks, Credit Unions, and Fees: Oh my!

Re: Banks, Credit Unions, and Fees: Oh my!

goldy_331 said:
We use a credit card and pay it off each month with a direct transfer, thus getting cash-back rewards and no fees while still earning a tiny bit of interest on our money until the transfer clears. It's not much, but it beats the hell out of paying fees.
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Good way to do it also. I just find it hilarious that all the people touting debit cards are now on the losing end. ;)
 
Re: Banks, Credit Unions, and Fees: Oh my!

i have never had a debit card. i have not had an atm card for 10+ years.
 
Re: Banks, Credit Unions, and Fees: Oh my!

Brenthoven said:
Huh. Old-fashioned me mostly paying with cash or check, avoiding all these fees. :p
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You mean there are still places in the metro that take checks? :D


The fee could be worse, ya know. The merchant could charge you a flat percent per transaction on top of the purchase price and then your bank could charge you for using the card each month.
 
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Re: Banks, Credit Unions, and Fees: Oh my!

ScottM said:
USAA ftw! :)

Actually, USAA ended its rewards program for its still-free debit cards. So I use their credit card for its cash rewards and payoff the balance from the debit/checking account.
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goldy_331 said:
We use a credit card and pay it off each month with a direct transfer, thus getting cash-back rewards and no fees while still earning a tiny bit of interest on our money until the transfer clears. It's not much, but it beats the hell out of paying fees.
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These. I use a credit card and pay off every month. So far this yr I have made over 600$ free and clear doing that. Put everything on it so we get cash back on everything. It also has rewards partners so you can get a gift card for 25$ with 20 of your cash back. Finances all the gift cards for the holiday and did for the school clothes too.
 
Re: Banks, Credit Unions, and Fees: Oh my!

I had a credit union account when I was growing up, went bank in college (and got royally screwed by these more times that I can count), and switched back to a CU when I moved to Duluth. I couldn't be happier with this CU and am glad I switched back.
 
Re: Banks, Credit Unions, and Fees: Oh my!

Ruse or not, I was paid last month for using my card, and don't get charged any ATM fees. Ruse or not, I'm satisfied, which seems to be better than those who use the banks are feeling right now.
 
Re: Banks, Credit Unions, and Fees: Oh my!

If the Credit Unions were to start getting taxed, they may or may not start charging fees for ATM/Debit card transactions and the like.

One thing I'm sure of, though. If Banks were taxed like Credit Unions are now, they would not start offering the free services I get offered now by my Credit Union. If they can charge for checking accounts, they will. If the income from debit card fees exceeds the lost business due to less debit card usage, they will continue to charge it, whether or not Credit Unions get taxed.


The big winner if Credit Unions were to start getting taxed like Banks would be Banks, not consumers
 
Re: Banks, Credit Unions, and Fees: Oh my!

It's amazing the number of commercials I now see out there for banks that tout "Free checking", "No ATM fees", "Talk to a real person", and things like that. Actually, Ally just recently started a rewards program. I suppose it helps if you're silent partners with a company that facilitates automobile loans.

So long as there is a sucker born every minute, people will continue to accept all of these fees.
 
Re: Banks, Credit Unions, and Fees: Oh my!

CLS said:
If the Credit Unions were to start getting taxed, they may or may not start charging fees for ATM/Debit card transactions and the like.

One thing I'm sure of, though. If Banks were taxed like Credit Unions are now, they would not start offering the free services I get offered now by my Credit Union. If they can charge for checking accounts, they will. If the income from debit card fees exceeds the lost business due to less debit card usage, they will continue to charge it, whether or not Credit Unions get taxed.


The big winner if Credit Unions were to start getting taxed like Banks would be Banks, not consumers
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Well said. Over the years when I've dealt with the big banks, it's been nothing but headaches and fees. How Wells Fargo stays in business after the bumbling people I've dealt with there, I'll never understand. By contrast, my credit union is very good to work with. Why anyone goes with the big banks is beyond me, other than just liking that they have branches everywhere.
 
Re: Banks, Credit Unions, and Fees: Oh my!

Do we get in this much of a palaver when our local or state government raises "fees" to cover shortfalls in revenue?
 
Re: Banks, Credit Unions, and Fees: Oh my!

joecct said:
Do we get in this much of a palaver when our local or state government raises "fees" to cover shortfalls in revenue?
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If my town tried to raise fees there would be an armed revolt. The most vocal people in my town are morons.
 
Re: Banks, Credit Unions, and Fees: Oh my!

My favorite part is how the banks tried to destroy the entire world economy and now this is how they "get back on track". It's funny.
 
Re: Banks, Credit Unions, and Fees: Oh my!

nmupiccdiva said:
Ruse or not, I was paid last month for using my card, and don't get charged any ATM fees. Ruse or not, I'm satisfied, which seems to be better than those who use the banks are feeling right now.
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I am not saying it is a ruse, I googled CU's and that is one of the top 5. That most of the top finds are from the CU industry wasn't lost on me...they appear to have a pretty good campaign of trying to keep their view at the top of the search results.

They should defend their turf if the claims on that 1 website are accurate...the one thing that will really help is that many CU's support the largest workforce in america: state and federal employees. Now, I'm not saying that government employees are the largest special interest in the country and have a direct connection to those who make the rules...but some might say that;-)

If banks didn't pay taxes and didn't have to spend anything on CRA then you'd likely see more happy bank customers.
 
Re: Banks, Credit Unions, and Fees: Oh my!

pirate said:
If banks didn't pay taxes and didn't have to spend anything on CRA then you'd likely see more happy bank customers.
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Right. Because Potter's Bank was the hero and Bailey's Savings and Loan was the villain in It's a Wonderful Life, right?

The ability of society to repeat its mistakes never ceases to amaze me.

I say this as a customer of Wells Fargo (though, again, without any loyalty - as soon as they try to fark me, I'm gone).
 
Re: Banks, Credit Unions, and Fees: Oh my!

unofan said:
Right. Because Potter's Bank was the hero and Bailey's Savings and Loan was the villain in It's a Wonderful Life, right?

The ability of society to repeat its mistakes never ceases to amaze me.

I say this as a customer of Wells Fargo (though, again, without any loyalty - as soon as they try to fark me, I'm gone).
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I find myself agreeing with unofan! :eek:
 
Re: Banks, Credit Unions, and Fees: Oh my!

Yeah if Banks had their taxes ended tomorrow they would not change anything. It is like the idiotic idea of having gas tax holidays...why would the gas company drop the price when they know people will pay it as is. They already shifted the burden to the customer anyways.

Same holds true for the banks...they would do nothing but protect their bottom line.
 
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