Yep, it needs a total overhaul, when countries are worried about what the IMF says etc, they are not running their countries correctly. Banks have become too powerful..... DD
What is the purpose of a debit card? Why not just use a credit card and get the rewards and the fraud protection? As long as you pay your balance every month, there doesn't seem to be any reason to use a debit card in the first place.
I probably use $50 in cash a month at the most. I'll have $200 in my wallet but it lasts me forever. Everything else goes on my AMEX Blue Cash. Is there a reason why people use so much cash that they need access to an ATM all the time?
If it's like Chase, you have to tell them you want a Premium Account and they have a requirement that you keep a certain amount of money in that account. According to DD it is $1000. Chase has a similar account. I'm not sure what the minimum is. It was $10k. Not sure what it is now.
I use cash for variable expenses because otherwise it's too much work to keep up with how much I'm spending as I go. If I use cash, I know when I run out that I've spent all that I need to/planned on spending for the month.
I guess that's one way to manage your expenses if you don't know how to properly do it. No offense. It surely is better than the alternative that a lot of Americans have gotten theirselves into. Frankly, I think having a credit card makes keeping track of my spending a hell of a lot easier.
My Wells Fargo Visa now has cashback, so that's nice. Also have the Amex Blue. I try not to use my debit card except for small everyday purchases under $10.
USAA and Credit Unions FTMFW BAC is an evil corporation and if they disappeared tomorrow and every last vestige of their existence was wiped from human history the world would be a much better place.
I only use mine for pulling cash out at an ATM. Otherwise, I agree. Why not take advantage of a ~45 day interest free loan in which you also get some points/cash back? I guess many people can't manage their finances and bills well. Debit cards only really allow you to access the funds you have, while you can easily spend more than you have on a credit card if you aren't mindful.
What a crazy, short-sighted decision. A total money grab. 1. How much will it cost them to process all of those hand-written checks? 2. How many customers will they lose? 3. How much is it going to cost them in overhead to keep their ATMs filled? I'm sure there's more. Silver lining to this- it may break America's conditioning to use plastic whenever they want something. Make it harder to spend money, people may not spend as much.
If I had to guess l'd say it's because some places don't take credit cards, such as tables at the casino, stripper snatch, and the weed-man.
No everyone will cry that its too socialist. Reform is impossible in this brainwashed country. The answer is government regulation of banks, but if you suggest the words "more government regulation" then people go berserk.
Just to reiterate, because I want to make sure you are saying this - you want the entire banking system to fail? Do you realize the worldwide turmoil that would cause? Do you realize the number of businesses worldwide that would collapse? Your personal finances would probably be mostly wiped out (unless you have money stashed in your mattress) and even then the money may be useless. And you can't wait for this.
They don't care. They are counting on their costumers to roll over and take it and go back to watching reality t.v.
I'm not at BOA but I am at Regions and they recently announced the same thing but it will be $4 instead of $5. Regions has been losing branches around here so it's not as easy to find one anymore. I'm thinking my checking account is about to join my savings account at the local credit union.
