Banks Avoid New Credit Card Regulations By Increasing Debit Card Fees

[DetroitDad]

http://www.nypost.com/seven/06282009...ist_176477.htm

http://theautomaticearth.blogspot.com/

[Lorax]

One of the big reasons I left American banks behind this last year.

I bank with TD Bank [[Toronto Dominion) and it's been a breeze thus far. No fees, everything free. I pay only for ordering checks. No lines, great service. They are along the east coast and in Florida right now, hopefully will be in Michigan soon.

These corporations, unless you regulate every angle, will find some loophole to screw their customers. Guess debit cards will start dropping off like credit cards have, and hopefully we'll return to an entirely cash system. Without the credit cards, debit cards, and of course loans, what do we need banks for? Screw 'em.

[Sstashmoo]

Master of misinformation.

Yeah, everyone is going to stop using their debit cards.

Quote: "These corporations, unless you regulate every angle, will find some loophole to screw their customers. "

Didn't you mention you own a business on another thread? If you are incorporated, an S-corp or an LLC, you are a "corporation", unless you aren't, then you really don't have a business and you are self-employed.

[Lorax]

Master of misinformation.

Yeah, everyone is going to stop using their debit cards.

Quote: "These corporations, unless you regulate every angle, will find some loophole to screw their customers. "

Didn't you mention you own a business on another thread? If you are incorporated, an S-corp or an LLC, you are a "corporation", unless you aren't, then you're self employed.

Yes, I own several, and am partner in several.

We don't take credit or debit cards. And haven't for 25 years.

If you don't have a check, money order, or can initiate a wire transfer, you can't do business with us.

We use banks as they were intended to be used, as a clearing house for incoming funds, and as a convenience- to us.

When banks started selling "products" we knew the end was near.

[Sstashmoo]

Quote: "Yes, I own several, and am partner in several."

Ok, thanks for clearing that up, so you're actually a conglomerate/parent..Umbrella as it were. So are any of your "several" "businesses" protected under a corporation, or is it just a case of, if you get sued, winner takes all?

[Lorax]

Quote: "Yes, I own several, and am partner in several."

Ok, thanks for clearing that up, so you're actually a conglomerate/parent..Umbrella as it were. So are any of your "several" "businesses" protected under a corporation, or is it just a case of, if you get sued, winner takes all?

Thanks for elevating us to "conglomerate" status, I'm really feeling the love here.

Interesting how you put "businesses" in quotations.

Nevertheless, all are corporations, and in different states. You seem so curious, maybe it's because you're baffled that there's a flaming liberal/socialist out there who believes in capitalism when it's well run and regulated. And who is so successful at it.

Your constipated replies to my posts are really charming, you should write children's books.

[Sstashmoo]

Quote: "Nevertheless, all are corporations, and in different states"

So, you own several "corporations" now, then why are you always whining about corporations? by making statements like this: "These corporations, unless you regulate every angle, will find some loophole to screw their customers. "

Quote: "You seem so curious, maybe it's because you're baffled that there's a flaming liberal/socialist out there who believes in capitalism"

No, I just know bullshit when I read it.

[Lorax]

Quote: "You seem so curious, maybe it's because you're baffled that there's a flaming liberal/socialist out there who believes in capitalism"

No, I just know bullshit when I read it.

Why so angry?

You're the deluded one here, Sparky.

Tell you what, I'll promise not to respond to your bullshit, if you promise not to refer to mine, OK?

[Sstashmoo]

I was just pointing out that you are repeatedly attacking yourself with your posts. Blowing on about corporations, how evil and bad they are, and you own several.

[Thames]

I hear a lot of people complain about debit card overdraft fees. The solution is simple. Don't use a debit card.

I have never used one and never will. Two of us use one account and I admit that there is no way I could keep track of all those transactions, don't have the time.

I can see us getting hit with a $35 for a $3 purchase if one of us didn't know the other had just spent out of the account.

It's a lot easier to see what's in my wallet than to see what's in the bank account when I'm at the cashier.

I know I'm old fashioned because I don't think debit cards are easier. I think they would be a pain in the ass.

[DetroitDad]

I was just pointing out that you are repeatedly attacking yourself with your posts. Blowing on about corporations, how evil and bad they are, and you own several.

He didn't say all corporations were bad, just that those ones were, didn't he?

I think there is a difference between owning a corporation and having an owner-less corporation [[publicly traded with an unwatched CEO).

[Lorax]

I was just pointing out that you are repeatedly attacking yourself with your posts. Blowing on about corporations, how evil and bad they are, and you own several.

Just like Batts. It's either/or with you.

If you had actually read any of my previous posts, you will discover that I am really a capitalist at heart, just not a raging, selfish, sanctimonious fearmongering one.

I believe in everyone having a chance, and that includes America as a nation. We as a nation would have a level playing field if we had socialized medicine as most other industrialized nations do.

If we charged duties on incoming foreign goods, much as others charge duties on our goods going in, we'd have a more level playing field.

I have no problem with capitalism and free markets, when they are regulated, practice free trade which is fair trade, and put workers, their health, education, families, and native industries first. We haven't done that in over thirty years, and have allowed corporations to run rampant, without rules or regulations to keep them in check.

[1KielsonDrive]

I'll repeat what I said before - stop using banks. Stop chasing deals on credit cards. The banks will only screw you. They don't want to give you free miles and cash back. They want you to believe they're going to - and then they screw you. It's all a marketing illusion. The corporate slight of hand. Get a membership in a good, small to medium sized, local, credit union. Go to the annual meetings and know your board members.

[Sstashmoo]

Banks are businesses, of course they charge fees. They sure as hell aren't getting much return on their investments nowadays. Can't offer everything for free and maintain a bottom line like that. I've dealt with Credit unions in the past, no thanks. What a cluster-F that was. It all balances out, you get a little more of this at one and lose the other. Banks just typically offer a better range of services and products, and most of us don't mind paying for something as long we need it and are getting something for it. And the fees can be offset for businesses, just another line-item. Anyone in business knows that. Of course, we could all do like Lorax and run our corporations out of Canada.

[Lorax]

No shyt. I would love to run mine out of Canada. Any ideas?

I use TD bank, that's a start.

[ccbatson]

Lorax...you are running away from American banks reacting to what your Messiah is doing to them. Think about what that means for a moment. Also consider that this is the beginning of the ramifications of Obama socialism hitting home for you. WHere will you run to when there is nowhere left to turn?

[Detroitej72]

The best solution to avoid these bloodsuckers is to use cash as much as possible.

[Lorax]

The best solution to avoid these bloodsuckers is to use cash as much as possible.

Back at ya!

[DetroitDad]

The best solution to avoid these bloodsuckers is to use cash as much as possible.

or avoid money and barter whenever possible. Remember, whenever you put one dollar into a bank, they can loan out some $130, helping to prop up the artificial wealth, and making them stronger.

[Lorax]

Lorax...you are running away from American banks reacting to what your Messiah is doing to them. Think about what that means for a moment. Also consider that this is the beginning of the ramifications of Obama socialism hitting home for you. WHere will you run to when there is nowhere left to turn?

What planet do you live on?

I left BofA because it's a lousy bank.

It's fees are escalating at an alarming rate, the lines are 50 deep every day due to the lack of branches [[many were blown out in Hurricane Wilma and never replaced), and when I did pull out four accounts, they were begging me to stay.

I ran a considerable amount through BofA over the years, and even after I left, they were still paying automatic monthly withdrawls from my CLOSED accounts!

Then had the nerve to send me letters asking me to fund the accounts for the overage + fees! On my CLOSED accounts!

What would you have done?

Friends of mine at Citibank have even worse news to report.

I'm distressed because Obama hasn't nationalized the banks as he should have. It's back to business as usual on Wall Street, and the really big collapse is yet to come. I figure I couldn't do any worse with a Canadian outfit.

[Det_ard]

or avoid money and barter whenever possible. Remember, whenever you put one dollar into a bank, they can loan out some $130, helping to prop up the artificial wealth, and making them stronger.

If you're going to castigate this forum for a lack of intelligent conversation, don't be part of the problem. The reserve requirement is 10% which gives a money multiplier of 10, not 130.

[DetroitDad]

Hey, I never claimed to contribute intelligent discussion, I just like reading it.

That was seriously a mistake. Thanks for intelligently correcting it!

[Sstashmoo]

Quote: "the lines are 50 deep every day"

You own several corporations and have to go to the bank every day and stand in line?? Oh F that is funny..

Quote: "I did pull out four accounts,"



Quote: "they were begging me to stay. "

You should have, I understand they'll give you an AM/FM radio or beachbag, your pick.

I deal with a bank, absolutely no problems whatsoever.

[DetroitDad]

What planet do you live on?

I left BofA because it's a lousy bank.

It's fees are escalating at an alarming rate, the lines are 50 deep every day due to the lack of branches [[many were blown out in Hurricane Wilma and never replaced), and when I did pull out four accounts, they were begging me to stay.

I ran a considerable amount through BofA over the years, and even after I left, they were still paying automatic monthly withdrawls from my CLOSED accounts!

Then had the nerve to send me letters asking me to fund the accounts for the overage + fees! On my CLOSED accounts!

What would you have done?

Friends of mine at Citibank have even worse news to report.

I'm distressed because Obama hasn't nationalized the banks as he should have. It's back to business as usual on Wall Street, and the really big collapse is yet to come. I figure I couldn't do any worse with a Canadian outfit.

Beware of TCF Bank, they did the exact same thing to me.

[jiminnm]

I deal with a bank, absolutely no problems whatsoever.

Thanks stash, me too. If Amex wants to pay me $500-600/year to use their card, I'm OK with that.