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Hawaii_Jake's avatar

Has your bank started raising fees?

Asked by Hawaii_Jake (33162points) September 29th, 2011

This article is about one national bank in the US that is going to start charging its customers a fee to use their debit cards. It’s the result of regulatory changes enacted since the financial collapse of September, 2008.

I’m going to be scrutinizing my bank statements carefully from now on to avoid seemingly small fees, which add up over the year. I haven’t found where my bank has started raising fees yet, but I’m wary of them.

If your bank raises fees, how will it affect you?

Would you change banks?

Would you start using other methods of payment?

How would this change your life?

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22 Answers

Bellatrix's avatar

I was just reading something similar about the use of eftpos here. It hasn’t happened yet but it makes me cranky and if I could avoid it I would. I can afford it but given the profit the banks make and their preference for us to use banking and shopping methods that don’t involve their staff, it makes me resentful when I am charged at every turn. I doubt I will be able to do anything about it though and I imagine I will have to suck it up and live with it.

Hawaii_Jake's avatar

@Bellatrix : their preference for us to use banking and shopping methods that don’t involve their staff, it makes me resentful

I couldn’t agree more. They want to cut their labor force to lower their costs, but now it seems they want us to pay for the privilege of keeping our money in their bank.

Bellatrix's avatar

Yep. Grrr. Banks.

Brian1946's avatar

I don’t use a debit card for security reasons.

I use a credit union, and thankfully I haven’t had any deposits in a bank since 1982.

Bellatrix's avatar

How do you get your money out @Brian1946? Do you go and stand at the counter and withdraw your money? I ‘bank’ with a credit union but I still have a credit and a debit card and what we call and eftpos card that allows me to buy things using the eftpos machine on the counter and access my money through machines. The fees I referred to will be passed on to me even though I use a credit union.

“FROM tomorrow shoppers are set to be charged every time they spend more than $15 through Eftpos – but it should not be more than 5 cent.

Up until now, any time a customer used his or her bank card, neither the retailers nor the customers had to pay fees. Any fees were paid by the customer’s bank.

But that’s about to change.

The company that owns Eftpos, known as ePAL, will reverse how the fee structure works and the fees will now be incurred by the retailers’ bank.

The likely scenario will be that the banks incurring this new charge will pass on this fee to the retailers who will in turn pass it on to the customers.

Read more:"

So, unless you only access cash via a teller or a machine (which may already incur a charge), you will be charged too. Of course, if you are only using cash, obtained from a teller, at this point you won’t be charged I would guess.

Brian1946's avatar


“How do you get your money out @Brian1946?”

I use the direct teller machine located at one of my credit union branch buildings, and that’s fee-free.

Sometimes I go inside and have a teller do it, which is also fee-free.

My guess is that they don’t yet charge for debit card use, but I’m totally out of that loop, so I’m not sure.

“I ‘bank’ with a credit union but I still have a credit and a debit card and what we call and eftpos card that allows me to buy things using the eftpos machine on the counter and access my money through machines.”

Doesn’t your CU have its own TM that you can use to access your money?

Bellatrix's avatar

It does but I never go there. It is a convenience thing. It would cost me more time wise to avoid eftpos machine fees. There are machines that are free so we just make sure we use those but for convenience, we would often use eftpos in the shop. And of course you get charged transaction fees after you make so many.

We used to be able to press credit instead of debit when we used our debit card. This meant it didn’t count as a transaction (the credit union told us to do this). The major supermarkets now charge you to use debit cards though. It is a bit like playing “avoid the bank or retail fees”!

lillycoyote's avatar

God bless ‘em, but my lovely little local bank is not really into fees. They are kind of an old fashioned bank. They make their money honestly.

Bellatrix's avatar

Can I come and live in your town! An honest bank???

YARNLADY's avatar

When ever we receive a notice that a fee will be added, we simply stop using the service. We do most of our financial transactions with E*Trade and our credit union.

JLeslie's avatar

I refuse to pay any fees to a bank. If all banks got on board with charging fees for everything, I don’t know what I would do. If my bank started charging me fees I would move my money. They already make all sorts of money on my money.

I never use a debit card, so I guess I won’t have that problem even if my bank starts charging. I generally ignore all fee information if it doesn’t appy to me.

Same with credit cards, I have no idea at all the interest rates or fees that appy to my credit card, I never pay any of those interest and fees.

rojo's avatar

My “former” bank started to charge for my checking account. My “new” bank does not. If more people adopted this platform instead of just accepting the new fees I think we would see less gouging.

Allie's avatar

I use a credit union. They haven’t charged me any ridiculous fees for anything aside from using a non-credit union ATM (I can use other credit union ATMs for free) and overdrafts (I had one when I was in high school, worst $20 I ever spent). I don’t see any other fees ever, for anything really.

Neizvestnaya's avatar

My local credit union has not as far as using my debit card but they do now charge if I go over a certain number of transfers between my accounts. At work, several of our guests have mentioned being charged per Debit transaction.

tranquilsea's avatar

My hubby works at the bank and one of the perks is we don’t pay fees on our account. I know how lucky we are.

Mandifrlyne's avatar

I am a manager of a bank that has changed our fee structuret. It can be very frustrating because nobody likes change. I believe my customers are fortunate because we send a letter of the changes, then call them to educate them, and in addition 99% of the time I can move them to a more appropriate account for thier needs and they will incure no fees at all. My recomendation is that before anyone gets upset go meet with your local banker.
Ask what changes they are anticipating. Ask them how you can avoid fees. Never accept a fee without asking what your paying for.

lillycoyote's avatar

@Mandifrlyne I agree that when there are increases in fees one should talk to one’s bank and look into available options. But to say that when a bank changes their “fee structure,” that the negative reaction from customers is because “nobody likes change” is a bit disingenuous. People don’t like additional fees, they don’t like being charged more for something or being charged for something they weren’t charged for previously. It’s not about change, it’s about money; it’s actually about the fees, no matter how you want to spin it.

JLeslie's avatar

My husband told me yesterday Bank of America is backing off of some of the fees. Not sure of the details. I guess the demonstrations and bad press made a difference.

Neizvestnaya's avatar

My credit union has started charging a fee when you go over a set amount of transfers from one of your accounts to another in a 30 day window. grrrr

MooCows's avatar

I want to know why our bank makes us re qualify for a loan
on a piece of land we have every so often..and always with a fee!
We qualified for the loan to start with and have never been late
on a payment but that doesn’t matter to them. The land is worth
much more than we paid as we have made drastic improvements
on it. They love to jack us around on interest rates too….these
little country banks are all in bed together so there is no where else
to go. Just frustrating!

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