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Thread: Wells Fargo To Charge You 3 Bucks To Spend Your Own Money

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    Wells Fargo To Charge You 3 Bucks To Spend Your Own Money

    Bonus points for the source of this new regiulation.

    Wells Fargo plans to test a $3 monthly fee for its debit cards starting this fall.

    The industry's experimentation with fees is partly a response to a new regulation that will sharply reduce the revenue that banks collect on checking accounts. Starting this fall, a new cap will limit how much banks can collect from merchants whenever a customer swipes a debit card. It's not clear exactly how much banks will lose. In 2009 banks collected an estimated $19.7 billion in such fees from merchants, according to the Nilson Report, which tracks the payments industry.

    Wells Fargo to test $3 debit card fee :: WRAL.com

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    Re: Wells Fargo To Charge You 3 Bucks To Spend Your Own Money

    Interesting....Wonder if other banks will pick it up?
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    Re: Wells Fargo To Charge You 3 Bucks To Spend Your Own Money

    This is what rightwing nuttery results in
    Quote Originally Posted by matchlight View Post
    Justice Thomas' opinions consistently contain precise, detailed constitutional analyses.
    Quote Originally Posted by jaeger19 View Post
    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

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    Re: Wells Fargo To Charge You 3 Bucks To Spend Your Own Money

    Federal Reserve Board Votes to Reduce Debit Card Interchange Fees | Merchant Account Reviews & Ratings

    In a 4-1 vote, the Federal Reserve Board voted on Wednesday to reduce the interchange fees charged to merchants for debit card transactions to a maximum of 21 cents. This move is quite a blow for banks, however, was much better than analysts originally suspected. As discussion about the Durbin Amendment continued to heat up over the past months, it appeared that the reduction would bring the maximum charge down to 12 cents from the current 44 cents average.
    Members of the board:
    List of members of the Board of GovernorsThe current members of the Board of Governors are as follows:[63]

    Commissioner Entered office[64] Term expires
    Ben Bernanke (Chairman)
    Janet Yellen (Vice Chairman)
    Elizabeth A. Duke
    Daniel Tarullo
    Sarah Bloom Raskin
    You can google all of 'em. Don't see anything to indicate this was a rightwing policy, program, or suggestion.
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    Re: Wells Fargo To Charge You 3 Bucks To Spend Your Own Money

    $3/month isn't that bad. The fees that I think are the bigger problem are the over the limit fees. It's one of those things where people think "I just won't exceed my limit" or "I don't feel sorry for the folks that get hit by those, they should just be more responsible", but the reality is quite different. The way they unpredictably hold checks for basically random amounts of time between 0 and 15 days, and debit/credit transactions you have sometimes don't appear on your account for weeks and whatnot make it very tricky to really avoid ever overdrawing your account unless you keep a buffer of a few thousand dollars in your account at all times. Many people can't afford to do that, and even for those who can, that money could be better used in at least an interest bearing account... And the fees they hit you with can be insane. They decide to hold your paycheck for 2 weeks all of a sudden one month and you could overdraw 10 times before you even notice that they held it...

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    Re: Wells Fargo To Charge You 3 Bucks To Spend Your Own Money

    Quote Originally Posted by sangha View Post
    This is what rightwing nuttery results in
    On a story that has nothing to do with partisan politics, why would you insist on inserting them? Are there not far bigger things to be concerned with than the typical partisan bull**** that plagues 99.9% of the threads on this board? Can we not have a break from it?

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    Re: Wells Fargo To Charge You 3 Bucks To Spend Your Own Money

    Quote Originally Posted by teamosil View Post
    $3/month isn't that bad. The fees that I think are the bigger problem are the over the limit fees. It's one of those things where people think "I just won't exceed my limit" or "I don't feel sorry for the folks that get hit by those, they should just be more responsible", but the reality is quite different. The way they unpredictably hold checks for basically random amounts of time between 0 and 15 days, and debit/credit transactions you have sometimes don't appear on your account for weeks and whatnot make it very tricky to really avoid ever overdrawing your account unless you keep a buffer of a few thousand dollars in your account at all times. Many people can't afford to do that, and even for those who can, that money could be better used in at least an interest bearing account... And the fees they hit you with can be insane. They decide to hold your paycheck for 2 weeks all of a sudden one month and you could overdraw 10 times before you even notice that they held it...
    It's pretty easy, actually:

    1. I have a $250 buffer in my checking account at all times.
    2. I also have $1000 in savings which automatically transfers over to cover any unexpected overdrafts.
    3. My bank credit card is linked to my account and charges can be billed to the card if the first two protections fail.
    4. I track my expenditures in a log and double check the math. I deduct debits immediately, as soon as I've signed over or authorized the expenditure. I go by this log, not the call-in balance, text message balance, or website balance.
    5. I bill-pay through my checking account online. It is auto-deducted from my available balance immediately so no waiting 15-20 days for a check to show up.
    6. My check is direct deposited. When my company didn't offer that option I had an auto-post option added to my account for $5 month, where any check under $5,000 that was deposited into my account was immediately available for my to spend.
    "Hmmm...Can't decide if I want to watch "Four Houses" or give myself an Icy Hot pee hole enema..." - Blake Shelton


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    Re: Wells Fargo To Charge You 3 Bucks To Spend Your Own Money

    Quote Originally Posted by teamosil View Post
    They decide to hold your paycheck for 2 weeks all of a sudden one month and you could overdraw 10 times before you even notice that they held it...
    I'm unclear as to why the bank is holding your check. What's that all about?

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    Re: Wells Fargo To Charge You 3 Bucks To Spend Your Own Money

    Quote Originally Posted by PerfectStorm View Post
    I'm unclear as to why the bank is holding your check. What's that all about?
    If the check is large or is issued from an account which has been flagged for frequent overdraw they will sometimes hold the check pending guarantee of funds.
    "Hmmm...Can't decide if I want to watch "Four Houses" or give myself an Icy Hot pee hole enema..." - Blake Shelton


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    Re: Wells Fargo To Charge You 3 Bucks To Spend Your Own Money

    $3 today, $10 tomorrow, $100 ten years from now. The government will figure out a way to get its hands on this, too.

    Notice how "comfortable" people have gotten with $3 gas. Once you've been to $4, it doesn't seem like that big of a deal to pay $3.

    Such is the subtle psychology of conditioning the human mind.

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