PDA

View Full Version : Wells Fargo - Heads up users.


CantRepeat
10-13-2011, 08:29 AM
Heads Up, Wells Fargo Bank is joining in with BOA and starting this Friday and will charge you an ATM access fee of $3.00 ANYTIME you use your ATM card.

Buy gas +3 bucks
Buy lunch +3 bucks
Buy bag of ice +3 bucks
Buy anything +3 bucks

jstewart319
10-13-2011, 09:08 AM
That is one of the reasons we are switching to a Credit Union, they will pay any fees accessed by other ATMs. Another reason is that their online banking sucks compared to when they were Wachovia. Why do I have to confirm an auto pay payment? I think by setting it up is confirmation enough, and on more than one occasion they sent a payment twice.

CantRepeat
10-13-2011, 09:28 AM
That is one of the reasons we are switching to a Credit Union, they will pay any fees accessed by other ATMs. Another reason is that their online banking sucks compared to when they were Wachovia. Why do I have to confirm an auto pay payment? I think by setting it up is confirmation enough, and on more than one occasion they sent a payment twice.

Yup, the wife and I talk about over breakfast this morning. Look at our CU online and it's a no-brainer to change over.

I mean really, use your ATM card 10 times in one day and you owe $30! My first thought was ok, I'm going back to writing checks for everything. Then I started thinking about gas and figured there must be a better choice.

psychobilly
10-13-2011, 09:39 AM
I ain't heard of BOA charging 3 buck per use but they are going to be charging 5 bucks a month, per card. So if you and your significant other both have atm cards then that's 10 bucks a month....

We also talked about going back to writing checks but I travel so much overseas I need an atm card....

We are shopping other banks now.... Sumb%&(es are sum'n else.

kjohnson
10-13-2011, 09:44 AM
I recently changed from Wachovia, before they became Wells Fargo, to a credit union and have been happy ever since. There is a branch in my building, and an atm right around the corner from my house (I could literally walk to it if I wanted).

CantRepeat
10-13-2011, 09:53 AM
I stand corrected, it is a $3 a month fee per card.

I'm still a little confused as they are talking about a monthly cap of $50.

Sorry, folks.

jdl xstar
10-13-2011, 11:09 AM
You can thank the Dodd-Frank act that just went into effect for the new fees banks are charging. The "swipe fees" that merchants like walmart, etc., used to pay to the banks were literally cut in half. Basically, a debit card by itself wont make any money for a bank unless a merchant is paying a swipe fee to the bank for the consumers convenience. Think of it as listening to the radio- its free since advertisers are paying the station. Perhaps if it was perceived that radio stations were making too much money, Dodd would put a cap on the amount of money advertisers would pay the station, and in turn, the station would find another way to make up the shortfall so the business would remain profitable.

Facts to consider about the fee:

Banks who have implemmented it or going to: Regions, Chase, B of A, Wells fargo, Suntrust.

The fees are NOT for ATM usage- only if you use you debit card at a merchant to purchase something. And its one fee per month for the debit card.

You can avoid the fee if you have any other business with the bank such as an investment account or a high balance in you checking or savings. Look into consolidating at one institution and they will waive the annoying fees.


Final thoughts... I have literally NEVER used my bank issued debit card. I put all my purchases on a points reward credit card which is paid off every month. Even if you don;t care about skymiles (like I do) the points can be redeemed for a wide range of cool stuff. Ditch the debit and rack up points with a good reward program credit card.

Also, if you do choose to close your banking business at one of the big banks, remember that you are putting the young teller's job , making $12/hour, a risk- not the executive's jobs that the Dems are trying to villanize. Don't give into the plea from the likes of Dick Durbin to close your accounts at the big banks because if you do, you will only be throwing gas onto the unemployment fire.

thatsmrmastercraft
10-13-2011, 11:35 AM
Is this not all about Big Banks getting people back into having one or more credit cards? Banks clearly can't make enough money from debit cards now that you can set your debit card not to allow overdrafts.

02ProstarSammyD
10-13-2011, 12:10 PM
That is one of the reasons we are switching to a Credit Union, they will pay any fees accessed by other ATMs. Another reason is that their online banking sucks compared to when they were Wachovia. Why do I have to confirm an auto pay payment? I think by setting it up is confirmation enough, and on more than one occasion they sent a payment twice.
Reply With Quote

For all the NC people I use coastal federal. They have been nothing but amazing. Think i get 2.25% on my checking account if I use my card 8x a month. Doesn't seem like a lot but when you rake a few extra hundred bucks a year it blows most of the 2% credit card rewards away

rjracin240
10-13-2011, 12:23 PM
I am with those of you saying it is time to switch, will be ditching my BofA account and just strictly banking with my credit union.
Think America in general has reached a boiling point, people are sick and tired of being raked over the coals by buisness, politicians, and special interests.
obama better be ready, cause all that praise he was lashing out for the people of Libya and Egypt rising up; it appears that he is getting ready to feel some of that over here.
All about free enterprise and capitalism, but when these companies position themselves to legally rip consumers off then the line is drawn there i.e. mandatory arbitration instead of class action law suits, no free competition with cable TV etc.

CantRepeat
10-13-2011, 01:20 PM
You can thank the Dodd-Frank act that just went into effect for the new fees banks are charging. The "swipe fees" that merchants like walmart, etc., used to pay to the banks were literally cut in half. Basically, a debit card by itself wont make any money for a bank unless a merchant is paying a swipe fee to the bank for the consumers convenience. Think of it as listening to the radio- its free since advertisers are paying the station. Perhaps if it was perceived that radio stations were making too much money, Dodd would put a cap on the amount of money advertisers would pay the station, and in turn, the station would find another way to make up the shortfall so the business would remain profitable.

Facts to consider about the fee:

Banks who have implemmented it or going to: Regions, Chase, B of A, Wells fargo, Suntrust.

The fees are NOT for ATM usage- only if you use you debit card at a merchant to purchase something. And its one fee per month for the debit card.

You can avoid the fee if you have any other business with the bank such as an investment account or a high balance in you checking or savings. Look into consolidating at one institution and they will waive the annoying fees.


Final thoughts... I have literally NEVER used my bank issued debit card. I put all my purchases on a points reward credit card which is paid off every month. Even if you don;t care about skymiles (like I do) the points can be redeemed for a wide range of cool stuff. Ditch the debit and rack up points with a good reward program credit card.

Also, if you do choose to close your banking business at one of the big banks, remember that you are putting the young teller's job , making $12/hour, a risk- not the executive's jobs that the Dems are trying to villanize. Don't give into the plea from the likes of Dick Durbin to close your accounts at the big banks because if you do, you will only be throwing gas onto the unemployment fire.

And what was BoA's net profit last year?

It's not the American people screwing over the junior teller, it's BoA.

east tx skier
10-13-2011, 01:40 PM
Opened a free checking account at my local bank two weeks ago. By January, we will have everything moved over there. Started with NCNB in 1992, which became NationsBank, which was rolled into BofA. I'm done with 'em.

thatsmrmastercraft
10-13-2011, 01:45 PM
US Bank has been good to me. No complaints yet other than I no longer get Cabelas points with my debit card.

jdl xstar
10-13-2011, 02:22 PM
And what was BoA's net profit last year?

It's not the American people screwing over the junior teller, it's BoA.

No profit was made due to the unpaid mortgages by people who got in way over their heads. People will yell and scream from the mountain tops that it was wall street's fault, but at the end of the day, its the people who were sitting at the closing table agreeing to the terms of a mortgage that they shoudl have know they couldn't afford. If millions of americans didn't line up to get a zero down mortgage, interest only loan, we truly wouldn't be in near the mess we are in now.

wakescene
10-13-2011, 02:35 PM
You can thank the Dodd-Frank act that just went into effect for the new fees banks are charging. The "swipe fees" that merchants like walmart, etc., used to pay to the banks were literally cut in half. Basically, a debit card by itself wont make any money for a bank unless a merchant is paying a swipe fee to the bank for the consumers convenience. Think of it as listening to the radio- its free since advertisers are paying the station. Perhaps if it was perceived that radio stations were making too much money, Dodd would put a cap on the amount of money advertisers would pay the station, and in turn, the station would find another way to make up the shortfall so the business would remain profitable.

Facts to consider about the fee:

Banks who have implemmented it or going to: Regions, Chase, B of A, Wells fargo, Suntrust.

The fees are NOT for ATM usage- only if you use you debit card at a merchant to purchase something. And its one fee per month for the debit card.

You can avoid the fee if you have any other business with the bank such as an investment account or a high balance in you checking or savings. Look into consolidating at one institution and they will waive the annoying fees.


Final thoughts... I have literally NEVER used my bank issued debit card. I put all my purchases on a points reward credit card which is paid off every month. Even if you don;t care about skymiles (like I do) the points can be redeemed for a wide range of cool stuff. Ditch the debit and rack up points with a good reward program credit card.

Also, if you do choose to close your banking business at one of the big banks, remember that you are putting the young teller's job , making $12/hour, a risk- not the executive's jobs that the Dems are trying to villanize. Don't give into the plea from the likes of Dick Durbin to close your accounts at the big banks because if you do, you will only be throwing gas onto the unemployment fire.

So you are saying I should feel guilty if the Jr Teller loses their job because I switched banks that don't charge additional fees for me to get my money? Sorry, but I can't agree to that. The banks are making profit in various ways, this is just another way. The problem is that this hits most close to people's wallet. In a tight economy, like we are in now, people are going to do what they have to, to keep as much of their money as possible. I get hit with 3 "service" fees a month at my local bank, just for the privledge of being able to use their services. I am OK with this, but if they implement the "monthly debit card" fee against my accounts, I am definately moving to somewhere else. And will have no guilt doing it.

ctjahn
10-13-2011, 02:45 PM
Oddly enough I work at a fairly big Wisconsin Bank but.... I bank at a Credit Union! (all loans, accounts, etc are now there - just refi'ed a FEW vehicles for 50% the interest, shorter duration, and paid off a loan; although I have the economy to thank for that not the CU.)

Community Banks which support the local businesses are still good if they are local, up with the times (technology), and not greedy...

Cj

kjohnson
10-13-2011, 03:07 PM
I like that.

rjracin240
10-13-2011, 03:22 PM
No profit was made due to the unpaid mortgages by people who got in way over their heads. People will yell and scream from the mountain tops that it was wall street's fault, but at the end of the day, its the people who were sitting at the closing table agreeing to the terms of a mortgage that they shoudl have know they couldn't afford. If millions of americans didn't line up to get a zero down mortgage, interest only loan, we truly wouldn't be in near the mess we are in now.

Donít miss the fact that it was bankers putting those closing papers on that table, did they expect those people that could not afford those loans were to all of a sudden become lottery winners.

Yes there were many contributing factors to this downfall; however the people (bankers) granting these loans as a whole were thoroughly irresponsible

Forrest-X45
10-13-2011, 03:42 PM
No profit was made due to the unpaid mortgages by people who got in way over their heads. People will yell and scream from the mountain tops that it was wall street's fault, but at the end of the day, its the people who were sitting at the closing table agreeing to the terms of a mortgage that they shoudl have know they couldn't afford. If millions of americans didn't line up to get a zero down mortgage, interest only loan, we truly wouldn't be in near the mess we are in now.

This is so true. Yes the banks handed out loans they should not have but the common sense of some boggles my mind. They basically relied on the lender to tell them what they could afford. Just stupid.....

Kevin@MWMC
10-13-2011, 04:01 PM
Interesting, just saw this on the the front page of Yahoo!

http://finance.yahoo.com/banking-budgeting/article/113658/bank-transfer-day-mainstreet?mod=bb-budgeting

sand2snow22
10-13-2011, 04:34 PM
I had to do a wire transfer at my credit union the other day (X-15 coming!!). Lady said of the 10 people she's helped, I was the only non BofA customer. Stories of 3 hour waits at B of A to close their accounts! My credit union has been extremely busy with B of A customers moving there accounts. I know the big banks lost a lot of people with money during the bail outs. Now it looks like the little guys are moving, too. Not quite sure what Warren Buffet was thinking investing in B of A, but what do I know?

skijwr
10-13-2011, 11:04 PM
I have been using BOA since the early 90s, when it was Nations Bank.
I called a few days ago to ask about the new fees.
They told me since I use ATM card only, I will see no new fees. I have never wanted a debit card.
For users with debit card and low balance, they will incur a fee per month.
They said if you carry a larger balance, or link your account to CD or investment account, then no fees for debit card.
I charge daily items to a credit card and get 2 or 3 % cash back, and pay in full every month.
They pay me to use their card.

bbymgr
10-14-2011, 10:27 PM
Spoke to Wells Fargo today, and they said that only a few selected States were trying the Debit Card fees. Indiana isn't one of them.

Thrall
10-17-2011, 06:35 PM
No profit was made due to the unpaid mortgages by people who got in way over their heads. People will yell and scream from the mountain tops that it was wall street's fault, but at the end of the day, its the people who were sitting at the closing table agreeing to the terms of a mortgage that they shoudl have know they couldn't afford. If millions of americans didn't line up to get a zero down mortgage, interest only loan, we truly wouldn't be in near the mess we are in now.

Amen.....And yes the banks were greedy writing all the bad loans, but at some point the poeple that were dumb enough to take the "free money" need to be held accountable, but unfortunately ALL of us will now be held accountable for the bad financial decisions of others.
You don't have to be a highly educated person to figure out in simple terms what you can afford and what you can't and if you're making median income and all of a sudden have the "ability" to buy a big custom home, or refi or equity loan yourself into a $50-100k car/boat/whatever, you need to have the common sense to only spend what you can afford.

Guess I could be a multi-millionaire if I had figured poeple would be dumb enough to jump off a bridge when I told them so.:rolleyes:
Back to WF, thay suck and one of these days they're going to p!ss off my wife enough that she'll move our accounts out of that craphole bank. (In the meantime I don't want the headache of paying the bills, etc, so as long as she's taking care of it, she can bank with them.... That bank has made alot of money "serving" me and their "service" still sucks.