Annoyance of the day - ATM charge for usage

[BingBangBop]

Today I got my new Wells Fargo ATM card that updates the expiration date another 3 years. Whee! With it comes the new fees for its use of $3.00 per month and $1.00 for a statement printed out on the ATM.

Since the fees only gets charged if I use it in a given month, I've decided to do all my banking inside at a teller. It has always been my assumption that banking via ATM was cheaper to the bank than using a teller. So this is my small effort to discourage ATM usage fee's.

The alternative is to switch banks and at this point I'm not willing to absorb that cost but I'm very close to that tipping point. So if anyone involved with Wells Fargo reads this and can affect policy -- Please note this before doing more absurd fees for I'm positive that I'm not the only one annoyed enough and is on or near the tipping point.

Is this fee really worth the loss in customers? It is always been my understanding that getting a new customer costs a lot. Getting back a dis-enchanted customer is much more costly than getting a new one. There are lots of banks out there (excluding Bank of America) that won't charge this fee competing for my business, so it won't be hard to find one at this point.

End of Rant.

 

[Stereodude]

Is it a ATM card or a debit card?

 

[BingBangBop]

Is it a ATM card or a debit card?

Debit card, but it is used in their ATM and the fees are for the use of their ATM.

I'm supposedly in a test market for the fees. They are not everywhere with Wells Fargo, like they are with Bank of America.

 

[Stereodude]

Everyone is going to start charging fees for debit cards because the gov't (Federal Reserve) reduced the amount they can make per transaction (Durbin Amendment to the Dodd-Frank Wall Street and "Consumer Protection" Reform Act). Since they can't make it from the retailers in transaction fees they're going to charge their customers directly.

Find another bank that doesn't charge an ATM fees and plan on dumping your debit card.

 

[Stereodude]

Sorry, that should be the "Durbin" Amendment to the Dodd-Frank Wall Street Reform and "Consumer Protection" Act.

 

[BingBangBop]

If everyone ..., then there is no point to changing banks for anyone I change to will be part of the everyone group. At this point the only place I use that card is in the ATM because credit cards are inherently safer:

With a debit card the money is removed immediately from your account and any contesting requires that you prove your case to get the money back. With A credit card, the money isn't removed till you pay and any contesting forces the merchant to prove their side.

 

[Stereodude]

That's also why I don't use a debit card.

As far as I know, Bank of America (who I have an account with courtesy of acquisitions) doesn't charge an ATM fee (yet?). They can charge a debit card fee all they want, I won't use it. I'm trying to sort out all the details on BofA's debit card rules at the moment. I have one, but never use it. I'll cancel it if they're going to fee me. I thought I read the $5 fee was only charged if you use the debit card that month.

 

[ddrueding]

I'm a current BofA customer. Thanks to having a mortgage with them I have an upgraded account without charge. This also allows me to avoid the debit card fee.

That doesn't change the fact that I'll be moving to the local credit union as soon as I can refinance.

 

[timwhit]

I have an ING Direct Electric Orange checking account. They have no fees. I've been happy with them over the last year that I've had the account.

http://www.ingdirect.com/nofees/

 

[Handruin]

Do you have a debit card with ING or just a checking? I may consider opening an account with them. I like their $50 bonus promotion. I'd be able to satisfy that easily.

 

[timwhit]

Do you have a debit card with ING or just a checking? I may consider opening an account with them. I like their $50 bonus promotion. I'd be able to satisfy that easily.

Yes, it's a MasterCard. You can also order a checkbook if you need to hand someone a physical check.

 

[Will Rickards]

I like ING too but be warned that they got bought by Capitol One some months ago.
I'm still waiting for the deposit electronically option that they've been promising for a couple years now probably. The checkbook is good for those times I can't use bill pay or person 2 person payments.
For ATM access, I just go to wawa around here, they have free ATMs serviced by PNC bank. ING uses the allpoint ATM network.

I would totally switch banks due to that fee. You really don't need to feel any loyalty to them at all, they certainly don't reciprocate.

But I don't see the point of a debit card. Why wouldn't you have something like Chase Freedom Visa or Amex Blue Cash Rewards credit card and pay it off every month? At least then you are earning cash back.

 

[Mercutio]

I have an Amex. I use it for a lot of stuff. But a lot of places don't take them. And my Debit card is a Visa. Which everybody takes. So sometimes it gets used.

Oddly enough, I accidentally threw my debit card away on Saturday. I knew I did it right away, but rather than dig through a trash can, I called and told Chase I want a new one. Then I realized that I only have $9 in cash on me, which is going to have to last 10 days until I get my new card. I imagine there are probably other ways that I could get paper money but since I never go to the bank the most likely one is that someone will pay me for a computer. Which is funny somehow.

 

[Handruin]

But I don't see the point of a debit card. Why wouldn't you have something like Chase Freedom Visa or Amex Blue Cash Rewards credit card and pay it off every month? At least then you are earning cash back.

I don't have a great argument for a debit card, but I do use it mainly for purchases when I need cash. Rather than pay the ATM fee, I'll buy groceries (add add some kind of silly peggy-reward points) and then get back cash from the grocery store without getting charged a fee. It's also useful the increasing number of gas stations who will charge a higher fee when using credit. I use my debit card and get the lower price, yet still don't have to go inside and pay.

 

[MaxBurn]

IMG used to be great when they were kicking over 5+% on their savings account but now with about nothing it isn't that great. I don't understand their checking account, you about can't send them a paper check or write paper checks. Just not ready to switch over to 100% electronic myself.

I have a local account with TD that luckily is free is you have direct deposit and an automatic savings withdrawal to the linked checking. Many local banks do this and fortunately they also have a lot of ATMs in the area I can use free. When I fly they even have an ATM in the terminal here. Local really does seem to be the way to go.

I have a mortguage with Wells, I like them enough for that. Haven been reading not good things like these fees etc lately on consumerist. Seems like they are on the slide down to BofA levels of hell.

I would love it if I could find a navy federal even remotely in my state, they have some really good stuff.

All my other financials I pay an advisor to handle all the garbage and investments I don't understand.

 

[Will Rickards]

IMG used to be great when they were kicking over 5+% on their savings account but now with about nothing it isn't that great. I don't understand their checking account, you about can't send them a paper check or write paper checks. Just not ready to switch over to 100% electronic myself.

ING now offers checkbooks with their electric checking account. And for deposits you mail the paper checks in to a PO box. Supposedly deposit of paper checks electronically is coming... some day.
I totally hear you on the savings account though, their savings rates are not nearly the best anymore.

I have a local account with TD that luckily is free is you have direct deposit and an automatic savings withdrawal to the linked checking. Many local banks do this and fortunately they also have a lot of ATMs in the area I can use free. When I fly they even have an ATM in the terminal here. Local really does seem to be the way to go.

I haven't trusted TD bank with anything since they royally screwed up the merger a couple years back. I figure if you can't handle your accounts correctly during that process, you suck.

 

[MaxBurn]

Sounds good about ING, I guess they realized that the good old USA is still in the stone age as far as banking is concerned and you need paper checks still these days.

I was talking to a guy from finland and he was just amazed at how backwards we are compared to europe as far as our banking is concerned. Everything is electronic over there, no one expects to use or by the sound of it is even able to use checks etc. Their electronic systems move much faster too, none of this several days to post; goes about immediately. Secure too, not like giving out a routing number over here and having some company "accidentally" drain your checking. Seems they handle your bank accounts over there a little more like we have our credit cards, any arguments and it's on the vendors to fix and your accounts are safe.

Funny about that article, I was with TD through that time period and I completely missed everything. But frankly I pay all bills with a hard check and visit the ATM every two or three weeks. The bank could have been closed a couple days and I likely wouldn't have noticed.

 

[Chewy509]

Really does sound like the US banking system is behind the times.

Here (in Oz), just about everything is electronic. Very few places will take written check, and just about all places have some form of electronic means. Heck, even the local fruit stand at the local farmers markets have EFTPOS (electronic) facilties.

I don't know what the fees structures are (since the last time I paid a fee on my banking was several years ago), but it's rare for people to pay fees (or they don't get the rigt productfor their needs or just grossly mismanage their personal finances).

My personal savings account is fee-free as long as I deposit a minimum of $2K per month into the account. IIRC I get upto 50 free ATM withdrawls per month if I use my institutions ATMs. (I believe I do get charged 50c if I use another institutions ATM though), and upto 50 transactions through merchant systems on my debit card. I've got 55 days interest free on my credit card (VISA), and no annual fee or transaction fee limits. (I haven paid a single cent in credit card interest in the last 6 years).

Most large companies prefer electronic transfer either through direct debit from your account (which I don't use), or direct deposit into their account (which is what I use). Oh and those payments are registered by the next business day...

Credit card and debit card payments via merchant facilities are typically registered within 5 minutes. (But funny enough the last time I needed a reversal on a credit card transaction it took 4 days)? :bleh:

 

[ddrueding]

I haven't cut a manual check in years, but the system is behind the times. I go online, and say who, how much, and when, and then the bank physically cuts a check and puts it in the mail. WTF?

 

[CougTek]

You have TD banks in the States? I thought the Canadian banks were Canadian-only. Do you have others, like the BMO, BNS, CIBC or the RBC?

 

[ddrueding]

How Canada's TD Bank Is Invading U.S. Market

 

[Howell]

The only Canadian invasion we are ever likely to see.

 

[LunarMist]

I have no idea where my ATM card is, but I hope I'm not being charged for not using it.

 

[CityK]

You have TD banks in the States? I thought the Canadian banks were Canadian-only. Do you have others, like the BMO, BNS, CIBC or the RBC?

BMO has a large presence in the mid-west, operating under Harris Bank. They purchased someone else not that long ago (don't remember whom), and I believe they are going to rebrand all US ops under a BMO Harris moniker.

Off the top of my head, I don't think Scotia has any US presence ... they, instead, have continued to focus outside expansion in the Caribbean (where they've had a large, well known presence there for years), S.A and now Pacific Rim

CIBC had a couple of poor entries into the US in the early 2000's (Florida, can't remember what else). I think when they sold off Oppenheimer, they pulled out completely. Though, I could be wrong

RBC had a large presence in Carolina and S.E region (any Carolina Hurricane fans would have known that as the arena used to be named after them) but have decided to pull out not all the long ago (selling to PNC). Not sure if that is a 100% abandonment of US retail ops or not (something tells me that they had some other stake somewhere but again, I'm not sure ... nor care )

 

[MaxBurn]

You have TD banks in the States? I thought the Canadian banks were Canadian-only. Do you have others, like the BMO, BNS, CIBC or the RBC?

Mine is TD/Banknorth and we have a lot of RBC across the states. Their data centers are a decent sized customer of ours. Don't recognize the rest.

 

[Bozo]

For ATM access, I just go to wawa around here, they have free ATMs serviced by PNC bank. ING uses the allpoint ATM network.

WAWA: To the American Indian it means wild goose, to you it means the best in dairy products. :-D

 

[Will Rickards]

Actually we prefer swiss farms dairy products. For us it means cheap gas and free atms.

 

[sechs]

I haven't used an ATM since 1998. I don't trust them -- particularly the envelope free variety. I do all of my bank transactions either electronically or in-person.

I suppose it helps that I hardly ever use cash. The only place that I regularly need it is at the farmer's market.

 

[Mercutio]

I'm the opposite. I've never spoken to a teller inside a bank branch or at a drive up. I do everything through the machines.

 

[jtr1962]

I'm strictly cash in brick-and-mortar stores except for large purchases (and I put those on credit card). The big problem for me with debit cards is keeping track of how much you have left in the account. My debit card draws on my checking account. Generally, I only put enough in there to cover whatever checks and/or electronic bill payments I'm making. Using the debit card for a multitude of small, daily purchases just makes things way too complicated. Cash is still king as far as I'm concerned. When I run low, I just get more from the local ATM. I also deposit any checks made to me there. I was initially skeptical of envelope free deposits, but it seems to work well enough, plus saves the bother of filling out a deposit slip. I think the last time I dealt with a teller was in 1989. That was only to open my savings account.

 

[Stereodude]

I very rarely withdraw money using the ATM. And, that's all I do at the ATM. I don't deposit money at them or anything else. I do the rest of my banking inside (like depositing checks, etc).

I also never use cash except to pay for a haircut.

 

[ddrueding]

I withdraw money at the teller only because the ATM won't give $100 bills (only in Vegas) and has a cap of $500.

I use plastic for stuff I want to keep track of (food/gas/home improvements) and cash for stuff I don't want to keep track of (toys).

 

[Mercutio]

People give me cash all the time, so I always have tons of it. I never use it. It's not all that unusual for me to have several thousand dollars in my pants pocket. I go to the ATM to deposit it at the point where the pile of bills gets annoying.

 

[LunarMist]

I withdraw money at the teller only because the ATM won't give $100 bills (only in Vegas) and has a cap of $500.

I use plastic for stuff I want to keep track of (food/gas/home improvements) and cash for stuff I don't want to keep track of (toys).

I also go inside to withdraw the larger bills, maybe once per month. $20 are too bulky. I don't spend much cash though since I dislike the small change.

 

[CougTek]

People give me cash all the time, so I always have tons of it. I never use it. It's not all that unusual for me to have several thousand dollars in my pants pocket. I go to the ATM to deposit it at the point where the pile of bills gets annoying.

So you look just as big as you did when you weighted 130lbs more, but now you're made of money?

 

[Howell]

Don't hate the playa wit da roll.

 

[LunarMist]

Why do people give you cash, Merc? :skepo: I'm almost afraid to ask.

 

[Newtun]

It's not all that unusual for me to have several thousand dollars in my pants pocket.

I'm afraid for your physical and fiscal safety, even if most of it's in a sock drawer. Please consider getting to know a cute teller who'll be impressed by da roll.

 

[ddrueding]

Some of my lower volume clients just give me some Benjamins on my way out the door. Of course I declare it as income later on, but it does make the billing process easier.

 

[timwhit]

Some of my lower volume clients just give me some Benjamins on my way out the door. Of course I declare it as income later on, but it does make the billing process easier.

I doubt the IRS reads SF.