The Pros and Cons of New Debit Card Fees
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The Way We Bank is Shifting
There is a lot of anger going on right now due to banks such as Regions and Bank of America which are beginning to implement new debit card fees in 2011/2012. People are infuriated, but is this really necessary? Perhaps, this could be a blessing in disguise.
Generally speaking we as a nation have become too accustomed to just swiping credit and debits cards and not keeping track of our expenses. As a college student, I have to budget my money very carefully and so when these new fees came out I found myself starting to pay with cash rather then the card.
With the Region's Student Account there is now a $4 fee if you use your card at any non-ATM setting during the statement cycle. (Note: You can use your debit card unlimited times during the statement cycle for $4.) So, you can see this being somewhat problematic for people with low incomes. Besides, who wants to pay for a bank account that they have never had to pay for before?
Bank of America and their new fees have not started, but I am becoming less interested in this bank because in order to have a free account I have to use an ATM machine for both deposits and withdrawals. If I decide to work with a teller then they charge $8 for that month...kind of the same idea that Regions had with their Debit Cards. What's worse is that Bank of America will be implementing their new debit card fees soon.
I actually like the idea of working only with cash...studies have shown that people think more about their purchases when using cash. It makes the money you have seem more real because it is right there in front of you.
Technology and the Lack of People Interaction
The internet and all the technology advances that have happen in the last couple decades have been nothing short of a miracle. Computers have help us organize data and managing a bank account online is very helpful in keeping everything in order.
However, what I do not like is the lack of face to face people interaction. That is why I am bothered everyday with how the world is heading. People lack the skills to talk and mingle. If there is a problem with an online account and I need help I have to either do e-mail or call a toll free number. I don't know who I am going to talk to. I can not see their face and often these people are not as friendly as you might hope. Especially when you goofed up or are highly stressed.
That is why I would like to be able to go into a bank and know the person by name and make a "professional friend". It's always nice to have someone smile at you. Plus, when you bring your service and needs to them it creates a job for a person. And yes, websites and calling centers hire people as well but cooporations are looking to make cuts right now while still keeping their businesses afloat. Bank of America laid off some people a while back and this is not a good time to lay people off. We want to create jobs...so support your local banks and the people that run them.
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I think banks have begun to lose contact with their customers. It is so much better when we can use a local bank, and feel that we have a relationship with our bankers. Interesting article.
I concur as I'm going to switch my accounts to a smaller local bank. The big banks are driven by fees. I don't think you should have to pay to get your own money especially when they take your money and invest it to make more money for the bank. In reality it is no longer your money when you hand it over to them. They can refuse withdrawals and make you wait for your money anytime they feel like it. Things are about to get interesting as there is a reason why everyone is trying to buy up all the gold!
You all make valid points. It can be frustrating at times but when it comes down to it SimpleGiftsofLove is right in switching banks if one is being unreasonable or doing bad business.
Trinahargrove, I often think to myself that the bank is investing my money and that should be enough but business has changed over the years to where I think we are loosing a lot of the customer service and honesty that makes a business successful. Hopefully, things will work out. The business will have to adjust if they want to keep their customers. I suppose there is a balance.
Deborah-Diane - Exactly! One of the local banks from my hometown helped work a fund raiser I hosted and publicized it. The other banks were not so helpful and even one of them refused to open an account for the fund raiser. It was quite discouraging all of the policies that are placed by the big banks that even the people in your hometown that work at those institutions have little control over the bank's practices or policies. Just some thoughts.
Thank you!
SimpleGiftsofLove Level 5 Commenter 7 months ago
I agree on supporting local banks, but recently Valley Bank refused to cash a check for me because the teller "wasn't comfortable"? Ultimately, I decided on withdrawal of all of my money which had been on deposit with them for over 5 years. It was unfortunate, as they had 3 other outstanding tellers who were apparently in a meeting. I needed to pay a deposit of 4% of the check with a cashier's check. When I needed them to help me (for once) they made me an hour late, as I had to go to another bank namely Wells Fargo, who had no problem cashing the check. So I deposited all the money I withdrew right there. Incidentally, one of the bank employees called from Wells Fargo to let me know that I could call her personally if I needed anything in the future. Case closed--after all, we are the customers, aren't we? Seems some banks have forgotten to train their people.