Debit cards: $50 spending limit coming?

[Pandora]

Who has over 25 debit card transactions/mo? Geez, carry some cash for that cup of coffee and donut.

LOL! WhatMoney...whatcha tryin to say there friend? Uhmmm ... I do - and no, its not for coffee and donuts I live on my debit card; from gas to groceries; bill paying to medications and everything in between including christmas shopping/shopping online. Actually just went back through March's debits and thus far, I'm up to 38 *sheepish grin* - with only 6 checks written. It's not a bad thing to use your debit card - it's your money after all.

For the record - I do carry cash but I save that mainly for those "under $5" purchases.

[Clabbergirl]

Pandora, I second the debit card use (only I use as credit because, well, see above). If we were as self-righteousness as WhatMoney appears to be, we would only do as he/she has done and all would be right with the world. If you have trouble with Paypal, it must be your fault. If you have trouble with your bank or banks, well of course, it's your fault. If you use your debit card more than he/she, you're doing something wrong! After all, WhatMoney hasn't had the same problem.

Sounds like a mighty arrogant and judgmental viewpoint to have, but then again, the view is best on top of a high horse.

[Clabbergirl]

WhatMoney, what life must be like in your shoes. Making assumptions, insinuating blame, smug retorts, and judging strangers...all unsolicited. You're so certain of your superiority, yet your behavior suggests a need to prove it to everyone else.

[Pandora]

uh...Clabbergirl.... I dont own a saddle let alone a horse - so I'm going to assume that wasnt directed at me (hopefully)


I wonder who holds the highest debit transactions in a month? (god, please dont let it be me)

[Clabbergirl]

No, Pandora, not at all. I should have specified in the event someone didn't read in a threaded view. The debit card comment was directed at you; the second post was in response to WhatMoney. My apologies for the mix-up.

[locolady]

.

And for the record, I was given my first bank ATM card in 1970, and have been using them and the newer debit/credit cards ever since, 41 years. And I have never paid a single penny in an ATM or debit card fee ever. And I have never had to search for the perfect bank either, since all the banks here have the same policies. I guess I'm beginning to feel sorry for you now.

Boy you must not travel much I always pay fee if we go out state, Well Fargo is our bank. We travel back to east coast they have no local branches or ATM. But the best places is the local market we can get up to $200 cash back with no fee at most store in my area.

uh...Clabbergirl.... I dont own a saddle let alone a horse - so I'm going to assume that wasnt directed at me (hopefully)


I wonder who holds the highest debit transactions in a month? (god, please dont let it be me)

Had to check my statement and boy we had 44 debit card transaction last month. I use my debit card for some monthly utility bills, we get 1% cash back. But the charges are mostly swipes for food, gas or cash. I do use a Paypal debit card but I don't keep money in the account. It's link to our second checking account for funding. It was link to our payroll direct deposit checking account. We change that after they hit us for a canceled Ebay sell that the buyer disputed so they snatch it out of the checking account. Our money was on hold for 35 days until we won the case. I change it to our second account that has only has a small amount of money in it at any time.

[WhatMoney]

Boy you must not travel much I always pay fee if we go out state, Well Fargo is our bank. We travel back to east coast they have no local branches or ATM. But the best places is the local market we can get up to $200 cash back with no fee at most stores in my area.

Well, I traveled all the time before I retired. Let's see, in the 1960's I used cash and traveler's checks, and gas cards if I was driving. No fees. When credit cards became more available in the 1970's and beyond I used credit cards for all purchases, and carried enough cash or traveler's checks to cover any cash transactions. I never needed to use an out-of-network ATM, (and I still don't today - it's called planning ahead.) Actually there was little need to carry cash after credit cards. I remember driving from the east coast to California and back with only $100 in my pocket in the 1970's. And I had cash left when I returned. The gas and credit cards always covered the travel expenses.

In fact my family and I (as a kid) took an extended auto tour (in a brand new 1950 Buick Roadmaster Eight Dynaflow with those fake vent holes on the side and a ton of chrome on the front) of the entire western United States, including 3 weeks in Mexico. I remember my dad hiding the travelers checks in various places in case of theft, since a two month vacation was not cheap even in the 1950's. Of course in case of theft, he was covered, but there was the inconvenience factor of making the claim and getting reimbursed at a foreign bank.

Thanks for pointing out the $200 cash from local stores with no fees using debit cards. Maybe clabbergirl will take the hint.

Had to check my statement and boy we had 44 debit card transaction last month. I use my debit card for some monthly utility bills, we get 1% cash back. But the charges are mostly swipes for food, gas or cash. I do use a Paypal debit card but I don't keep money in the account. It's link to our second checking account for funding. It was link to our payroll direct deposit checking account. We change that after they hit us for a canceled Ebay sell that the buyer disputed so they snatch it out of the checking account. Our money was on hold for 35 days until we won the case. I change it to our second account that has only has a small amount of money in it at any time.

And did you pay any extra bank fees for those 44 debit card transactions? Of course if your bank did charge for over 25 transactions, the answer to avoiding fees is rather obvious.

One thing even my local bank warned me about was to open a separate checking account for PayPal seller transactions. Chargebacks and occasional disputes are a fact of life when doing business. PayPal is no different than a brick & mortar business where returns and customer theft are part of the cost of doing business. What I suggested to clabber was a personal PayPal account only used for debit transactions, linked to a checking account. Do not use the account for Selling on eBay of course. No debit fees from PP. This helpful advice must have offended her - too bad, playing the victim, instead of taking advice that would solve her complaints about local banks (which remain unverified, btw) are her choice, not mine.

[Clabbergirl]

Getting this back on topic

Thanks for pointing out the $200 cash from local stores with no fees using debit cards. Maybe clabbergirl will take the hint.

Another example of misguided assumptions on your part. Had this been my experience, it might have been my choice.

What I suggested to clabber was a personal PayPal account only used for debit transactions, linked to a checking account. Do not use the account for Selling on eBay of course. No debit fees from PP. This helpful advice must have offended her - too bad, playing the victim, instead of taking advice that would solve her complaints about local banks (which remain unverified, btw) are her choice, not mine.

Again, assuming your input should be viewed as advice, or as helpful (and it is neither). The overinflated sense of self-importance mingled with disdain for those who have differing opinions and make other choices is entertaining, nonetheless. Perhaps I've interpreted your words and tone far differently than intended.

But, I digress...For me? I don't need a Paypal account simply because I don't have to do debit transactions. The convenience it might offer isn't worth the trouble of linking my checking account to Paypal when I have the much easier (and instantaneous) workaround of using my card as credit when purchasing, and the need for cash grows less and less every day.

My complaint about banks remains in line with the topic of this thread, and a topic I hope doesn't become reality. I'm unhappy with the trend I've seen in banks during my lifetime: mainly, charging for convenience when both sides benefit. My experiences with banking institutions have been largely good. But if society continues to lean toward electronic transactions and away from cash, do we want banks to limit our access to money? The very thing that keeps all banks in business? I, for one, do not.

[Pandora]

In fact my family and I (as a kid) took an extended auto tour (in a brand new 1950 Buick Roadmaster Eight Dynaflow with those fake vent holes on the side and a ton of chrome on the front) of the entire western United States, including 3 weeks in Mexico. I remember my dad hiding the travelers checks in various places in case of theft, since a two month vacation was not cheap even in the 1950's. Of course in case of theft, he was covered, but there was the inconvenience factor of making the claim and getting reimbursed at a foreign bank.

And did you pay any extra bank fees for those 44 debit card transactions? Of course if your bank did charge for over 25 transactions, the answer to avoiding fees is rather obvious.

What - that sounds like a great trip; reminds me of traveling Europe back in the late 70's/early 80's in our VW Bus - all 8 of us - over a month timeframe. Didnt stay at any hotels, all just piled up in the bus. Good times... I think everyone should travel like that in their/children's lifetime.

As to the fee's for debit usage - I wasnt aware banks charged for over a certain usage amount, at least not at the banks I do business with and we have 2 separate chking accounts/different banks. That would suck to have a pay-for-usage fee.

[justbroke]

While in my Chapter 13, and even continuing today (with limited use of the 3 credit cards that I have), I have over 60 charges a month on my VISA/MC debit cards (yes plural). I do not pay a fee to use them, and I can get cash back at the grocery store without paying an ATM fee. I'm so glad that the bank is charging the grocer instead. LOL

[catleg]

Here is an example of a bank that offers a check card with their "totally free checking" product, it's free if you use it as a swipe (credit) transaction but there's a $0.50 fee for debit:
M&T Bank

Does the M&T Check Card have an annual fee or any transaction fees?
There is NO ANNUAL OR MONTHLY FEE. There is no fee for purchases made through the Visa Network. There is a $0.50 transaction fee if you use your PIN when making a purchase at a merchant self-service payment terminal. This fee does not apply to M&T Select accountholders.

How do I avoid transaction fees?
The easiest way to avoid the fee for transactions made with a PIN is to simply select the "Credit" option whenever you're making a purchase with your M&T Check Card and ask to sign your receipt. You can also join M&T Select - this special relationship banking program offers you valuable benefits. Stop in any branch or call the M&T Telephone Banking Center at 1-800-724-2440 to learn more.

[justbroke]

This is just too funny. This means M&T pushes the VISA network because they stand to make more on the discount rate. LOL

[catleg]

When I got a debit card from Chase I was told to never use the PIN for shopping, only for cash at ATM's.
They make a whole lot of money from swipe. This was the old "take all cards" rule.

[catleg]

Ironically M&T is not one of the TBTF banks and has not paid back their TARP money.
They have instead used it to purchase other banks, such as Wilmington Trust.
The disclosure by the Federal Reserve of their lending during the financial crisis is real interesting.
Loans were made against defaulted collateral. Fun stuff. (not to M&T, but to Goldman Sachs and JP Morgan Chase).