How the Durbin Amendment Affects Banks, Credit Unions, Merchants and You

Discussion in 'General Discussion' started by IcEWoLF, Jul 23, 2011.

  1. IcEWoLF

    IcEWoLF Staff Member Founder

    All I can say is this is bullshit.
    We are getting screwed.
    The good thing is I don't use debit cards, the bad thing is most people rely on debit cards for their everyday transactions.
    Now banks will start charging consumers fees to use their debit cards.
    Lots of debit card rewards programs are going away, now the only way you can earn rewards is from credit cards.
    Another case of the government fucking us over.

    Source: How the Durbin Amendment Affects Banks, Credit Unions, Merchants and You |
  2. Ghonzo

    Ghonzo The 47 Ronin

    Son of a bitch!!

    I am one of those who uses debit card :( Thats bullshit as it is... they changed the credit card requirement to age 21 and those who are under 21 uses debit card. They should change so that those who are under 21 dont need to pay this stupid fee.
  3. gregomyeggo

    gregomyeggo Contributor

    yea I was gonna get a debt card soon too... what exactly is this fee going to be like ? once monthly? or yearly? or every purchase?
  4. built[4]sin

    built[4]sin Staff Member Moderator

    i also use a debit card for everything i purchase. in fact, i don't even own a credit card (long story). i also belong to my work's credit union for the zero checking acct fees and other benefits it offers.

    i hate that i get charged for spending my money. what. the. fuck. :mad: fucking ridiculous concept to begin with!
  5. Haze

    Haze Contributor

    I think chase already started charging just to have an account open. Not sure if it's related to this, but i think they charge like $7/month or it might be a yearly charge. Kind of bullshit if ya ask me
  6. IcEWoLF

    IcEWoLF Staff Member Founder

    The fee is a monthly fee.
    At least for the bigger financial institutions.
    I guess anywhere from $5-$10 a month.
  7. 3rd Ridget

    3rd Ridget New Member

    This is also another example of corporate greed on the part of the banks. Even though banks are highly leveraged (around 90-95%) and borrow short/lend long, they have been able to expand through different industries in the financial markets (Graham-Leach-Bliley act which overturned the Glass Steagull act, granted this is limited by the Frank-Dodd Act). They have been hoarding commodities and indiscriminate bank fees are nothing new. The fact of the matter is that we have turned out financial system into something that is built on greed and a cut-throat attitude that leaves consumers at their mercy.

    Lastly, while I disagree with what the Fed is doing, it is important to note that the Federal Reserve is integral to our economy. They create a huge secondary market for T-Bills through open market operations which helps ensure that we have a unified monetary policy. Their reserve requirements also ensure that banks have enough money to meet the daily withdrawal demands, which in itself is something that needs to be regulated since banks are extremely leveraged.
  8. Snowman

    Snowman The 47 Ronin

    cash for me. I quit using banks long ago.. sucks.. no credit rating.. Lack of accounts constrict my buying ability.. its shit like this that keeps us down..
  9. Dehugger

    Dehugger Contributor

    21 credit card requirement? Is that cali only or something? Cause up here in washington I get a new card offer in the mail like every 1-2 weeks and Im only 18. And yah this debit card stuff sucks, I use mine for tons of online stuff, though Im a big believer in "green energy" whenever possible
  10. Captain Cap

    Captain Cap New Member

    Can't you just go to a store and swipe your debit card as credit and bypass the debit fee? I do this at Carls Jr. all the time.

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