1st TN Bank to start charging for debit card use

[kckndrgn]

Did a quick search and didn't find anything.

If you use 1st TN bank, starting 10/22 they will start charging to you when you use your debit card. $.06 per pin based transaction and $.14 per signed transaction, with a max of $3.00 (though the teller told my sister it would be a max of $6.00, and a co-worker of my wife was told up to $40.00)

So it looks like 1stTN is following BofA lead and is going to start charging you to use your money.

Time to switch banks, yet again. I just may go completely to ING since they now offer checks for the checking accounts.

[Mike.357]

I have not gotten anything in the mail about it.

[E4 No More]

Many banks are jumping on this bandwagon. I'd like to know if the credit unions will follow suit.

[kckndrgn]

Neither did I. My sister (who lives in Knoxville) said she saw it on their website (I couldn't find it on the site) and asked a teller when she went in yesterday. The teller confirmed what she read. I called the customer service 800 number to verify and they did.

Found this article. The fee amounts are a bit different, but a fee is still a fee no matter the amount!

http://www.memphisdailynews.com/news/2011/oct/5/first-tennessee-joins-debit-card-fee-trend/

Edited October 6, 2011 by kckndrgn

[Guest db99wj]

Many banks are jumping on this bandwagon. I'd like to know if the credit unions will follow suit.

....and small local Community Banks.

[Garufa]

I am really, really tired of being nickeled and dimed to death.

[Mike.357]

Googled it and there is a lot mentioning debit fees for 1st TN.

No big deal really. I can either use a credit card then transfer money from checking to credit card account. That takes all of about thirty seconds. Or plan B would be to stop at a Weigels and get some cash.

I expect it will save me some money as i am all to readily whipping out the debit card to pay for stuff.

[Guest Broomhead]

The article I read said that charging per use, how 1st TN is going to, is actually cheaper than a lot of other banks that charge a flat monthly fee whether you do one transaction or fifty.

I've been doing a bit of research on which bank to switch to, every review/reviewer says the same thing about every bank. Basically, you just need to choose the lesser of the evils. Until some real relief comes, or people start stuffing cash in their mattresses and/or stocking up on gold/silver making the banks feel it in their pockets, we are stuck with what we have. It's unfortunate to say the least.

I am tired of Regions, though. I've been with them since Union Planters days, since 2007 I've been depositing/cashing my wife's paycheck every Friday like clockwork, I was just recently informed that I'd no longer be allowed to cash her check even when I just had a direct deposit of over $2500 clear from the Dept of Treasury at midnight the night before. Her paycheck is from 1st TN and I'm just going to switch to there. At least they aren't freaking posted.

[Guest db99wj]

I've thought about going to the credit card use on everything, get my 5% back, pay it off monthly deal.

[kckndrgn]

I've thought about going to the credit card use on everything, get my 5% back, pay it off monthly deal.

Tried that years ago, all that got me was in debt. I know that some people are good about not putting on the CC more than they could pay off each month, I wasn't. Best thing for me is to stay away from CC, haven't had one in years and I don't really miss them any more.

1st TN does have a cash back program and i have used that some.

[Guest midnitelamp]

Are these fees waived if you mantain a certain balance?

[Guest 6.8 AR]

Nope, and it was part of some recent regulation requiring banks to charge the

fees. Don't necessarily go and blame 1st TN(my bank) or any other bank for this

crap. what I heard was it was part of the "Dodd-Frank" amendment. Not sure

and I will look it up.

[Mike.357]

Just came back from my weekly trip to the bank. I asked about it and was given it in writing.

4 cents per PIN transaction. 14 cents per signature transaction. Maximum fee of 3 bucks per statement cycle. Starts Oct. 22

[Lumber_Jack]

Gonna have to go back to writing checks

[kckndrgn]

Nope, and it was part of some recent regulation requiring banks to charge the

fees. Don't necessarily go and blame 1st TN(my bank) or any other bank for this

crap. what I heard was it was part of the "Dodd-Frank" amendment. Not sure

and I will look it up.

I don't think that is correct. From what i was reading, the new regulations that started 10/1 limited the fees the banks could charge the merchants for processing the debit cards. The banks, not wanting to "loose money" shifted the fee from the merchants to the card holder.

I could be wrong, but that's how I read it.

[Mike.357]

I am not gonna sweat four cents each for using the card a five or six times a week.

[Guest 6.8 AR]

I'll have to look it up. That's what I heard, and right now I don't know from whom.

Could be, though.

Usually when the gubment passes legislation, it has a lot of stupid stuff included

that is purely political in nature, and I did see a story last night about Durban (D-Ill)

really chastising BofA for their practices(fees) and it had a hint of this being caused

by what I referred to.

[E4 No More]

I don't think that is correct. From what i was reading, the new regulations that started 10/1 limited the fees the banks could charge the merchants for processing the debit cards. The banks, not wanting to "loose money" shifted the fee from the merchants to the card holder.

I could be wrong, but that's how I read it.

That's how I understand it too.

[raydog1]

That's how I understand it too.

Doesn't matter to my bottom line who's at fault. Not my problem. I said buh-bye to Regions after 12+ years (another Union Planters transplant). No BS fees with my credit union.

[Guest uofmeet]

I don't think that is correct. From what i was reading, the new regulations that started 10/1 limited the fees the banks could charge the merchants for processing the debit cards. The banks, not wanting to "loose money" shifted the fee from the merchants to the card holder.

I could be wrong, but that's how I read it.

This is correct. The amendment in the dodd-frank bill said the bank can only charge x instead of y because apparently a lot of merchants were bitching about being charge y. So their for the bank is shifting the charge to us.

[JimmyMac483]

SunTrust is going to start charging $5 a month for debit card use even if you just use it once a month. This goes into effect next month. I just started an account with Pinnicle. They were super nice, everything is free, and I get a free Titans jersey for signing up for direct deposit! So far I would highly recommend them if anyone is looking for a new bank.

I also asked the manager and he said that they have no intention to ever charge a monthly fee for debit cards.

Sent from my HTC EVO using tapatalk

Edited October 6, 2011 by JimmyMac483

[Wingshooter]

I read that Suntrust (my bank) will charge a flat $5/month.

*Edit: I was too slow for JimmyMac. Beat me to it.

[greenego]

You can call this the Dick Durban fee (Senator IL)

Durbin says B. of A. fee to help small banks - MarketWatch

[Guest db99wj]

My bank here in Memphis, allows me to use any banks ATM fee, and they waive the ATM Fee that is charged at that bank. So If I use a Regions ATM, they charge $3, my bank refunds that charge. I like my community bank.

[gnmwilliams]

SunTrust is going to start charging $5 a month for debit card use even if you just use it once a month. This goes into effect next month. I just started an account with Pinnicle. They were super nice, everything is free, and I get a free Titans jersey for signing up for direct deposit! So far I would highly recommend them if anyone is looking for a new bank.

I also asked the manager and he said that they have no intention to ever charge a monthly fee for debit cards.

Sent from my HTC EVO using tapatalk

They may never intend to charge fees but he doesn't have any say over what corporate may say down the line. I know of a credit union that will start charging in Nov. but is still telling people that they aren't charging for accounts. They just leave out the part about not charging until Nov. As far as I'm concerned, the debit card fee isn't the bank charging you to use your money. It's the bank charging you for the use of a convenience product. A product that isn't forced on you but is given to you at your request. I'd gladly pay 3 or 4 bucks to not have to carry cash around. If you wanna be mad at someone, be mad at the politicians who gave in to the merchants who were complaining about the fees.