a little notice would be nice

[snickerd3]

They aren't huge changes, but come on. There is a reason I'm not signed up to have electronic notices, i want to be sure I get the information, but apparently that is not always the case.

The bank changed my free checking account to one that has a monthly fee if certain milestones are not acheived each month. I guess grandfathered in account features are a thing of the past. I wouldn't have chosen this bank all those years ago, if the new account types were my options. Yeah great you started a points program...too bad the small print states you will be taxed on the value of the redeamed "free" items.

Discover changed the minimum amount needed to redeem points for cash or credit on your statement from $20 to $50. What does it matter...you'd think they's want to use it sooner so it isn't hanging over their heads.

 

[Flyer_PE]

The financial industry appears to be reacting to all the "reforms" that are supposed to help out all of us "little people" that were being preyed upon by those evil financial institutions. Who could have guessed that another 2000+ page piece of legislation would have a few unintended consequences. It's going to cost money for the banks to comply with all the new regulations. One way or another, that money will be paid by us.

 

[Capt Worley PE]

Thank God for credit unions...

 

[Master slacker]

Thank God for USAA.

 

[picusld]

I hate my bank, but they really have you by the short ones...

I have so many things that are on auto withdraw/deposit, to change is a nightmare.

I always come close to losing it whenever I go in to deposit a check and teller feels the need to pitch me one of their new products. I got a pitch the other day that I could get $25 for every friend that I was able to get to open an account. "Between you and your wife, you could get $500" he said...

I would refer friends for free if they stopped charging the nonsense fees.

I now make it a point to tell anyone not to use my bank.

 

[frazil]

Thank God for USAA.

lusone:

 

[Capt Worley PE]

I have so many things that are on auto withdraw/deposit, to change is a nightmare.

Which is why you should never, never,never, never, never, never, ever get auto withdrawal. Auto deposit is very easy to change, since that is handled by entities outside the bank.

Is you bank, BoA, aka The Evil Satan of the banking world?

 

[picusld]

I have so many things that are on auto withdraw/deposit, to change is a nightmare.

Which is why you should never, never,never, never, never, never, ever get auto withdrawal. Auto deposit is very easy to change, since that is handled by entities outside the bank.

Is you bank, BoA, aka The Evil Satan of the banking world?

No, my bank sponsors the Phillies, but can't cut me a break...

 

[humner]

I went with USAA, they cut my interest rate in half from the newly pushed up interest rate of 19.99% by Discover card. I even have a great credit score, but they slapped me too.

 

[snickerd3]

slightly related, just saw an article about credit card debt being at a 8 yr low...they neglected to mention that credit card companies have been lowering credit limits across the board so their is less debt to be had.

 

[Capt Worley PE]

I think the most I ever put on a credit card was maybe 1200 bucks, but it may not have been even that high. I always pay them off when the bill comes. I've actually called them to keep the credit limit lower than they want.

I keep thinking about ditching credit cards altogether, but I guess there are some positives to them.

 

[MA_PE]

slightly related, just saw an article about credit card debt being at a 8 yr low...they neglected to mention that credit card companies have been lowering credit limits across the board so their is less debt to be had.

My limited first hand expereince is that people with maxed out credit cards get thier limits increased. It's the folks that had high limits and never approached those limits that got their limits lowered. Net result is that the folks that got their limits cut just got lower credit SCORES. Credit card debt at an 8 year low is not a bad thing in my opinion.

I think the most I ever put on a credit card was maybe 1200 bucks, but it may not have been even that high. I always pay them off when the bill comes. I've actually called them to keep the credit limit lower than they want.
I keep thinking about ditching credit cards altogether, but I guess there are some positives to them.

Credit cards are useful for potential emergency situations and for making reservations, purchasing online, and for not having to carry lots of cash, checks, or other means of payment when traveling. When used to rack up unsecured debt for stupid reasons they are the Devil's tools.

 

[Capt Worley PE]

Credit cards are useful for potential emergency situations and for making reservations, purchasing online, and for not having to carry lots of cash, checks, or other means of payment when traveling. When used to rack up unsecured debt for stupid reasons they are the Devil's tools.

Yeah, but you can do all that with a debit card. The only benefits of the credit card over a debit card are keeping your credit up and lowering your liability on purchases or theft.

 

[OSUguy98]

When used to rack up unsecured debt for stupid reasons they are the Devil's tools.

Exactly.... A lot (most?) people think that little card gives them free reign over spending and common sense never prevails... kinda like the "I've got checks in my checkbook, I must have money in the bank!" mentality...

I pay my card off every month.... the most I've ever had to pay was just a hair under $2000... of which ~$1400 was buying a new PC and paying my car insurance.... We avg. about $900 a month... Before all these credit card changes, I'd get an increase in my limit every few months.... I think one card had a limit of $19,100 and the other was something like $15,000... I called once to ask them to reduce my APR (they've never gotten a cent in interest from me) rather than raising my credit limit, and they laughed at me... Now, they've both cut my credit limit down to somewhere around $3500... which is fine by me, but since part of your credit score is determined by available credit, they just slashed my credit score....

 

[Capt Worley PE]

...which is fine by me, but since part of your credit score is determined by available credit, they just slashed my credit score....

My BIL, who's a bank VP, so I trust his advice on this, says it looks better on you credit to have low limits on credit cards, because you don't have the ability to suddenly run up a huge debt.

Who knows, though. They pretty much use witchcraft/voodoo to figure credit scores.

 

[OSUguy98]

They pretty much use witchcraft/voodoo to figure credit scores.

Agreed.....

 

[IlPadrino]

Yeah, but you can do all that with a debit card. The only benefits of the credit card over a debit card are keeping your credit up and lowering your liability on purchases or theft.

A debit card doesn't give you cash back or reward points. For example, I get 5% back on groceries with my PenFed Credit Union. Discover has specials every month - September is 5% back on groceries, too.