C Tann-Starr's Outside Blog

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I am trying to become debt free. $50-$100 debit card caps means I will have to start a class action.

I am trying to become debt free. $50-$100 debit card caps means I will have to start a class action.

Who the fuck do these banks think they are? Have you read this? Go read this:

http://money.cnn.com/2011/03/10/pf/debit_cards_limit/index.htm?section=money_topstories&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29

You blanketyblanks get tax payer bailout money and then have the nerve, the audacity, the unmitigated gaul to screw with the cash and carry crew? Seriously? SERIOUSLY? I have made enough bad personal decisions in my lifetime without having to discover you blanketyblanks are considering making it impossible for me to get a nice hotel room while I am out on the road because you want to start capping debit cards.

This is the part of the show where I sit down, watch and wait to see what their next collective move of stupidity is.

If you cap my debit cards I am going to send the Federal Government after you for messing with my right to happily pursue getting debt free plus sue the shit out of you the moment I get stranded anywhere.

Consider this your warning. Banks are suppose to service their customers, not screw with us while we try to lower our debts by budgeting and living off of our debit cards.

$100 cap my a$$. I wont be able to get my car fixed at the garage you fucking morons. Have you checked the price of tires lately? What if I need a friggin' tow while out on the road. How the hell am I supposed to theoretically do that with you planning to cap my cards? My PayPal Business Mastercard is a debit card with a three thousand daily spending limit and my personal debit card has a one thousand dollar daily spending limit. How did I go from not worrying about doing a music tour to possibly not being able to eat three decent meals on a single debit card in one day? WTF???

Is this for real? Is it? If it is I have only one thought: How dare you screw with the cash and carry crew...

SOMEBODY BETTER START CALLING THE WHITE HOUSE... does the President who has been working so hard on stimulus packages know? 

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Comment balloon 12 commentsC Tann-Starr • March 10 2011 06:17PM

Comments

Gee, you pulled out all the big guns on this one! Yet if they are talking about $100 caps (for real) I can understand your frustration.

Posted by Vickie Nagy over 7 years ago

I haven't heard this... and I, too, will join you in your scorched earth campaign... I live on my Debit Card, and haven't carried a balance on a credit card in years, and don't intend to begin.

Posted by Alan May, Helping you find your way home. (Coldwell Banker Residential) over 7 years ago

Funny Thing - Banks charge less for debit cards than credit cards for vendors

Posted by Claude Cross, Charlotte NC Homes For Sale (Homes By Cross, Inc. ) over 7 years ago

I cannot stand when banks make threats like this to get their way.  Don't we remember what the banks did to us last time?!?

Posted by Richard Strahm, Lansdale and North Penn Real Estate (American Foursquare Realty) over 7 years ago

With this post and your words, I think you will be heard.

Margaret

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 7 years ago

What a STUPID GREEDY IDEA.  It already pisses me off that we get something like 1% on a savings account (If your balance is high enough), yet pay 14%-21%on credit cards.  I bank at CHASE and they have been sending out notifications of changes on many of their accounts, to collect more fees.  If you have this balance in a combination of accounts, then no monthly fee, but, if this or that happens then you will incur a fee.  You won't even notice it on your Electronic Statement, unless you pay really close attention.  I ditto your WTF.  Best wishes always.

Posted by Richard Yates, Broker and Realtor Orange County, California over 7 years ago

Hi guys! I am really ticked off about this pending bit of banking mischief. I keep checking to see which banks are in and out regarding capping the debit cards at a lower spending threshold. I know people who use their debit cards to make mortgage payments over the phone. They are not too happy about this idea either... 

Posted by C Tann-Starr (Tann Starr & Associates, Inc.) over 7 years ago

I am surprised that this is not more on the news.  I live on my debit card I try very hard to not use credit.  

Posted by Larry Story, Total Care Realty, LLC, Greensboro, NC Real Estate (Total Care Realty) over 7 years ago

Costco isn't going to like this. They only take American Express or debit cards. I would imagine the typical Costco purchase exceeds $100, much less $50.

Thanks for the heads-up, Carolynn! This is not good news.

Cheers,

Robin

Posted by Robin Rogers, CRS, TRC, MRP - Real Estate Investment Adviser (Robin Rogers, Silverbridge Realty, San Antonio, Texas) over 7 years ago

There has always been a cap on how much your bank permits you to purchase on the credit portion of your debit card.

The one permitted a $2,000 cap, and if you needed more, you contacted your local branch and the manager or assistant manager would go in and change the limit and you were good to go for the day.

I've been in banking for 18 years and since I started, as I stated it was always in place, you just never knew it.

The amount was sometimes determined by the amount of overdrafts you had, or uncollected funds.

I only read your article and skimmed thru theirs. That's one bank, I am sure other banks may follow suit, but that's why you have to have a good realtionship with the bank you bank out. Same thing goes for the good relationship you have with your Realtor.

Posted by Nancy Larson (I am a licensed referral agent in NJ) over 7 years ago

Nancy, my credit union is cool and does not appear to be going to do this, however, my family may have to switch business/mortgage accounts if it does go through. Vote with your feet seems to be the simple way to avoid having to deal with it. Problem with banking hours is you don't always get through with touch tone teller.

I have been on the road and had to call because I hit three states in one day using the same debit card so they froze my cards to get me to call in and verify that I was on vacation.

Calling is not as simple to fixing a shopping problem as you may think. I've been on hold for almost an hour on my cell, only to be transferred and be on hold until the battery ran out... Then I had to use another phone. That's without having debit cap issues, just traveling on vacation verifications and security checks to assure them my cards we're not stolen.

This idea of small caps whomps... I should not have to call my bank to ask permission to take my kids to Disney or buy art supplies in Walmart (LOL). 

If it is a small bank yes, you can have a good banking relationship but if it is a big bank calling the 800 numbers will not get you the same person twice and their customer service personnel will not know your name or you from millions of customers randomly calling in, unlike a Realtor chasing a client who will remember who it is they are targeting and talking to.

Posted by C Tann-Starr (Tann Starr & Associates, Inc.) over 7 years ago

Robin, I never noticed that about Costco. Hmm... Good theoretical point. BJ's wont like it either... I shop there and in Target a lot... Walmart wants to do banking since approximately 2005 so this should get very interesting... I can't imagine Walmart doing a small $50 cap on debit cards for people looking to buy a cool flat screen TV or landscaping supplies/equipment... I laid out over a thousand dollars just planting in the front yard with the kids... Drove Mikey crazy buying palm trees, flowers and srubs (not to mention solar lights, rocks, fertilizer, sod, gloves, digging tools, water hose adapters - LOL)

Larry, the print news has been picking up steam a bit. I've read a few articles on-line... Since banks are thinking and not yet committed I guess it's not a pressing issue for the major networks. As a little person it's a pressing issue with me... What if I am on the road when the bank sends out the notice of changes to my account through the mail? Having a notice sitting unopened in my mail box in New York is not going to help me while on location doing a shoot in Maryland and theoretically discovering because I gassed my car and ate a meal I can't afford my hotel bill.

Richard Y, this is a perfect example of legislation that is supposed to help us having unintended consequences that makes life more complicated.

Margaret, I had to turn my cell phone off and stop reading my e-mail for a day (I did read Dean Koontz and sorted a lot of business records while off line - LOL). ;-)

Richard S, I keep reminding myself they are just people making decisions. Some good. Some bad. If we don't pay attention and wait to receive the notice of change then it is too late. If we do pay attention and lodge a complaint, then we have a chance to help them see the real world ramifications of what they are doing to the masses. Credit Unions are gonna make a nice come back because commercial banks who still believe they are too big to fail will continue to fail for not learning to listen to their customers.

Claude, that is very ironic. I don't use my virtual terminal anymore. Now I stick with PayPal and the escrow accounts of business vendor proxies. :-)

Alan, I have burned the earth and a couple of cell calls (LOL). I will happily promote the banks who don't do this. My current debit caps are useful and workable to me, plus now I'm hunting businesses who let me pay by Paypal. ;-)

Vickie, $100 debit card caps would be a personal and professional disaster for me. How would I pay for my advertisements and websites? How I gas my car, buy my groceries and pay my cell phone bill should be up to me, not the banks...

 

 

 

 

 

Posted by C Tann-Starr (Tann Starr & Associates, Inc.) over 7 years ago

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