What's the Deal?

[digitS']

I drove into a gas station yesterday.

The sign on the street said one thing. The sign on the pump said credit price was 8 cents higher! There goes $2! We scrambled around for just a second looking for twenties before I got in and drove off! Nowhere on that street sign did it say there was a difference in price. I drove by later and looked again -- not a word about cash or credit.

The bank decided 6 months ago to charge me for checking. I'd bailed on Washington Mutual 10 years before it collapsed in the banking scandal so I've been with this new bank for nearly 20 years. It's gonna cost me $72/year to stay with them.

I get ads constantly from 2 community banks offering my a "gift" of $50 for the first 6 months ... I got this figured out. It just means that I'll be paying a fee after that and in 6 months, I'll be right back to $72/year. I know of a credit union with no fees ...

Am I gonna get myself in trouble here with making a change? We need banks every now and then ...

Steve

 

[baymule]

Go read the fine print. According to the Dodd-Frank Act, the bank now owns all your money and you are a creditor to the bank. That means that if the bank fails, they will pay off their derivatives and other creditors first and leave you holding the bag. The FDIC can take up to 99 years to pay you from their underfunded "insurance". Or, if you are extremely fortunate, the bank will issue you stock in their defunct, worthless, empty hulk of a banking institution.

 

[w_r_ranch]

I wouldn't pay any bank to hold my money, they can 'use' the funds in CDs (but not Money Markets) to invest/make loans though. I feel the same about credit cards, I'm not paying for them & never have. If it ever comes to the point where I have to, I will close the accounts & put the cash into one of our safes.

BTW, the federal government has no business being involved in this at all, PERIOD.

 

[Lavender2]

Our bank has tried that a few times. We go in to close our account and all of a sudden free checking is available again.
Both of our credit unions offer free checking. One of them, you have to keep $100 in a savings account.

Like @w_r_ranch , I would not pay fees for banks to use my money, nor for a credit card. They collect a fee every time you use your card. We are using more cash lately.

 

[ninnymary]

I hate credit cards. They are a sure way of getting into debt. So far, none of our 3 adult children have them! I hope I've made a difference there.

Mary

 

[Lavender2]

Oh, and I have never heard of a business charging more for a credit purchase... they really should give you a discount if you use cash .. ok, same thing I guess. lol But 8 cents, holy cow! Hopefully many more of their customers drive off also... Dh would have gone in and given them his 2 cents, rather loudly.
Gas is down to 2.65 here ..

 

[w_r_ranch]

Credit cards are OK, one just has to be disciplined in their use & pay off the entire amount each month.

Gas stations have tried the cash/credit pricing scam numerous times here over the years & it never flies. They just lose market share as people just go elsewhere.

 

[digitS']

I opened a PayPal account several years ago. This had to do with internet businesses using that and not credit cards. I don't mean the Mom & Pop seed company that I could have bypassed but a security service and email account. This was back when everyone you sent an email to would get a nice ad under your name unless you paid $8, or whatever. I guess PayPal got a big start in life outta those deals.

I hate to break a relationship after such a long time. So, you think if I just threatened to stop bringing my piggy bank in, they might drop the fee? Wow! I didn't see anybody at that Texaco station scramble out the door when I started the Dodge.

Steve

 

[Ridgerunner]

Yeah, talk to the bank. You will probably have to keep a minimum in the account but they can usually do something about the fees. It doesn't hurt to negotiate.

Shell is the gas station around here that des that big advertising for cash price scam. To their credit they do have "cash price" on the big price board, but it is in very fine print.

Just for trivia. That Texaco station is really a Chevron station. Texaco has not existed since the early 90's when Chevron bought them out. But since Texaco was one of the top three worldwide recognized brand names (Coca Cola was first, can't remember the other) Chevron kept the name for marketing purposes.

 

[digitS']

So, it's Standard Oil, eh?

Yeah, I've had credit cards for decades ..

. and, gone several years without forgetting to pay one month and, inadvertently, paying a service charge. No, I've been trained away from a cash economy.

We can now pay a parking meter with a phone! A few clicks from your restaurant table ... there's time for dessert!

Steve