Banks to Make Customers Pay Debit Card Fee
From the New York Times – Banks to Make Customers Pay Debit Card Fee
I guess this is one way for the banks to make up their losses with the low interest rates. I’m sure none of us like this & there’s not a lot we can do about it! Maybe this will spark more interest in Credit Unions (until they start doing this too).
One way to possibly avoid these fees is to go back to a cash based society (until the banks start charging for cash). I’m pretty much a cash free consumer who normally has less than $20 in his pocket at any given time (except for vacation for some reason). I like the ability to track spending and budgets. I find myself spending cash and not remembering where it all went when its gone.
So far a lot of the major banks seem to have jumped on this fee band wagon. Only time will tell if this becomes the norm or if the expected consumer backlash has an impact.