Saturday, October 1, 2011

Banks to Charge 5$ a month for Debit use

If you haven't heard already Bank Of America will start charging their customers $5 a month just to use their debit cards, this excludes ATM transactions (for right now). 

So let's say for one year you have BofA and have a debit card. That's 60$ a year just for using your Debit card. And how many customers do they have?

It is rumored that other banks (like Chase and Wells Fargo) are to go with this fantastic (NOT) idea to charge a monthly fee. To save yourself this 60$ a year fee there are some things you can do to avoid this fee, if you still want to stay with these banks.

-You can only use credit cards that get you rewards and then just pay it off every month
-Only use cash for Everything
-Use checks more often and exclude the debit. A lot of places don't accept checks anymore, so remember to have cash at hand

You will just need to remember to not go overboard. Still budget, etc

CBS news story on BofA debit fee

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