If you use a debit card then you might be in for a surprise with your next bank statement. Several banks will start charging customers a monthly fee to use their debit cards. I use my debit card all the time so I can’t say I am very excited about this decision. I know that $5 may not sound like alot but that’s $60 per year!
If you bank with the same bank for 10 years it adds up to $600!! What would you do with $600 if you had it right now? Donate it to the bank?
In fact it kinda makes me want to move to a cash only system. It sure is nice though to swipe my card at the pump rather than unbuckling them & marching 6 kiddos into the store to pay with cash. It’s definitely something to think about!
Wondering if you’ll be affected? Here’s a list of some of the banks who are making the changes:
According to this article CitiGroup has no plans to implement a debit card fee as research has show that it would be irritating to customers. Ya think??? Kudos to CitiGroup for this decision.
Beginning on October the 14th, Wells Fargo will begin charging a $3 monthly fee to customers in Georgia, New Mexico, Nevada, Oregon and Washington as part of a pilot program.
Regions began October 1st to charge $4 per month for entry-level LifeGreen Checking and the Basic Checking Accounts. ATM transactions do not count.
Bank of America will start charging a $5 per month fee starting early next year.
Beginning on October 22nd First Tennessee Bank will charge a per transaction fee up to a total of $3 per month. See details here.
Suntrust started charging a $5 fee on their “Everyday checking Account”. Beginning on November 10th all customers with a free checking account will be converted to the “Everyday Checking” Account unless they choose a different account.