In light of the new regulations on bank card fees, the cost of doing business will be shifted to we, the account holders.
It was foreseen by anyone with a brain. Our elected officials and President signed it perhaps demonstrating what we all realized… that they have no brains to speak of if they could not even see this problem in advance.
Americans are still shedding massive debt… one way we’re doing that is cutting up credit cards and switching to debit cards.
Unfortunately, new fees are going to make our job even harder. The business customer will save a bundle, but we’ll have to pay twice… first for the products and then for the processing charges the bank feels they’re missing.
What can you do?
If you’re not rich enough to have a “premium account” that won’t be touched because you have wads of cash sitting there…
Or you’re not rich enough to own the bank yourself…
This article has some suggestions:Here’s What You Can Do To Avoid Paying The New Debit Card Fees
1. Complain LOUDLY while they are in the testing phase.
2. Plan to switch banks and make good your threat if your fees do rise…
3. Know the terms of the fees. Some say they won’t charge for ATM withdrawals but only for debit card use. Know what your costs are.
4. Personally, I’d prefer a flat fee to a per use fee.
5. Some brokerage accounts will keep having free checking and no minimum balance
The main thing is to realize this is coming SOON to your bank and to plan ahead to minimize the impact!
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