Credit Counseling News: Debit Card Fees Coming Soon

Your bank may be charging you an additional $5.00 per month to use your debit card. Last week news broke that Bank of America is developing a plan that may charge consumers for everyday use of their debit cards. Other banks have been brought into the discussion as potentially charging for debit card use as well.

How do you feel about being charged a fee to continue using your debit card?

In case you haven’t had the chance to read about the potentially new banking fees here are a few links to news article discussing the topic.

Debit card fees are coming: How to avoid them – ABC NEWS

Here’s Why You Should Consider Switching From A Bank To A Credit Union – Business Insider

BBB Advises Debit Card Users to be on Look Out for New Fees – Better Business Bureau

Have you noticed an increase in fees with your credit cards or debit cards? Please share in the comments.

Also, if you have any suggestions or stories on how you’ve experienced relief from credit cards and other debt feel free to share in the comment section below.  Tips, tricks and other suggestions are always welcome!

1-877-OUT-DEBT (688-3328)

www.DebtReductionServices.org

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    The reason they are charging fees is because the government has put a ceiling on revenue that can be earned from merchants when customers make purchases with their debit cards. Bank of America has repealed this within the last week and will no longer be charging the fee. I do expect to see other fees increase in all banks since all banks are no longer going to be charging the fee because somehow or another banks will need to make up for the lost revenue.

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