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Bank fees coming- Will you switch?
Banks invent more fees!
What is more inconvenient?
Fees, fees, fees!
With the economic downturn, lower revenues, and new regulations and costs, banks are now looking at adding new fees for the use of debit cards. Debit card use is widely considered the same as a cash transaction. Up until now, there were no fees to use your own money. Unfortunately, those days are coming to an end. Different banks are contemplating different fees and coming up with special accounts with requirements to meet in order to avoid these fees. While this is in no way the fault of the customer, as always, the customer will have to eat the cost. Now is a good time for you to be getting information in order to make your bank loyalty decisions.
Banks are relying on customers to stay especially since shopping for new banks and making the switch is considered a huge inconvenience. However, failure on our part to show our disapproval of the new fees will eventually result in general acceptance. What I mean is that it will become a normal, socially acceptable fee eventually enforced by all financial institutions. Switching may not be the only answer. It was not long ago that people carried cash and checks with them. Some institutions are implementing fees on the account itself, so going back to traditional paper money will not work for everyone. I wanted to present you with some facts so that everyone had the time to look at their options.
Now for my personal opinion. I find it sadly hilarious that the institutions that are responsible (either directly or indirectly) for the economic downturn are complaining about the new costs and passing it down to the customers that were hurt by their ignorant judgement to begin with!
The mortgages that were written to families that didn't make enough to cover it, the decision to allow someone to take 2nd and 3rd mortgages on their properties, the terrible and deliberately confusing refinancing terms, the creation of new age mortgages like interest only, and the careless approval of countless equity loans led to thousands of foreclosures. This lost income could have more than covered any 'new costs'. These decisions were not made by the people yet the people will have to rescue banks by accepting new fees and costs? Add to that the gross lack of accountability and the bailout measures put in place to attempt to correct this and it is enough to make you sick. I find some humor in the boldness of big business.
Enough of my soap box. Make your informed choices and please read the fine print! With these changes come new goodies in the fine print.
- Bank fee hikes debit card: Consumers beware - Banks starting to charge monthly fees on debit card us
When SunTrust Banks told Anne-Marie Bowen that her days of free checking were over and, unless she kept a large balance, she would also have to pay a monthly fee to buy things with her debit card,
- Wells Fargo to test monthly debit card fee - CBS News Video
CBS News video: Wells Fargo to test monthly debit card fee - Wells Fargo Bank plans to test market a monthly fee for a debit card. Business and economics correspondent Rebecca Jarvis reports on what this new fee will mean for customers.