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What You Can Do About High Debit Card Fees

Okay, at this point I think we’ve all heard about Bank of America’s plans to charge their customers $5 per month for making purchases using their debit card. Not surprisingly it has not been well received at all. So what exactly can be done about it? Well, there are actually several options for those unwilling or unable to pay Bank of America’s fee.

The first is no doubt the most obvious and that is to vote with your feet. By that I mean simply close your account with B of A and take your business elsewhere. Credit unions and small community banks typically have very friendly fee structures in place and are more than happy to take in Bank of America’s disgruntled customers.

Another alternative is staying with Bank of America and using cash for all your purchases. B of A has stated that they will only be charging their monthly fee for purchases and not ATM withdrawals. So when you know in advance the things you’re going to buy, simply go to the ATM and take out the appropriate amount of cash to cover your purchases.

Yet another alternative is to use a credit card. Credit cards have fallen out of favor over the past few years because of high interest rates and seemingly underhanded business practices by the issuers. But, as always, for those that pay their balances in full each and every month there are no interest charges.

As always when dealing with credit cards you need to factor in such things as annual fees and miscellaneous charges. There are, in fact, many credit cards available that have no annual fee. As long as you have a strong enough credit history to be approved for the card then this is definitely a viable alternative worth looking into.

In our increasingly paperless society this may seem a bit dated, but many merchants still accept personal checks. However, some merchants do not so you need to know exactly who does and who does not accept checks if you choose to go that route.

Bank of America will waive the monthly fee for debit card purchases if you maintain a certain balance in your account. Other big banks such as Chase also do this. Obviously each and every bank will be different so it definitely pays to compare.

And in all fairness, while Bank of America has been beaten up in the press lately, they are not the only bank that is charging a monthly fee for debit card use. Other major banks including Wells Fargo and Chase are now also experimenting with monthly charges.

Ever since Congress clamped down on credit card issuers the banks and financial institutions have been looking for ways to recoup some of their lost profits and charging debit card fees is one of the ways they are pursuing. So this isn’t a fad folks. These fees are here to stay.

So as you can see there are quite a few options at your disposal. It’s simply a matter of finding which one best fits your financial needs. Understanding what’s available to you is the very best way to ensure you’re not overpaying for simply using a debit card from Bank of America or any other financial institution.

And, as always, we here at will be keeping you informed of all the latest twists and turns so please be sure to visit our site on a regular basis for the latest information.

Related Information:

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