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Debit Card Fees Cost $3 to $15 per month

10:09 PM, Oct 5, 2011   |    comments
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JACKSONVILLE, Fla. -- Depending on your bank, you may have to start paying a fee to use your debit card. 

It's one of a number of new bank fees.  Bank of America, Wells Fargo and Citibank are just three of the many financial institutions that are either getting ready to charge a monthly debit card fee, or already are.  The fees range from $3 to $15 per month.

Bank customer Carolyn Day said she can't believe all these new fees.  "It's okay to charge for some fees, but I am against the debit card.  Because if it's there, you should not charge me for taking my own money," she said.

Banks are trying to make up for lost revenue, after the government reduced the fees banks can charge retailers for swiping debit cards.

Certified Financial Planner Bert Costa said now is the time to monitor your spending.  "Use a credit card.  Because a credit card is something you can pay off monthly, and not only are you not going to pay fees on that, you get a chance to earn points, miles, etc," he said.

Of course, that is if you are able to control your credit card spending.

You could also just do things the old fashioned way, like Steve Whitmarsh.  He pays cash for most of what he buys.  If that doesn't work for you Whitmarsh suggested that you "change banks."

Costa said there are other options aside from using a bank.  "Typically the community or the credit union will be a little bit more personable, will have a little bit consumer-friendly fee structure," he said.

A number of Jacksonville credit unions said they are seeing new customers this week who say they're tired of bank fees.

 

First Coast News

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