THE TRUTH THAT HURTS, FOR NOTHING IS EVER REALLY FREE
For all banking customers, their banks are going to start charging for checking accounts. We were all under the impression that these accounts were for free, but in reality, these were never free, especially for merchandisers when we used our debit cards. Whenever we use debit cards, it costs said merchants a 1-3% fee for each processed transaction. That is how banks made money. Now, the government is cracking down on regulations (dun dun dun– I am withholding my libertarian bias until I get more information) on how banks make money. The Federal Reserve has also lowered the processing fees by about 80% (.07- 0.12 cents) per transaction (again, I am reserving my libertarian anti-Fed bias until I get better informed). No matter what bank you are with, changes are a-coming.
For more information, see this link: HERE
So, stop, take a deep breathe. Do not get outraged quickly. Get informed. Do not let this take you by surprise. Ask your bank for an explanation through customer service. It is what they are there for.
Related articles
- 4 ways to keep down costs on debit, checking accounts (usatoday.com)
- Chase Ends Debit Rewards Program (huffingtonpost.com)
- Cap on debit card purchases unlikely, analysts say (usatoday.com)
I’m a little surprised you write “We were all under the impression that these accounts were for free.” Are these fees not common knowledge? By the way, credit cards fees are substantially higher than those for debit cards.
Well, a lot of people I talked too were taken aback by the news, thus the post.