[net-gold] BANKS AND BANKING DEBIT CARDS : FEES: Susan Tompor: A Fee to Use Your Debit Card is Just the Beginning
- From: "David P. Dillard" <jwne@xxxxxxxxxx>
- To: Net-Gold -- Educator Gold <Educator-Gold@xxxxxxxxxxxxxxx>, Educator Gold <Educator-Gold@xxxxxxxxxxxxxxxx>, net-gold@xxxxxxxxxxxxx, Net-Gold <Net-Gold@xxxxxxxxxxxxxxx>, NetGold <netgold@xxxxxxxxxxxxxxx>, Net-Gold <net-gold@xxxxxxxxxxxxxxxx>, K-12ADMINLIFE <K12ADMIN@xxxxxxxxxxxxxxxxxxx>, K12AdminLIFE <K12AdminLIFE@xxxxxxxxxxxxxxx>, MediaMentor <mediamentor@xxxxxxxxxxxxxxx>, Digital Divide Diversity MLS <mls-digitaldivide@xxxxxxxxxxxxxxx>, NetGold <netgold@xxxxxxxxxxxxxxxx>, Net-Platinum <net-platinum@xxxxxxxxxxxxxxx>, Sean Grigsby <myarchives1@xxxxxxxxxxxxxxx>, Net-Gold <NetGold_general@xxxxxxxxxxxxxxxxx>, Temple Gold Discussion Group <TEMPLE-GOLD@xxxxxxxxxxxxxxxxxxx>, Temple University Net-Gold Archive <net-gold@xxxxxxxxxxxxxxxxxxx>, Health Lists -- Health Diet Fitness Recreation Sports Tourism <healthrecsport@xxxxxxxxxxxxxxxx>, Health Diet Fitness Recreation Sports <healthrecsport@xxxxxxxxxxxxxxx>, HEALTH-RECREATION-SPORTS-TOURISM@xxxxxxxxxxxxxxxxxxx
- Date: Fri, 30 Sep 2011 07:38:29 -0400 (EDT)
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BANKS AND BANKING DEBIT CARDS :
FEES:
Susan Tompor: A Fee to Use Your Debit Card is Just the Beginning
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Susan Tompor: A Fee to Use Your Debit Card is Just the Beginning
Detroit Free Press
http://www.freep.com/article/20110930/COL07/109300356/
Susan-Tompor-fee-use-your-debit-card-just-beginning
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A shorter URL for the above link:
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http://tinyurl.com/66lj379
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Bank of America is ready to slap a $5-a-month charge on many customers who
use the bank's debit card for purchases at the grocery store, drugstore
and elsewhere.
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Yes, it's a new monthly fee if you want to use your debit card to buy
stuff, which is why people use debit cards.
.
Huh?
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Get ready to hear more of this kind of silliness.
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Banks are reacting, badly, some consumers would say, to new rules that
take effect Saturday.
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Banks with more than $10 billion in assets must limit the fees they charge
to retailers when a debit card is swiped.
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This change cuts the revenue that the banks get from retailers nearly in
half in many cases.
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"Consumers are getting stuck with the bill, through debit card fees and
fewer free checking accounts," said Greg McBride, senior financial analyst
at Bankrate.com.
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"We will continue to see more debit card fees in the months ahead,"
McBride predicted.
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snip
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"It will reduce debit card use. It will drive customers away from Bank of
America and others who use" such fees, said Robert C. Giltner, a
consultant to banks and a strategist for demand-deposit accounts, or
checking accounts, for Velocity Solutions in Wilmington, N.C.
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At Bank of America, the charge would be the same $5 a month whether a
customer pulled out a debit card for a purchase once in a month or 10
times a month.
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The complete article may be read at the URL above.
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Sincerely,
David Dillard
Temple University
(215) 204 - 4584
jwne@xxxxxxxxxx
http://daviddillard.businesscard2.com
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