Consumers Have the Option to Avoid Debit Card Fees - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Consumers Have the Option to Avoid Debit Card Fees

Consumers Have the Option to Avoid Debit Card Fees

Consumers Have the Option to Avoid Debit Card Fees
This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the Citi.

The Durbin Amendment “swipe fee” cap has been in effect for two weeks, and the new debit card use and checking account fees many big banks are levying against their customers are starting to kick in.


The L.A. Times cites one Bank of America spokesperson as saying the industry is, “adjusting our pricing to reflect today`s economics.”


The paper also reported that a survey conducted by Javelin Strategy & Research revealed that some 60% of consumers intend to pay using alternate means, should their bank begin charging them debit card fees.


Frustrated consumers who want to avoid such fees have several different options.


Consumers who are outraged by the audacity of the big banks` efforts to charge them for the privilege of using their own money may find themselves much happier at a smaller bank or a credit union. Credit unions are going beyond remaining merely free of debit card fees, and bucking the trend of much of the retail banking industry, which is piling additional charges on debit card use. Some credit unions are going so far as to up their debit card rewards programs.


City National Bank, a community bank in the Los Angeles area, is one of the many regional banks across the country that is making a no-debit card fee pledge to customers. “Given the state of the economy and the political environment, we think it’s the wrong time to pass that cost on to our clients,” City National Chief Executive Russell Goldsmith said in an interview, according to the L.A. Times.


Opening a bank account online is another option for people looking to bail on their big bank. For customers willing to give up their dependence on brick-and-mortar branches, internet banking provides customers with the ease and convenience of on-line bill payments, plus no-fee debit and checking options.


The simplest way to prevent a monthly fee for any debit card use above and beyond transactions at the ATM is to find a new way to pay for goods and services at the point of sale.


It is very likely that there will be a resurgence in cash, check and credit card transactions as new debit card fees begin being implemented.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

The Appliances Connection Credit Card Is Coming

Posted: May 25, 2018

Alliance Data Systems Corporation has inked a new deal with Appliances Connection, paving the way for a new co-branded credit card and loyalty program for the online retailer. The new card will provide consumers with a way to finance their ... Continue reading
Chases New Ink Business Unlimited Card

Posted: May 24, 2018

With some help from Pro Skateboarder Tony Hawk, Chase is rolling out the new Ink Business Unlimited card, offering cardholders 1.5% cash back on all purchases with no categories to deal with. On top of earning cash back, they also get a ... Continue reading
New IKEA Credit Card

Posted: May 23, 2018

The IKEA Visa credit card is now available, offering 5% back in rewards on IKEA purchases. People with this card also earn 3% back when shopping for groceries, eating out and paying for utilities. All other purchases get 1% back. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
0% Intro APR on Balance Transfers and Purchases for 18 months. After that, the variable APR will be 15.49% - 25.49% based on your creditworthiness*
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!