It’s absolutely true that kids should learn about the mechanics of credit: How to use it responsibly and why it can get very expensive very quickly if you don’t. But the idea that they need a card of their own to practice this is …
debit cards
Credit Union Guarantees Free Checking and No Debit Card Fees—Forever
One reason people give for sticking with their bank even as it adds absurd debit card fees is that soon, all financial institutions are likely to charge for these services. So why bother going through the hassle of switching banks at all? Small banks, online banks, and credit unions understand that the absence of fees helps them woo …
Is There Any Point Begging Banks to Drop Debit Card Fees?
In the aftermath of Bank of America’s new $5 monthly debit card fee, politicians, consumer groups, and plain old angry consumers have denounced such fees as unfair and arbitrary, and pleaded with BofA and other financial …
Are Debit Card Fees Meant to Get Consumers to Use Credit Cards More?
Why are Bank of America and other financial institutions charging new monthly fees for debit card usage? The move has predictably caused a backlash, and the net result may be that fewer customers will keep using debit cards at …
Credit Union Paying Customers to Use Its Debit Card
Just when you thought every bank in the country was tacking on as many fees as possible comes a Texas credit union that pays 15 cents every time its members make a debit card purchase.
Was Bank of America Hacked?
Seven days after Bank of America instituted a hugely unpopular $5 fee for debit card use and six days into widespread reports from customers about error messages, slow service and other problems accessing the home page or other …
Bank of America Backlash: Consumers React to Debit Card Fee
Barely 72 hours later, it seems that Bank of America’s decision to charge customers $5 a month to use their debit cards is rapidly becoming a New Coke-level blunder. Consumers have taken to the blogosphere in droves to vent their …
Bank of America to Charge $5 a Month For Debit Card Use Next Year
Wells Fargo and Chase each stuck a toe in the water with the announcements that both were testing a $3 fee for debit card usage in limited markets. Bank of America, on the other hand, just cannonballed into the pool with the announcement that it will charge most of its deposit account customers a $5 fee for debit card usage starting …
A Quirky Way to Earn 5.1% Interest With a Regular Savings Account
Most bank accounts pay little or no interest these days. Consumers seeking an extra (or any) return on their money could, however, check out high-yield checking accounts, some of which pay 2%, 3%, even 6% APY. But such accounts …
A Cup of Coffee For You = 23 Cents For Your Bank
The Wall Street Journal reported that Visa and MasterCard plan to hike debit card fees (also known as interchange fees) for what are described as “small-ticket” transactions. “[T]he credit-card companies plan to increase the fees …
More Banks Hop on Debit-Fee Bandwagon: Will It Last?
Last month, megabanks Wells Fargo and Chase both announced pilot programs in which they will charge some customers a $3 monthly fee to use their debit cards. Additional banks, including SunTrust and Regions, have followed suit with plans for similar fees. Cue outrage. “A lot of it goes back to the history. Debit cards were supposed to …
New Hybrid Card Convenient But Potentially Expensive
Fifth Third bank has debuted a hybrid credit-debit card called Duo, which is linked to both a checking account and a line of credit. But beware: Using the card could be costly.
