Most debit card fees come by way of “overdraft protection,” in which banks allow customers to spend more than what’s in their accounts—and then customers are smacked with fees of around $35 each time they do so. Here’s a real shocker: Very few people actually want that sort of protection.
debit cards
Prepaid Debit Cards: Buyer Beware, Be Really Aware
Prepaid debit cards are attractive to certain consumers—immigrants and low-income people in particular—because they can be purchased quickly and easily in drugstores or Wal-Mart, and there’s no I.D. or paperwork necessary. What people who use these reloadable cards often fail to understand is that they’re …
So Banks Really Want to Help Customers? Here’s What They Should Do
Last week, Bank of America and Chase announced some supposedly customer-friendly changes to the way they assessed debit card overdraft fees. The changes did not impress anyone.
Debit Card Fees: Changed, But Still an Easy Way to Get Ripped Off
The banks say that being threatened with legislation had no impact on their decisions to make annoying debit card overdraft fees slightly less annoying. Instead, Bank of America and Chase say they are changing their fees just to help out their customers. How nice of them.
Ten Credit Card Myths
The website FoolProof uses videos and straightforward messages to warn young people (and everyone else, really) about the hazards of debt, interest, bouncing checks, and more.
Read more about the website at this story, which includes the site’s top financial myths:
–I don’t have to worry about credit at my age.
–Bad credit can’t
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Debit Card Overdraft Fees: Will the Rip-offs End Soon?
Because debit cards deduct money directly from the cardholder’s bank account, it’s not possible to pile up debt like you can with a credit card. But debit cards are not without risk: Overdraft fees, which card issuers assess when customers spend more than the balance in an account, routinely cost $35 a pop, in some cases adding up to …
Debit Cards vs. Credit Cards: Do You Prefer Debt, Fees, or Both?
Debit cards have been presented as the safer alternative to credit cards. A credit card is something of a temporary loan operation, allowing you to buy things with money you may or may not have, creating a situation in which it’s easy to get into debt. A debit card, by contrast, allows you to buy things using the funds sitting in your …
