Don’t pay more for debit cards without reviewing your options

The implementation of newer rules and regulations for better transparency in financial transactions and prevent customers from falling prey to high interest rates surely seems to have worked in favor of the customers, but rattled the banks and financial institutions who were looking for loopholes to make up for the loss in revenue they incurred as a result. The most recent change brought into effect by the federal government is setting an upper limit for interchange fees. Banks which were fuming at all the recent changes got irked further with this rule since it decreased their revenue even further. In order to make up for the loss, many banks and financial institutions have introduced new changes to other aspects of banking such as debit cards, checking accounts and many more.

Leading the pack of banks that introduced newer fees and charges is Bank of America, the largest bank in the country. A recent announcement by this bank suggests that the bank intends to levy a monthly fee of $5 for every customer who uses debit card for transactions. The bank has also stopped offering free checking accounts as liberally as it used to do in the past. Citibank has also made announcements about the impending changes to checking accounts. Other banks are also taking cues and bringing about changes to the current fee structure and are also introducing new fees.

The ray of hope for customers is that there are certain ways in which you can avoid paying these extra charges. While certain charges are unavoidable, there are some that can be dodged. Customers have to be extra vigilant about the monthly statements they receive from their banks, not just for credit cards, but also for their bank accounts. This will give them an insight into the newer charges that have come into play. Another option is to ensure your account is sufficiently funded and never dips below the minimum balance specified. Transacting online can also save you a lot of money.

As a customer, if you notice a new fee being added to your account, it is recommended that you walk up to the bank and talk to the representative or manager directly to see if that fee can be waived. If you feel the new fee is either uncalled for or is pretty high, don’t think twice about looking at the options being offered by other financial institutions so you can consider switching banks. Credit unions are offering better deals as compared to many banks. Considering opening an account with a credible credit union is not a bad choice.