Beware Of The New Sting Of Using Bank Debit Cards
October 03, 2011 | Alliant Credit Union
Americans are increasingly using debit cards, instead of cash, to make routine purchases. But now, many banks plan to use this habit as a "gotcha" and start charging their customers a fee for using debit cards.
Not so at Alliant. Alliant does not charge monthly maintenance fees for checking nor does Alliant charge a fee for a debit card. Our card is given free to checking accountholders and we don't charge a fee to use the card.
Beginning in October 2011, at least five to 10 of the major banks in the United States are expected to charge customers $3 to $5 a month for using debit cards, according to Alex Matjanec of mybanktracker.com.
Interviewed on an NBC-TV news story on September 29, 2011, Matjenec noted that a new law, effective October 1, 2011, cuts the amount of money a bank can charge a business when it accepts payment with a debit card - from 44 cents a swipe to 21 cents a swipe. The result: banks will lose about $9.4 billion annually and will attempt to recoup that loss by charging its customers for using debit cards. Also, the news story related that reward programs for using bank debit cards are likely to "be a thing of the past."
Meanwhile, Alliant members can continue to enjoy one of the benefits of The Alliant Advantage - using their debit cards for free to make purchases. Learn more about Alliant checking.
© 2011 Alliant Credit Union. All Rights Reserved.
Join the conversation*