Saturday, October 1, 2011
Banks to Start Charging Fees To Use Your Debit Card
...as a debit card
Bank of America will start charging debit-card users $5 a month to pay for purchases. The move comes as the cards increasingly replace cash and as banks look for ways to offset the loss of revenue from a new rule that will limit how much they can collect from merchants.
Image Source
Paying to use a debit card was unheard of before this year and is still a novel concept for many consumers. But several banks have recently introduced or started testing debit card fees. That's in addition to the spate of other unwelcome changes checking account customers have seen in the past year. Bank of America will begin charging the fee early next year.
Bank of America's announcement carries added weight because it is the largest U.S. bank by deposits.
The fee will apply to basic accounts, which are marketed toward those with modest balances, and will be in addition to any existing monthly service fees. For example, one such account charges a $12 monthly fee unless customers meet certain conditions, such as maintaining a minimum average balance of $1,500.
Customers will only be charged the fee if they use their debit cards for purchases in any given month, said Anne Pace, a Bank of America spokeswoman. Those who only use their cards at ATMs won't have to pay.
The debit card fee is just the latest twist in the rapidly evolving market for checking accounts.
A study by Bankrate.com this week found that just 45 percent of checking accounts are now free with no strings attached, down from 65 percent last year and 76 percent in 2009. Customers can still get free checking in most cases, but only if they meet certain conditions, such as setting up direct deposit.
The study also found that the total.. Continue to the rest of the article..
Source
Bank of America will start charging debit-card users $5 a month to pay for purchases. The move comes as the cards increasingly replace cash and as banks look for ways to offset the loss of revenue from a new rule that will limit how much they can collect from merchants.Image Source
Paying to use a debit card was unheard of before this year and is still a novel concept for many consumers. But several banks have recently introduced or started testing debit card fees. That's in addition to the spate of other unwelcome changes checking account customers have seen in the past year. Bank of America will begin charging the fee early next year.
Bank of America's announcement carries added weight because it is the largest U.S. bank by deposits.
The fee will apply to basic accounts, which are marketed toward those with modest balances, and will be in addition to any existing monthly service fees. For example, one such account charges a $12 monthly fee unless customers meet certain conditions, such as maintaining a minimum average balance of $1,500.
Customers will only be charged the fee if they use their debit cards for purchases in any given month, said Anne Pace, a Bank of America spokeswoman. Those who only use their cards at ATMs won't have to pay.
The debit card fee is just the latest twist in the rapidly evolving market for checking accounts.
A study by Bankrate.com this week found that just 45 percent of checking accounts are now free with no strings attached, down from 65 percent last year and 76 percent in 2009. Customers can still get free checking in most cases, but only if they meet certain conditions, such as setting up direct deposit.
The study also found that the total.. Continue to the rest of the article..
Source
When You See It...
Click to enlarge to make it easier..
Via
It looks like a distant mountain on the other side of a lake, but it's actually just a cloud - below which is clear sky. Incredible image!
Thursday, September 29, 2011
Mood
Spend all your time waiting for that second chance
for a break that would make it okay
there's always some reason to feel not good enough,
and it's hard at the end of the day
I need some distraction, oh a beautiful release..
memory seeps from my veins..
let me be empty, oh, and weightless and maybe
I'll find some peace tonight
for a break that would make it okay
there's always some reason to feel not good enough,
and it's hard at the end of the day
I need some distraction, oh a beautiful release..
memory seeps from my veins..
let me be empty, oh, and weightless and maybe
I'll find some peace tonight
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