Debit Card Fees Are Coming - How to Avoid Them

By this time just about everyone has heard of Bank of America's plan to charge their debit card holders a monthly fee of $5.00. OUCH!! Just when we have become accustomed to the convenience of using these cards, someone wants to pick our pockets. Here we are in the Great Recession, so who got that bright idea? Actually it is a response by the banks to make up for income lost by the downturn and tightening of government regulations on what they can charge elsewhere. Either way, it ranks (pun intended) right up there with fees airlines charge for bags, carry on bags and sitting in an aisle seat! However, I digress. This article explains the problem and offers some suggestions on how to avoid debit card fees. The strategies can be summed up as follows:
1) Pay with Cash – Remember when it was king? Those days are coming back.

2) Pay with Credit Cards - Rewards have been increasing.

3) Switch Banks - My wife says vote with your feet and walk if needed.