Use Common Sense to drop the debit card fees
Bank of America in later part of the September announced that they would charge customers a monthly fee for the purchases by debit card in 2012. The monthly fees would be a $5. The monthly fees of $5 would be $60, if any one uses their debit card for the purchases.
After the Bank of America, the Citibank even came up to tell the customers that they would surge the fees on 3 of their checking account products. Citibank and Bank of America are in a league of the big banks that are adding the fees for making up the increased regulations costs and many different changes, which are being affecting the bottom lines.
This is highly going to impact on the finances for the teens and college students. They may have already expanded their buying to the max for investing on music downloads, food eating and covering gas. It is all clear that the game of bank is changing and it’s a new revolution, which may hurt to many. This would largely hurt to the studying teens and young adults.
Just for a sigh of relief some of the bank costs are still avoidable. Just consider these points:
Be knowledgeable: Make sure you keep a good track on the monthly bank statements. We all know that how boring is it to read all the terms and condition but it really is important. Make sure you read all the stuff of any bank you are dealing with. This is the stage where it is very important for being a bank literate. There is no shy for asking twice to the manager. For an instance Bank of America would not charge if the person would not use the debit cards for buying. Bank’s network ATM withdrawals are also not included.
Link the student’s account with dad and mom may help you avoid fees as well. Placing a greater minimum balance also can help for the same.
Be Polite and Sharp: You would need to be polite for this one. Try to ask to your bank if they will decline the fees. This is important. A business without the customers is not a business. Everyone wants the customer. Try to convince them your importance. Give them option by saying you have different bank option if they don’t drop the fees and wait to see their response.
Its Time to Switch: Switch the banks. Generally Lower banks have competition within their competitors. Lower bank always charge lower fees. But always make sure that you read the service list and terms and condition carefully before switching to other.
Find Different Ways: Banks are not the only last resort. They are not the only financial helpers. Try to seek for the different ways. There are many universities and colleges with credit unions of their own and are open to students.
Use all these above ways to secure the fees or else you can always pay by cash.