Banks React to New Law By Raising Debit Card Fees
POSTED: Friday, September 30, 2011 - 2:13pm
UPDATED: Thursday, October 6, 2011 - 11:14am
A simple swipe on a debit card can be an efficient way of buying goods, but it may not be so cost-efficient any more.
Banks have charged retailers up to 44-cents per debit swipe, but as of october first they'll only be allowed to charge up to 21-cents per swipe.
"When you think about how much more people are using their debit cards than cash, those fees are adding up and that's why we're expecting to see banks losing up to $9.4 Billion annually and the banks are trying to make that up in other ways," says MyBankTracker.com's Alex Matjanec.
He says beware of new monthly fees for your debit card.
Some banks plan on charging as much as $5 per month for using your card.
You should check your bank's latest fee schedule for details on all of the changes.