Do you use a debit card
The DID you each time you use the merchant is charged with magnetic charges?
each time you swipe a debit card to pay for gas, groceries, or a latte, your bank charges the merchant "sweep fees" for the transaction.
the maximum slip of fees banks could charge for each transaction in 2010 dropped 44 cents to 21 cents.
They can go down even further, as a recent decision of the Federal court has made possible to the maximum to go even lower.
How the lower magnetic fees affect consumers
magnetic charges lower the places you shop should mean lower prices to you, or at least it should retailers be more willing to let you use your debit card to make even the smallest purchases.
Someone has to pay for the cost of card transactions rate, however.
in the end, if banks can not charge as much to retailers, they will find a way to make you pay.
If they can not find a way to make profitable transactions by debit card, they can discourage completely.
We have already seen how the banks have offset lower debit fees it two years ago.
banks have raised any overdraft charges to expense account verification. Many services, we used to take for granted as part counting, now cost money.
It is difficult to predict how the rest of the market will adapt, but debit cards are not likely to disappear. One can hardly go back to paper checks.
paper checks are a problem for retailers, and a percentage of them still rebound. We'd hate to start writing checks to the store again -. Or wait in line behind people who write checks and have them approved
It is more likely that banks continue to find ways to charge more Furthermore, if the amount they can charge retailers for debit transactions continues to fall.
What consumers can do?
as a consumer, you can protect yourself against most croissants paying more attention to what you are accused.
Read your statement every month and make sure you understand it.
compare regularly check account plans to your bank or to other banks or credit unions to see if you can save money.
instead of paying someone to count your coins, keep some in your purse or pocket and use them to buy coffee and other small purchase. And keep an eye on your balance, so you never, ever risk having a negative balance.
The banks can increase overdraft charges all they want, but it will not cost you a dime if you have not discovered your account.
you are likely to spend more money when you have money in your pocket, or when you just slide your debit card?
photo credit: Photomatt28 via photopin cc
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