Debit Cards About To Bite RVers

While traveling about this great country, most RVers use debit cards to make purchases since most stores don’t take out of state checks and many of us shop on the Internet. Coming October 12, many Wells Fargo patrons will find they are now going to be charged $3 per month for the “privilege” of using their debit cards to access their own money. They are testing this new fee in some areas including mine. This will be in addition to the new $7 per month they are now charging for once free checking accounts and the huge jack up of interest rates on credit cards they did a year or two ago. When asked about the new fees, a local branch employee stated that the fees are due to new government regulations put into effect to protect consumers and stores from unreasonable fees. When asked about the tremendous increases to interest rates on credit cards to all users (not just those that have paid late) that was done just before new government regulations came into effect to prevent gouging, I was asked if I thought they were the only bank that did that, as if that justified it. I suppose if one bank jumps off a cliff then it is okay for others to follow that too. LOL So much for government help.

Banks were supposed to make money by lending out the money we give them to others but found, just like cell phone companies, that there are numerous ways to make more money by quietly nickel and diming their users to death and they have no intention of giving up any profit no matter what the government does. I don’t just blame the banks here. What good is new legislation if it does not limit preemptive actions such as these on current accounts? I don’t buy into the “cost of processing debit card charges” argument either which is all done electronically and must be cheaper than handling paper checks through the system or so they have been telling us to get us moving away from paper.

Chase Bank began charging fees over a year ago for their formerly free checking accounts and are now testing a $3 charge per month for debit cards as well. Bank of America has just announced they will be charging $5 per month for debit card use.

Just like changing your insurance now and then to get the best prices, now is the time to look at other bank offerings and perhaps move accounts. I urge everyone to let these banks know how you feel by calling or writing them or by using your freedom to shop around and take your money to a better deal. It is time to bite back!

UPDATE: Wells Fargo, Chase, and Bank of America have all backed off on charging debit card fees thanks to petitions and users closing accounts with them. Now they are looking at hiking up other current fees and trying to sneak in some other fees on consumers. Continue to pay close attention to your bank and consider moving to a credit union or internet bank.