The banking community are finding some of the caps that have been imposed on the banking industry for their charges that they force on the shops and services where you use your debit cards.
It is believed that the overall loss to the banking industry is around $6 billion for this implementation of the cap. The charges are the person who has to pay for every transaction that goes through their systems; some shops impose a minimum transaction limit to ensure that the purchases are adequate for the use of the card.
With this cap being put in place it means that the banks are going to be losing money and this can and will affect the way that banks offer their products in the future.
You might find that you are charged an annual fee for having a debit card and this will mean that you will need to consider whether the bank that you are using is going to be the best back if this fee comes into force.
You will have different options that you might want to consider.
- You might be able to transfer your bank to a different company that isn’t going to impose the fee. But you will need to check that they offer you great service.
- You might need to go back to using cash, this can mean that you will need to go to the bank regularly but it will save you money in the long term. You might be able to manage your budget better with the cash rather than being subjected to the ease of using a card to pay for goods.
If this is the end of free banking cards then it might be the time that we demand better service from the banks, after all if you are paying for a service you expect good value for money and this is something that you can demand or you can just move your accounts to another institute that can offer better service.
You are no longer restricted to the banks that are in your area, there are some very good banks that operate on-line. They tend to have some great customer service, but again you need to check out what they offer and if it meets your needs.
Would you move banks or change how you bank in future if you have to pay for your debit card? I would certainly be considering what my bank offered in return for the fee, and I certainly wouldn’t allow them to offer poor service.