If you are anything like me, your bank account basically serves as a way of avoiding carrying around cash, because you well know that you will inevitably spend it away frivolously without even noticing. Suddenly that $20 that you only took out because the ATM wouldn’t give you anything less, is gone, and you don’t even know why.
Luckily, you have a debit card, which, even if you use more often that you should, allows you to at least track where your money went so that you can try to avoid buying the pricey coffee that you always just let get cold anyway in the future.
Problem solved? Well, no. Bank of America has announced that they will begin charging $5 a month to debit-card users starting in early 2012, joining a recent trend in new bank fees. The fee will affect all basic accounts but will only be apply when debit cards are used to make a purchase (so if you just use an ATM, you won’t get charged).
So, maybe some of you are saying, ‘Okay. Five bucks, no big deal.’ But frankly, I am not one with such a luxury. When you’re a student, every cent counts, whether it’s saving for future loan payments, scrapping up five bucks to get a red solo cup at a house party (sorry, guys!) or collecting quarters for laundry. Either way, these fees don’t help us out.
Read more here.
Photo Credit: MoneyBlogNewz