2011 Checking Account Survey
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7 ways checking accounts cost you more

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Debit card fees may be on the way
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Debit card fees may be on the way

Maintenance fees on debit card accounts aren't yet common, so many people may not even know to scrutinize their bank statements for them. At this point, only 4 percent of accounts charge a point-of-sale fee when using a debit card, and less than 2 percent charge a monthly or annual fee for carrying a debit card. But that's expected to change in the new regulatory environment, McBride says.

"The Durbin Amendment is really a game changer on the debit card front. And I think, in addition to continued declines in the prevalence of free checking, we will see an increase in debit card fees, whether it's a fee to carry the card or it's a transaction-based fee," he says.

Tip: If your bank begins charging a debit card fee and you don't want to move your checking account, you can always go back to carrying a credit card. As long as you pay off your balance every month, credit cards can have advantages over debit cards such as rewards programs and better protection from fraud liability.


 

 

 

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