Starting October 1, 2011, banks will be testing a new monthly fee with their debit card users. Better Business Bureau is advising consumers and businesses alike to read the terms and conditions of their banks statements, and to take note of the routine paperwork that comes with statements.
According to the Wall Street Journal, the rule caps the amount banks can charge merchants for processing debit-card payments at 21 cents, plus a little more to cover fraud-related costs.
With the newly instated fees, debit card users will be charged a monthly fee if they use their card as a debit card when shopping. ATM, online banking transactions and premium accounts will not be affected by the fee.
“As a reminder, it’s always important to check your bank statements,” said Council of Better Business Bureaus spokesperson Katherine Hutt. “Whether you check your statement online or wait for a paper copy, ask questions if you are unsure about a charge, and communicate with your bank about any discrepancies or concerns.”
As banks start to scale back on debit rewards programs and add monthly fees for checking accounts, consumers and business owners alike need to be on the lookout and check with their bank to see if the fees apply to them.
For more consumer information you can trust, visit www.bbb.org/us/bbb-news.