Change isn't my forte. I've lived in the same apartment for over seven-years. I have two Bank of America ATMs on my one-mile walk to work and another right next door to the PO Box I use for this newsletter. I've gone to the same location for banking for over ten-years, even when the bank changed names.
After much media coverage about a $5 monthly fee for using a debit card I decided to figure out how much Bank of America was charging me. I originally wanted to stay with the bank. So, I visited the new link for Bank of America factsabout fees.bankofamerica.com to figure out why I'm being charged. I admit that reading their explanations confused me even more. My questions about my banking service fees aren't even discussed at the new part of their web site.
But, one thing I did know that if I kept banking at Bank of America the monthly service fees would have cost me at least $276 per year.
There is a petition against Bank of America's new $5 monthly fee to use debit cards at: change.org.
But, I don't see how signing a petition really benefits me. Signing a petition doesn't reduce my bank fees immediately, only changing banks can eliminate the bank's service charges.
To make the change, I first visited http://www.bankrate.com/ But, some of the local banks within easy walking and driving distance for me aren't listed on bankrate.com. So, I just visited the web sites of my local banks. I found one with ATMs and branches within a mile of my home without any service fees for regular banking services like checking accounts, savings accounts, and more.
Although change can be scary, we have the right to do with our hard earned money as we choose. I finally choose to use a bank that serves me, instead of the other way around.
If your bank charges monthly fees (and you may not even understand their explanation's as to why you are being charged), feel free to shop around. Within a few hours you can take control of your earnings and feel comfortable how to secure your heard earned salary without service fees to cover the business mistakes the bank has made in the past.
At least my $276 will earn interest for me now, instead of paying Bank of America executives.
Does your bank charge fees for using a debit card?
