You've been paying with your debit card, and now you may have to pay for your debit card.
Banks are starting to charge monthly fees when customers use debit cards to make purchases. We've been used to the idea of "free" bank accounts, but fees are now coming out of the woodwork. Of course, we've been paying for bank accounts all along on the spread, or the difference between what the bank earns on our money and what we earn.
With new regulations limiting how banks earn revenue, they're finding another way to get it. Bank of America and SunTrust seem to charge the most -- $5 per month -- while others are starting at $3 to $4 per month.
If you can't stand bank fees, it may be time to shop for a bank that will let you swipe your card for free. Small institutions and credit unions (along with online banks) are probably your best bet. Tempted to use your credit card instead of your debit card from now on? That's exactly what the banks are hoping for.
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