Don’t duck new debit card fees by grabbing your credit card
News from
Melissa Sandoval punched her PIN into a Bank of America ATM for likely the last time Friday. She says she’d rather join Rivermark Community Credit Union than pay to use her debit card.

“As soon as I get a chance,” Sandoval, 21, said of her plan to escape the $ 5 monthly fee. “It’s not cool.”

Most bank customers, I suspect, won’t follow in her footsteps. Instead, they’ll stay put and simply whip out a credit card. And that’s not a good thing.

First, how we got here:

Each time you swipe a debit or credit card, your merchant pays fees to the payment network, banks and merchant services providers. Thanks to financial reforms last year in Congress, banks with more than $ 10 billion in assets are now limited to collecting 24 cents per transaction, down from about 44 cents.

Days before that limit took effect, Bank of America announced plans to charge $ 5 each month a…………… continues on
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Teaching Johnny how credit cards work
News from Fox Business:

In recent years, high schools and universities have been trying to teach students how to manage their money, bank accounts and credit cards. Moms and dads, who have been teaching their kids about money for generations, have likely been discussing money more, in recent years, ever since the economy began faltering. And now, credit card companies themselves are getting into the action.

Well, two of them, anyway, have recently dipped their toes into the water.

PULSE, a subsidiary of Discover Financial Services, recently launched, a website aimed at young adults. It’s all about teaching the so-called millennial generation how to use their debit card properly.

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