Monthly Archives: October 2011

BofA Follows Competitors; Drops Debit Card Fee

 Not too shockingly, perhaps, Bank of America Corp. has decided to not charge its customers a $5 monthly fee for using their debit cards following customer backlash. Wells Fargo & Co., J.P. Morgan Chase & Co., SunTrust Banks Inc. and Regions Financial Corp. have also decided that they will not charge their customers for debit-card transactions. Citigroup Inc. and PNC Financial Services Group Inc. stated that they currently have no plans to impose such fees. According to an article on www.wsj.com (Wall Street Journal) by Dan Fitzpatrick and Robin Sidel, many banks have been adding nebulous charges “to make up for billions of dollars in revenue that is expected to vanish as a result of new restrictions on credit cards, debit cards and overdraft policies. A provision in last year's Dodd-Frank financial-overhaul law halved the amount that banks can charge merchants for accepting debit cards.” President Obama, Senator Richard Durbin (D., IL) as well as many consumer advocates

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Yes, Your Credit Cards May Help You Save Money

Although most consumers in today’s economy need to be careful how and when to use their credit cards to avoid amassing large bills that could lead to the need to file bankruptcy, there certainly are instances when it makes sense to use plastic. In fact, there are times when it is to your advantage to do so. In an article appearing in Parade Magazine, Ramit Sethi, author of I Will Teach You to Be Rich, points out four ways to make your credit cards work for you.•    Extend a warranty for free – Sethi states that many credit cards will automatically double one-year-and-under warranties on many household goods; the credit card company may pay for repairs or replace the broken item.•    Forgo collision and theft insurance when you rent a car – If you are involved in a fender bender in a rental car, your credit card will often cover the damage. If the car is stolen (not just misplaced in a parking lot because you can’t remember which car is yours), some cards will provide

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