You may soon have to pay to use your debit card - WALB.com, Albany News, Weather, Sports

You may soon have to pay to use your debit card

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Now that banks can no longer charge you insufficient fund fees on debit transactions, they're looking for ways to make up for that lost revenue.

That means you may soon have to pay to use your debit card.

Danny Rouse has banked with Bank of America for more than ten years.

"I like Bank of America but if they are going to start charging me for my debit card, they are history," says Danny Rouse, North Carolina resident.

His family uses debit cards everyday.

"I also use my debit card more than I do cash," says Rouse.

He doesn't understand why banks keep tacking on charges to his account.

"The economy is so bad right now why do they keep wanting to take my money," says Rouse.

But consumers are not the only ones feeling the effects of the economy, banks are feeling it too.

"We are all trying to make money and some banks are even trying to survive," says Luke Flatt, President/CEO of Albany Bank and Trust.

He says the banking industry is considering a variety of changes to increase revenue, one of them being charging consumers for the use of debit cards.

Flatt says for the last few years congress has put restrictions on how banks can make money.

"The days of free checking, without any fees, are probably gone," says Flatt.

Andrew Skandamis says in his house there are four different debit card users and he isn't pleased about this possible change.

"It is ridiculous, I think they have enough fees and enough interest," says Andrew Skandamis, Albany resident.

He says if his bank adopts this policy, he will throw his debit card in the trash.

"Just get more cash out per week and do the cash thing again instead of debit cards," says Skandamis.

And Amy Tyson is a head of the game, she says she doesn't own any forms of plastic money.

She only uses cash.

"When you just use cash, you are more conscious and you don't make extraneous purchases because when you part with the cash you realize it, as where with a debit or credit card the connect is not there," says Amy Tyson, Americus resident.

And Danny Rouse might adopt Amy Tyson's financial mindset and says he is going to do everything in his power to keep all of his money.

"I'll bury it in the back yard," says Rouse.

But until then, he will continue putting his money in the bank.

In October, a new cap will sharply limit the revenue banks can collect from merchants whenever customers swipe their debit cards.

Merchants paid issuers almost $20 billion for debit transactions in 2009.

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