Share
PrintSpecial Report: Credit or Debit
"A lot of consumers get surprised by this"David Dove, Dove Consulting
David Dove, president of dove consulting in Boston says, although many banks are eliminating fees for selecting debit, others are still charging between 10 cents and two dollars for each purchase
A recent government report shows that 14% of all banks are adding fees just for choosing debit.That is why consumer advocate group Masspirg is advising you to shop around when picking a bank
"You may use it as an opportunity to review other banks and charges and find out is there a better bank that offers a better product for you"Deidre Cummings, Masspirg
Deirdre Cummings of Masspirg says although debit transactions are more secure, the credit option comes without a fee.
"Its a different method to debit your account."
Dove ConsultingDavid Dove,
"The credit option would feel more like a credit card where i'd sign piece of paper...but its not a credit card"
Experts say many banks are eliminating so called point of sale fees because they want to encourage customers to use their cards rather than cash.
For More Information:
http://www.federalreserve.gov/boarddocs/rptcongress/posdebit2004.pdf