Posts tagged: debit cards
If you have a checking account with Wells Fargo, look out: The megabank is about to start charging some customers $3 a month to access their own money. According to a fee schedule the bank recently released, customers in Georgia, Oregon, Washington, Nevada and New Mexico will have to pay $3 every month to make purchases using their debit cards. The new fee took effect on Friday, and the company describes it as a test. If it creates widespread outrage, that could mean the bank will drop the fee entirely. But if customers accept the idea of paying $3 a month for the privilege of using their own money, the practice could become permanent nationwide/Credit.com. More here.
Question: Wells Fargo is starting small by instituting its debit card charges in five states, including Washington. Bank of America, of course, did this recently, too. Will a fee charged by the money changers to use your money cause you to switch banks?
Skinny people pay cash. You could look it up. A study by professors of marketing at Cornell University and the State University of New York, Binghamton, found that more than 60 percent of American adults are overweight, and only 14 percent of U.S. consumers use cash at the supermarket. “Since paying in cash feels more painful than paying by credit or debit cards, paying in cash can reduce the purchase of unhealthy food items,” write professors Manoj Thomas, Kalpesh Kaushik Desai and Satheehkimar Seenivasan in an article to be published in the Journal of Consumer Research. The three researchers peered into the shopping carts of 1,000 people over a six-month period. They found that folks who paid for their groceries with plastic bought more junk food than those who used cash/Steve Crump, Twin Falls Times News. More here.
Question: Do you pay for your groceries with cash or credit card?