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AP Personal Finance Writer

NEW YORK (AP) — Americans prefer using debit over credit at the register. But a small fee could change that.

A new Associated Press-GfK poll finds that about two-thirds of consumers use their debit cards more frequently than their credit cards. But when asked how they would react if they were charged a $3 monthly fee for their debit card, 61 percent say they’d find another way to pay.

If the fee was $5, 66 percent would do the same. If the fee was $7, the figure rises to 81 percent.

The findings come at a time when consumers are seeing unwelcome changes to their debit cards and checking accounts. Although banks haven’t started imposing monthly fees for debit cards, there are signs higher costs could be on the way.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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2 Comments on "Poll: Debit card fees might change behavior"

2015 years 8 months ago

Buy all your food, clothing, fuel, pay every single recurring bill on one credit card with a good rewards program, then pay the balance every month.

BTW, if you want to know who to blame for all these outlandish bank fees they’re dreaming up, you can thank Senator Dodd and Congressman Bawney Fwank. The Dodd–Fwank Wall Street Reform and Consumer Protection Act of 2010 is just the latest attempt at “regulating” items that the free market should dictate, and now thousands of people far smarter than Dodd or Fwank are working overtime to find ways around that idiotic law. No matter what the idiots in Washington can dream up, there is no shortage of smarter people to come up with ways to circumvent their meddling.

For example, had they not restricted bank’s overdraft fees (and who, but Democrats, would want to subsidize deadbeats, anyway) ATM usage fees wouldn’t even be a matter of discussion.

2015 years 8 months ago

I totally agree. I’m, for the most part, have liberal views, but meddling with big business is a sure fire way to destroy consumer savings. Because no matter what you do to the big banks, they banks have to pass it on to the consumers.

Dodd and Fwank: Great job, you just destroyed the concept of free checking and ATM usage. IDIOTS.


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