Fee Watch! – PIN Fees
All companies evolve and change to meet the needs of their customers, and banks are no different. While some features run at cost to the bank, it makes no sense today why customers should be charged for them. Over the next few weeks, we’ll go over some fees that still lurk around in the dark corners of some accounts. We hope it helps you learn more about your current bank or, if you’re unsatisfied, informs you as you find a better bank.
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Fee Watch! – PIN fees
There are two ways you can pay with your check card—either by signature or by PIN. The first is a ‘credit-style’ charge. This way, the fee is only posted to your account later, sometimes by a couple days. The second payment method is a debit transaction, which applies to your account immediately. For some of us with relatively low balances and/or who want to keep track of our payments through online banking, PIN payments make the most sense.
But some banks charge you for using your PIN — for using your check card like a check card! This charge runs from $0.30 to $1.00 each time you use your card. Does the card provider charge the bank differently when you use your signature? Yes. But you as a consumer should look out for banks that apply this arcane charge. Most banks don’t charge for this–you should easily find an account without it. Most consumers would rather concern themselves with watching how much money they spend each day than with the method they use to spend it. Avoid this fee like the plague!
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