Ask Andy: Debit Card Fees - Action News 5 - Memphis, Tennessee

Ask Andy: Debit Card Fees

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MEMPHIS, TN -

(WMC-TV) - Judging by the tone of some of your Tweets, a lot of you are ready to mob your bank with torches and pitchforks.

You're raging over debit card fees.

Friends, that's just the start.

Bill Hardekopf, CEO of LowCards.com (www.lowcards.com), said you can expect most banks to add or raise fees on checking accounts, too.

Hardekopf said it's time you start "checking" your options.

OPTIONS IF YOU WANT TO STICK WITH YOUR CURRENT BANK:

* Call your bank and try negotiating on the fees:

   - Offer to carry a larger balance

   - Offer to limit your transactions

   - Offer to open another account (savings, CD, mortgage, credit line) in exchange for dropping debit card/checking fees

If your bank won't budge, you'll either have to change your currency habits -- withdraw more cash, write more checks or use your credit card and pay it off -- or you'll have to dump your bank.  

Hardekopf recommended shopping smaller alternatives like community banks, online banks and credit unions. Many of them, he said, do not assess fees that basically amount to taxes on their customers.

The website FindABetterBank.com (www.findabetterbank.com) is a great tool to shop your banking options. You should also consider MyBankTracker.com (www.mybanktracker.com).

Hardekopf recommended DepositAccounts.com (www.depositaccounts.com).

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