Home > Alas for plastic

Alas for plastic

March 1st, 2015 at 03:34 am

I was charged $7.70 on my checking a/c for Feb. It's all my fault for using my debit card for minor purchases. New Zealand was the first country where debit cards and ATMs were introduced, and we were encouraged by the banks to use them because it was free, whereas the fees for checks and over-the-counter transactions went up. Once we were all happily using them, a .30 cent per use fee was slapped on. I try to make one cash withdrawal for the week and make all my small purchases in cash, but last month I slipped up.

Some people still get free usage of debit cards, esp students and retirees. It bemuses me when I see them paying for a cup of coffee with the plastic. One time I was bemoaning my high bank fees. Quoth my dad, "I don;t have fees because I'm retired." Quoth DS, "I don't have them because I'm a student." No wonder my fees were so high - I was paying for both of them!

3 Responses to “Alas for plastic”

  1. snafu Says:

    Have you considered whether you actually need a Brick & Mortar [B&M] bank? Do you go there often, need and use their personalized services? Would you be willing to look at some other options? For example, does your bank offer some other type of account that allows 'X' free debit transactions? Some accounts give 'free' transactions if you maintain a specific balance like NZD 1K .

    If you have a Credit Union in a nearby/convenient location, they have free transactions if you use their or affiliated ATMs. A 3rd option is one of the electronic banking options. Sorry, don't know specific names in your region but they are low cost, often offer better savings rates and are super efficient. They do nearly everything a bank does only it's all on your computer.

  2. laceshawl Says:

    We have a Credit Union. I'll check it out.

  3. scfr Says:

    Ouch. I despise bank fees.
    Do they charge fees for every check you write? If so, that is ridiculous!
    Good luck avoiding those fees in the future with the cash system.

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