Money- Cash Is King Again?
by: Katerina Taylor
Listen up ladies if you have not checked your bank statements for inserts about upcoming debit card changes make sure you do. The Dodd-Frank Wall Street Reform and Consumer Protection Act is sure to change the way you do banking, or at least your bank will change the way that you do your banking.
Don’t panic this could be a great thing. In the coming months banks across the United States will begin charging for debit card use either monthly or per transaction. I know it sounds out of sorts seeing as how just a few short years ago the banks encouraged debit card use. Let’s clear something up, you can still use your card at the ATM machine without being charged a fee, but debit card purchases will not be free. (Check your bank’s Fee Schedules for debit card fees) So here is the silver lining. Cash is King again. We will spend less money and it won’t be so convenient to beat up our budgets or drain our savings.
Katerina Taylor is Managing Member of Smart Kidz Money Matters LLC, a company that develops and facilitates financial literacy curricula for students and young adults. She has had a successful career in the banking industry for more than 14 years. Katerina has taught the Smart Kidz Money Matters curriculum for the employees of large organizations and colleges in Georgia and Texas. Her client list includes Ivy Preparatory Academy, Big Brothers Big Sisters of Metro Atlanta, I-85 Marketing, and Pink Boss. Katerina has been featured in many articles for her contribution in teaching financial literacy.
Great information! This article was referred to me by a friend who suggested that I read it. Very useful information that I will pass on to others that are not aware of the changes that are coming down the pipeline. This is definitely something that is flying under the radar. Thanks for sharing the information!