The Personal Finance class is just starting the Checking & Banking unit. It is quite timely with all the recent news articles about Bank of America's decision to charge their checking account customers a $5/month debit card fee. What has not received as much press is the fact that Bank of America is not the only bank to charge such a fee. For example, Wells Fargo is considering a $3 fee.
It is critical to know the fees that accompany all aspects of your checking and savings account. Even though it has been a discussion item in this unit/chapter for many semesters, it will receive extra attention this semester. It is not the $5 fee that is the terrible part--it's not knowing where you money is going. Unfortunately, I think the concept of "free checking" might become something we include when talking about "the good 'ole days" with our grandchildren. However, with a little bit of time and research, it can still be found today. And even if you choose a checking or savings account with usage fees, you should at least know why you are paying those amounts! Just another reason for regularly checking your bank statements! :)
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