In case you are not aware, “Wells Fargo already sent letters to customers in Georgia, New Mexico, Nevada, Oregon and Washington that the fees will begin Oct. 14, according to MyBankTracker.com. That’s just two weeks after Federal Reserve-mandated rules slash the amount banks can charge retailers for every debit card purchase. Regulators reduced the maximum bank take on each transaction from 44 cents to 24 cents.” (courtesy of Daily Finance)
These fees are on par with what WalMart charges monthly for its prepaid debit card. So perhaps it’s time to explore options. Anyone remember cash and the check book? Or what about all those prepaid debit cards that are coming out, following WalMart’s lead? What a great way to manage and track your business expenses without going over. While I’m at it, prepaid debit cards could be an option for small business owners who would like to make a business credit card available to employees but are concerned about managing the process. Hmmm. Something to consider?