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Last updated on Tuesday, September 20, 2011
(UNDATED) - Debit card customers may be paying more the next time they swipe their card to make a purchase.
Debit card customers may be paying more the next time they swipe their card to make a purchase.
Starting next month, some area banks will begin charging customers fees to use their cards to make purchases.
Beginning next month Regions bank will charge some customers $4 a month to use debit cards to make purchases. Wells Fargo will charge $3 and Sun Trust Bank will charge $5.
Starting October 1, federal reform regulations will limit how much banks can charge merchants per debit card swipe. This could cost banks between one and two billion dollars in lost revenue.
Regions issued a statement saying regulations have changed and, as a result, banks are adjusting how they cover the costs of providing debit cards. For some customers, that will mean a monthly fee for a debit card beginning in October.
If you're a Regions customer, one way to avoid the fee is by hitting the ATM and paying with cash. Another option is to switch to a bank that doesn't charge fees. More often than not, that's what many customers are doing.
Not all Regions accounts will be charged the debit fee and, in some cases, the fees may be negotiable. Call the bank to find out if your account will be affected. Many credit unions and smaller banks don't have to abide by the new regulations, so they are less likely to have additional fees.
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