Debit card fees: WATCH IT!!

(blackenterprise.com) Once upon a time, banks were institutions primarily identified with saving money. Today, many banks seem better known for costing you money. For example, many people use bank debit cards to avoid abusing credit cards. Yet, according to a new study conducted by the Center for Responsible Lending, your bank could hit you with debit card over-draft coverage, at triple-digit (and even quadruple-digit!) interest rates. It’s true, banks can charge up to 1,000 percent interest due to a loophole in the Federal Reserve’s rules. This makes your average credit card interest rate pale by comparison. (more…)