When banks began asking the government for money during the recession in late 2008, the news was full of headlines, usually concerning Bank of American and/or Citibank. JP Morgan Chase did a pretty bang up job of staying below the radar for the most part, but over the last few days, has decided it’s their time to steal the show. First, the announcement was made that Chase could be limiting debit card transactions, and now it’s official that they will be increasing ATM fees for non-Chase customers.
Depending on where you live, Chase could be asking customers for $5 every time they withdraw funds from an ATM and are not a Chase customer. That’s pretty steep considering most people withdraw under $100 when looking for cash but Chase isn’t looking to gain popularity with this move, only revenue. Later this year, when interchange fees are mandated, Chase is going to lose a ton of money (actually, many many tons) and limiting debit card transactions while increasing ATM fees are only the beginning.
If you own a Chase debit card, you may be tempted to switch to another bank because of these decisions, but you’re move won’t pay off. If Chase can show positive financial effects from this move, every other bank will follow suit. Rather than try to fight banking policy, consider taking advantage by using a rewards credit card for all of your purchases. This way, you’ll still continue to use plastic for every purchase, which keeps the transaction safe and earn good kickbacks which can save you money. Just remember to pay off the balance each month to avoid costly interest charges!
Now onto our favorite money articles from this week.
What Factors Contribute to Your Career Level of Satisfaction? @ MoneyNing: Most people will define success by money but I am not one of those people (largely in part because I have no money!). Number one on the scale should always be happiness.
Big Box Stores Pushing to Tax Amazon in All 50 States @ The Consumerist: One of the big advantages that a site like Amazon has is that it can offer products at lower prices, without having to charging sales tax. That could change however, as department chains look to push tax on all Amazon sales.
10 Things You Can Do Today To Spend More Wisely @ PT Money: Some people’s spending habits are out of control and as fast as money comes it, it goes out. Read up on steps you can take to ensure that money is spent wisely.
And this past week, we participated in the following carnivals: