Take the cue from Schoolhouse Rock. Knowledge is power, especially when it’s involving bank fees.

After an individual complained about a bank fee for using her debit card, I was curious and wanted to check it out for myself.  A fee for using your debit card? I paid a visit to her bank’s website, and sure enough…

Not only does her bank charge a $5 annual fee for just having a debit card, but they also charge per use. Either a $0.50 fee per PIN-based or ATM transaction, or unlimited use for $3 a month. The monthly charge is only waived if a $500 account balance is maintained for the respective statement cycle.

Whenever you open an account or ask for additional services, make sure you understand the terms of the agreement. The information is provided by your bank, so use it and be knowledgeable.

Do you know what your bank charges for daily activity? My debit card is free at Central National Bank. Check us out if you’re unhappy with your current financial institution.