Fee Based Transactions Become Everyday

As technology advances the use of checks to pay for purchases seems to become obsolete.  The majority of consumers today have a checking account, and most of those also use debit cards and credit cards for their purchases.   The Federal Reserve’s study in April 2006 shows that the as more and more consumers switch to credit and debit, cash an check purchases are lessening.

This is an alarming trend for merchants who are forced to pay a fee for each credit and debit transaction.  Of even more concern are the banks and merchants now charging a fee to use your debit card for purchases.  Though there are still few banks and merchants charging this fee, more and more are beginning to charge consumers for the right to use their credit and debit cards. ■