When you have a debit card, you must also be prepared to bear various debit card fees. Actually, you don’t need to worry because the fees for using a debit card are not as expensive as credit card interest.
Usually a balance check can be done free of charge but for other fees charged. The fees charged also vary, depending on the policies of each bank.
Many people prefer to use a debit card for everyday purchases because it is easier. When you shop with a debit card, your balance will be deducted from your account immediately.
Read also: Choose Debit Card or Credit Card?
How Much Does a Debit Card Cost?
Using a debit card is not completely free. There are at least a few debit card fees that you need to shell out. These fees include a monthly administration fee to other service charges. For information, see the following:
1. Interbank Transfer Fee
Banks provide free transfer services between banks but not for other banks. That means, you have to pay a fee for each bank transfer. Generally, different bank transfer fees are subject to varying fees.
2. Monthly Administration Fee
Administration fee is a fee charged to each bank account holder. Although there are banks that do not charge a monthly fee, generally almost all banks charge a monthly administration fee. The monthly fee amount varies from bank to bank but is usually inexpensive.
Debit card fees vary each month depending on the bank and card you use. It should be noted that the administrative costs of each bank are not the same. Usually the fee is also adjusted based on the type of card you choose.
3. ATM Fee
ATM fees are one of the most common service fees for debit cards. ATM fees are charged for the convenience of accessing your money. To withdraw funds or make other financial transactions through an ATM, you need to use your debit card.
If you use another bank’s ATM, you will be charged a certain fee. For example, if you have a debit card from bank A but you make a transaction at bank B, then you will be charged a fee and usually the fee is immediately deducted from your account.
4. Savings Book Fee
If your passbook is lost, damaged, or full, you will need to take care of it at the bank. Usually there are banks that waive fees or free to replace a new passbook. But there are also banks that charge a new passbook replacement fee.
The fees charged also vary in each bank. The cost of changing a passbook varies greatly, depending on the cause of the replacement of the passbook, either because it is damaged or lost. To find out the exact nominal, you can visit the bank that issued your debit card.
Those are some debit card fees that you may need to know. There is nothing wrong with having a debit card, especially since it has many benefits for your financial transactions. The fees for using a debit card are also quite affordable and not too burdensome for customers.