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E-Banking: Free vs. Fee

While e-banking definitely saves you time, it may end up costing you more than your time is worth. Fees and policies vary among financial institutions and even among accounts. It is important that you ask which e-banking services are free and which ones have fees. In some cases, you may have online banking free of charge, but may still have to pay for fund transfers, or you may be charged if you use a debit card. Be sure to ask.

Another concern is using the ATM and POS terminal services.

  • Remember to pay attention when using an ATM from another institution as there may be fees.
  • Record all fees in your account register.
  • Also ask your financial institution if there are fees for using the ATM too many times in one day or one month.
  • Some retail stores will charge you $.35 to $2.00 for using a debit card. If you buy a candy bar and a soda at a gas station, you could pay more for the debit card use fee than for your snack!

Be sure you know what you are paying!

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