Bank Fees for Debit Cards and Low Balances Go Up a Lot
A new study shows that public banks in India are charging customers much more money just to keep a debit card over the last five years.
Bank fees are going up
If you have a bank account, you might have noticed you are paying more extra fees lately. A recent study looked at how much public banks charge people for using debit cards and for keeping very little money in their accounts. The numbers show that these fees have gone up by a huge amount over the last five years.
Why are people paying more
Banks say they need to charge these fees to cover the cost of giving out cards and running accounts. For debit cards alone, the yearly maintenance charges have jumped by nearly 90 percent in just five years. This means everyday people have to spend more money just to keep and use their bank cards.
- Public banks have raised debit card fees.
- Fees have gone up by almost 90 percent in five years.
- People also pay more for having low balances.
- Bank customers feel the pinch on their savings.
How this affects you
For families trying to save money, these extra charges can add up over time. People with less money in their accounts get hit the hardest by these fees. Experts advise checking your bank statements closely to see what kind of extra charges you are paying every month.