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Futures: /quotes/zigman/30356461/delayed S&P 500 -0.4% /quotes/zigman/38649152/delayed DOW -0.4% /quotes/zigman/30356458/delayed NASDAQ -0.5%

need to know
Market turmoil caused by obscure strategy?
44 million tried Apple Music in its first month
When do markets close for Labor Day?
Amazon to buy video software company
ISM services index slows, but tops forecast
Jobless claims rise to two-month high
U.S. trade deficit shrinks 7.4% to $41.9 billion
L.L. Bean longtime CEO Leon Gorman dies
Treasury's Lew irked by China's FX move
Kentucky clerk jailed over marriage licenses

Oops — Rick Perry says broken clock right once a day

Six actors who were almost cast as James Bond

Sizeable outflow from China adds to fears

Ad war over oil exports heats up as vote nears

What it’s like to play tennis with a ‘smart’ racket

Tom Brady’s ‘Deflategate’ suspension overturned
The real Deflategate verdict? NFL’s in trouble

Immigration to Germany hits highest mark since 1992

Chaos at Budapest train station as migrants rush trains
Budapest and Europe face a migrant crisis
Syrian refugees reach Norway — via the Arctic
Father of drowned Syrian boy describes voyage

Gates: How we can avoid worst of climate change

Watch China’s    90-minute parade in 60 seconds
Xi talks peace, but China parade flexes power
China markets close for war anniversary

Blame Marissa Mayer for maternity-leave shrink

Karl Lagerfeld is coming to a store near you

These are the college majors that are dying

They tangled with student debt all summer
College help for low-income families

Investment risk has changed, so this must change too
Volatility is driving foreign buyers to Treasurys

The search for 1,000 angels to help women startups

43% of U.S. homes are at high risk of natural disaster

Why the U.K. Hugo Chavez will be good for its economy

Why India is worth a look if you’re cooling on China

Apple’s biggest challenge: Topping the iPhone 6
Apple set to join content contest
What to expect from the Apple event on Sept. 9
/conga/frontpage.html 354117

Markets »

109.73MDow Volume:
Avg Vol: 113.10M
Unchanged
224
Decliners
2653
Advancers
3709
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 16,375 +23 0.14%
Nasdaq
/quotes/zigman/12633936/realtime 4,733 -16 0.35%
S&P 500
/quotes/zigman/3870025/realtime 1,951 +2 0.12%
GlobalDow
/quotes/zigman/629063/realtime 2,311 -12 0.51%
Gold
/quotes/zigman/662444/delayed 1,125 +0 0.03%
Oil
/quotes/zigman/2331095/delayed 46.18 -0.57 1.22%
FTSE 100
/quotes/zigman/3173262/delayed 6,194 +111 1.82%
DAX
/quotes/zigman/2380246/delayed 10,318 +270 2.68%
CAC 40
/quotes/zigman/3173214/delayed 4,654 +99 2.17%
FTSE MIB
/quotes/zigman/1482176/delayed 22,177 +565 2.62%
IBEX 35
/quotes/zigman/2759620/delayed 10,042 +104 1.05%
Stoxx 600
/quotes/zigman/2380150/delayed 362 +8 2.37%
Asia Dow
/quotes/zigman/6959860/realtime 2,685 -28 1.02%
Nikkei 225
/quotes/zigman/5986735/delayed 17,792 -390 2.15%
Hang Seng
/quotes/zigman/2622475/delayed 20,855 -80 0.38%
Shanghai
/quotes/zigman/1859015/delayed 3,160 -6 0.20%
Sensex
/quotes/zigman/1652085/delayed 25,264 -501 1.94%
Singapore
/quotes/zigman/1709939/delayed 2,872 -35 1.19%
Euro
/quotes/zigman/16008136/realtime/sampled 1.11 +0.00 0.14%
Yen
/quotes/zigman/16008150/realtime/sampled 119.37 -0.70 0.59%
Pound
/quotes/zigman/16008140/realtime/sampled 1.52 0.00 0.29%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.70 0.00 0.63%
DXY Index
/quotes/zigman/1652083/delayed 96.31 -0.09 0.10%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.81 0.00 0.00%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.15 -0.01 0.69%
German 10y
/quotes/zigman/15866409/realtime 0.71 -0.01 1.57%
Italy 10yr
/quotes/zigman/15866497/realtime 1.92 0.00 0.21%
Spain 10yr
/quotes/zigman/15866444/realtime 2.09 -0.02 0.96%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.77 -0.03 1.56%
Japan 10yr
/quotes/zigman/15866525/realtime 0.38 -0.02 4.26%
Crude Oil
/quotes/zigman/2331095/delayed 46 -1 1.22%
Gold
/quotes/zigman/662444/delayed 1,125 +0 0.03%
Corn
/quotes/zigman/7599553/delayed 361 -1 0.14%
DJIA F
/quotes/zigman/38649152/delayed 16,282 -66 0.40%
S&P F
/quotes/zigman/30356461/delayed 1,939 -7 0.35%
Silver
/quotes/zigman/3134148/delayed 15 +0 0.43%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 88.15 -1.74 -1.94%
AAPL /quotes/zigman/68270/composite 110.37 -1.97 -1.75%
GOOG /quotes/zigman/30194416/composite 606.25 -8.09 -1.32%
BAC /quotes/zigman/190927/composite 15.94 0.09 0.57%
C /quotes/zigman/5065548/composite 51.79 0.04 0.08%
F /quotes/zigman/264304/composite 13.84 -0.03 -0.22%
T /quotes/zigman/398198/composite 33.04 0.22 0.67%
BP /quotes/zigman/247026/composite 32.41 0.21 0.65%
GE /quotes/zigman/227468/composite 24.51 -0.06 -0.24%
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Rates »

5 yr CD
1.5%
2 yr CD
0.8%
1 yr CD
0.6%
MMA $10K+
0.3%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

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Our real-time advice on how market shifts and news impact you and your money

Is It Time to Ditch Your Debit Card?

Bank of America’s new $5 monthly fee for debit cards is the last straw / Getty Images

What’s the least-friendly piece of plastic in your wallet? With Bank of America’s recent announcement that it will start charging for debit card use, upset customers might say there’s a strong argument it’s the debit card – and increasingly, there are better alternatives.

The change in debit card terms has been gradual. Most recently, Bank of America announced its plans to levy a $5 monthly fee for making debit-card purchases starting next year. Banks including Wells Fargo, SunTrust and Chase have already eliminated debit rewards programs, and Chase, PNC and TD Bank are charging ATM fees as high as $5 a pop in some markets.

Given the rising costs, consumers may be better off without debit cards at all, says Dennis Moroney, senior analyst covering bank cards at TowerGroup consulting firm. “I never understood why people wanted debit cards in the first place,” he says.

Credit cards can often be a better fit. Consumers who pay off their balances in full avoid expensive interest charges and fees, often while earning rewards of 1% or better. And as recent data breaches have highlighted, credit cards offer better protections than debit cards in the case of fraud or theft. (When debit cards are stolen, consumers risk losing everything in their checking account if they don’t report the theft before the card is used.)

Banks are also expected to start pushing prepaid cards as a debit alternative, says Odysseas Papadimitriou, chief executive at credit-card comparison web site CardHub.com. American Express became the first major bank to introduce one earlier this year. Of course, most of these cards aren’t free either. Users with the American Express prepaid card get one free ATM withdrawal each month, then pay $2 for each one thereafter – in addition to any fees the ATM’s owner might charge. The Green Dot Gold Prepaid Visa card may seem closer to a traditional debit card: For someone who signs up for direct monthly deposits of at least $2,000 and visits the ATM at least once a week, the card levies no additional fees, according to CardHub.com.

Remember cash? No fees or fine print, and more businesses are offering discounts for shoppers who use it. Of course, if it’s stolen, there’s no way to recover it. So even consumers who go cash-only should maintain a checking account with ATMs convenient to work and home, says Richard Barrington, an analyst at MoneyRates.com, which tracks bank rates.

For anyone who still really wants a debit card, smaller banks and credit unions may be the best alternatives. At online bank PerkStreet, for example, customers can earn up to 2% cash back on their debit purchases, as well as 5% on specific categories, like housing or dining, that change each month. (The bank has 37,000 ATMs throughout the country.) At Sovereign Bank, debit card holders get up to 20% cash back on purchases at more than 1,200 retailers, including Restaurant.com, TurboTax and Brookstone, which is then credited to their checking account.

Readers, would you pay $60 per year to use your debit card?

For more to read:

Clarification: An earlier version of this story suggested that several banks were merely testing ATM fees as high as $5. The fee increases are not tests.

Comments

We welcome thoughtful comments from readers. Please comply with our guidelines. Our blogs do not require the use of your real name.

Comments (5 of 111)

View all Comments »
    • Thanks for these pointers. One thing I should also believe is the fact credit cards offering a 0% interest rate often entice consumers along with zero monthly interest, instant authorization and easy on the net balance transfers, but beware of the main factor that will void your current 0% easy neighborhood annual percentage rate and to throw anybody out into the poor house rapid.

    • Unfotunatley many Americans are convinced they have to pay high credit card interest rates. What these credit card holders do not understand, is that they can easily lower their interest rates directly with the credit card issuer with NegotiateMyCreditCards.com.

    • ~~Savings accounts ulluasy have limits on withdrawals, and normally you can not pay bills through them either. You can however, each have a debit card and yes it will work to withdraw money from ATM’s. If you want direct debits you need to open a checking account. Maybe open a savings and leave that money alone (like set up your budget and cover your bills and pocket money through the checking) then don’t touch the money in the savings except in emergencies. That is what savings accounts are set up for. Some even charge fees after 3 cash withdrawals, so be sure you understand all the charges prior to getting these set up.~~References :

    • I still belong to the good old credit union great rates and you stay connected with all the up to date ATM fee FREE.. SOME OFFER A FEE MINE DOSEN’T ..I will never get rid of my debit card money there and I am not using my credit card..

    • If it looks like a duck and quacks like a duck, it must be a duck.. so it is with credit cards and this lame attempt to appear more attractive.. I’ve been burned once and it is not going to happen again.. screw BOA, Well Fargo and the rest who are too big to fail, I’m moving it all to my local credit union which has much more for me than any credit card could ever offer.

About Real-Time Advice

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MarketWatch - Stock Market Quotes, Business News, Financial News
Bulletin
Investor Alert

New York Markets Open in:

Futures: /quotes/zigman/30356461/delayed S&P 500 -0.4% /quotes/zigman/38649152/delayed DOW -0.4% /quotes/zigman/30356458/delayed NASDAQ -0.5%

need to know
Market turmoil caused by obscure strategy?
44 million tried Apple Music in its first month
When do markets close for Labor Day?
Amazon to buy video software company
ISM services index slows, but tops forecast
Jobless claims rise to two-month high
U.S. trade deficit shrinks 7.4% to $41.9 billion
L.L. Bean longtime CEO Leon Gorman dies
Treasury's Lew irked by China's FX move
Kentucky clerk jailed over marriage licenses

Oops — Rick Perry says broken clock right once a day

Six actors who were almost cast as James Bond

Sizeable outflow from China adds to fears

Ad war over oil exports heats up as vote nears

What it’s like to play tennis with a ‘smart’ racket

Tom Brady’s ‘Deflategate’ suspension overturned
The real Deflategate verdict? NFL’s in trouble

Immigration to Germany hits highest mark since 1992

Chaos at Budapest train station as migrants rush trains
Budapest and Europe face a migrant crisis
Syrian refugees reach Norway — via the Arctic
Father of drowned Syrian boy describes voyage

Gates: How we can avoid worst of climate change

Watch China’s    90-minute parade in 60 seconds
Xi talks peace, but China parade flexes power
China markets close for war anniversary

Blame Marissa Mayer for maternity-leave shrink

Karl Lagerfeld is coming to a store near you

These are the college majors that are dying

They tangled with student debt all summer
College help for low-income families

Investment risk has changed, so this must change too
Volatility is driving foreign buyers to Treasurys

The search for 1,000 angels to help women startups

43% of U.S. homes are at high risk of natural disaster

Why the U.K. Hugo Chavez will be good for its economy

Why India is worth a look if you’re cooling on China

Apple’s biggest challenge: Topping the iPhone 6
Apple set to join content contest
What to expect from the Apple event on Sept. 9
/conga/frontpage.html 354117

Markets »

109.73MDow Volume:
Avg Vol: 113.10M
Unchanged
224
Decliners
2653
Advancers
3709
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 16,375 +23 0.14%
Nasdaq
/quotes/zigman/12633936/realtime 4,733 -16 0.35%
S&P 500
/quotes/zigman/3870025/realtime 1,951 +2 0.12%
GlobalDow
/quotes/zigman/629063/realtime 2,311 -12 0.51%
Gold
/quotes/zigman/662444/delayed 1,125 +0 0.03%
Oil
/quotes/zigman/2331095/delayed 46.22 -0.53 1.13%
FTSE 100
/quotes/zigman/3173262/delayed 6,194 +111 1.82%
DAX
/quotes/zigman/2380246/delayed 10,318 +270 2.68%
CAC 40
/quotes/zigman/3173214/delayed 4,654 +99 2.17%
FTSE MIB
/quotes/zigman/1482176/delayed 22,177 +565 2.62%
IBEX 35
/quotes/zigman/2759620/delayed 10,042 +104 1.05%
Stoxx 600
/quotes/zigman/2380150/delayed 362 +8 2.37%
Asia Dow
/quotes/zigman/6959860/realtime 2,685 -28 1.03%
Nikkei 225
/quotes/zigman/5986735/delayed 17,792 -390 2.15%
Hang Seng
/quotes/zigman/2622475/delayed 20,858 -77 0.37%
Shanghai
/quotes/zigman/1859015/delayed 3,160 -6 0.20%
Sensex
/quotes/zigman/1652085/delayed 25,266 -499 1.94%
Singapore
/quotes/zigman/1709939/delayed 2,872 -35 1.19%
Euro
/quotes/zigman/16008136/realtime/sampled 1.11 +0.00 0.14%
Yen
/quotes/zigman/16008150/realtime/sampled 119.37 -0.70 0.59%
Pound
/quotes/zigman/16008140/realtime/sampled 1.52 0.00 0.28%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.70 0.00 0.61%
DXY Index
/quotes/zigman/1652083/delayed 96.30 -0.10 0.10%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.81 0.00 0.00%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.15 -0.01 0.69%
German 10y
/quotes/zigman/15866409/realtime 0.71 -0.01 1.46%
Italy 10yr
/quotes/zigman/15866497/realtime 1.92 0.00 0.21%
Spain 10yr
/quotes/zigman/15866444/realtime 2.09 -0.02 0.96%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.77 -0.03 1.56%
Japan 10yr
/quotes/zigman/15866525/realtime 0.38 -0.02 4.26%
Crude Oil
/quotes/zigman/2331095/delayed 46 -1 1.13%
Gold
/quotes/zigman/662444/delayed 1,125 +0 0.03%
Corn
/quotes/zigman/7599553/delayed 361 -1 0.14%
DJIA F
/quotes/zigman/38649152/delayed 16,282 -66 0.40%
S&P F
/quotes/zigman/30356461/delayed 1,940 -7 0.34%
Silver
/quotes/zigman/3134148/delayed 15 +0 0.43%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 88.15 -1.74 -1.94%
AAPL /quotes/zigman/68270/composite 110.37 -1.97 -1.75%
GOOG /quotes/zigman/30194416/composite 606.25 -8.09 -1.32%
BAC /quotes/zigman/190927/composite 15.94 0.09 0.57%
C /quotes/zigman/5065548/composite 51.79 0.04 0.08%
F /quotes/zigman/264304/composite 13.84 -0.03 -0.22%
T /quotes/zigman/398198/composite 33.04 0.22 0.67%
BP /quotes/zigman/247026/composite 32.41 0.21 0.65%
GE /quotes/zigman/227468/composite 24.51 -0.06 -0.24%
Visit the quote page and your most recently viewed stocks will automatically be displayed here.
Please log in to view your watchlist
MarketWatch Portfolio

World News from MarketWatch

Rates »

5 yr CD
1.5%
2 yr CD
0.8%
1 yr CD
0.6%
MMA $10K+
0.3%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

SPONSORED SECTIONS

Trending Tickers
  • /quotes/zigman/87598/composite NFLX-4.15%
  • /quotes/zigman/7601800/composite JOY-14.60%
  • /quotes/zigman/12221594/composite AMBA-10.77%
  • /quotes/zigman/250106/composite WWE+3.08%
  • /quotes/zigman/19452757/composite ORCL+0.41%
X
Powered by StockTwits
Link to MarketWatch's Slice.

As of July 2, 2013, the SmartMoney content you loved now lives on MarketWatch.

MarketWatch will continue to provide the same important news and information you rely on every day. And, as a MarketWatch user, you will be able to enjoy:

  • Personalized news and quote email alerts
  • Editorial e-newsletters about personal finance, mutual funds and market-specific coverage
  • Premium newsletters by our market experts
  • Games, such as Virtual Stock Exchange and Beat the Darts
  • Free WSJ.com registration

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