4 ways to avoid debit card fees

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Debit Cards used to be a commodity that was quite rewarding to use. With cheap transaction fees, direct deduction from your account, and the ability to draw cash whenever necessary. It was far better than using a credit card where you did not know when the debt stacked up.

But today, Debit Cards have become a bigger problem than Credit Cards ever were. With increasing transaction fees and monthly bank deductions, it has become increasingly expensive to pay the fees. So, is there a way to avoid debit card fees?

Yes, there is, and not just one, but multiple ways to avoid debit card fees.  Today’s money is debt, because before you had not taken that debit and credit card, which money did not existed. So, it is perfectly natural to have such a stark reaction to increasing debt. And here four ways through which you will be able to avoid debit card fees.

  1. Transfer to a different bank

The big money center banks are all but money hungry behemoths. And so, it is no wonder that they had lured us into buying debit cards and rewarded us initially with low fees and more rewards.  But today, they regressed and have started collected their due and then make a profit out of it.

Image courtesy: Pixabay
Image courtesy: Pixabay

And so, it is better to not trust them and go with these instead:

  • Smaller banks: All big banks start as small, but when they are small, they serve their customers well, as they still remain in the domain of capturing more and more customers. It might be true, that they too, will become like the very banks you are trying to escape in the future. But, in the meanwhile, they will still serve you like gods, and help you avoid debit card debts.
  • Credit Unions: Credit Unions are community based unions, where their only purpose is to cater to their patron’s financial needs. So, there is no chance for you to have any stacking debts.
  • Brokerage Firms: These firms are for those who come of wealth. Once you deposit your wealth for a fee in their account, they give you a debit card and will never charge a fee.
  1. Use E-money:

Today, electronic cash transfers like PayPal and PayTM have become quite successful. They only charge small fees and then you can just use your smart phone as your wallet and pay for anything. So, this will help you avoid debit card fees.

And soon, as the world gets more digital, it is only bound to get bigger and better. The best part about e-money is that you never have to pay any extra fees, and there are better cash back options than any banks. And maybe that is why banks have started to take the threat of being automated quite seriously.

  1. Pay with cash:

    Image courtesy: Pexels
    Image courtesy: Pexels

Using cash is still not a bad option in comparison to paying debit card fees of transactions. You can keep better track of your money, better than using debit cards any way.  The reason why the spending of credit cards and debit cards ruins our budget is because when you use a card, you never really feel any physical difference between before and after making any transaction. And so, when you see no proof, your brain does not register the concept of you losing that part of your wealth.  And so, keeping cash becomes much easier and gives you more control over your money. 

  1. Use Blockchain

Blockchain is that disruptive new technology that has only recently made its debut. And already, it has become a big stake for big corporations like Facebook, Google, Apple, Samsung and many more, where these companies are investing a lot of their wealth. And, so it comes to no surprise that it has the big banks nervous to their bones. Because, the invention of Blockchain has all but rendered the purpose of banks, obsolete.

Image courtesy:Wikimedia Commons
Image courtesy:Wikimedia Commons

The fall of the banks will not be slow and painful, but fast and fascinating.  So, Blockchain works this way, the virtual wallets are shared over public servers. Where every transaction happens with the help of randomly generated ‘hashes’, these hashes enable people to do completely trustable transactions without any interference of banks. By completely cutting out the middle man, you are able to save money and completely avoid debit card debts. Here’s how you can register for Blockchain.

So, as now, it is evident that there are in fact, multiple ways to avoid debit card fees. It is time for us to stop living in tyranny of banks that only thrive while leeching off of us. This is 2017, and it is time for us all to be free.

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