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What Ever Happened To Paying With Cash?

Debit Cards vs. Cash
Flickr by MoneyBlogNewz/lschrantz

You’ve probably heard the news. Bank of America announced last week that they would start charging  customers a  five dollar monthly fee to use a debit card. The reason? Banks are now limited in what they can charge a business per transaction. So they came up with the fee idea. But before you dump on Bank of America, other major banks like Chase and Wells Fargo are considering it too!

Debit cards are a way of life. They let you make purchases in an easy and convenient manor. Much easier than writing a check, and safer than carrying large amounts of cash.

It got me thinking about cash. There was a time  not so long ago when debit cards didn’t exist! The first card was offered in 1978 by Seattle National Bank, and only to it’s best customers! The first national debit card came in 1984. So prior to that, people figured out how much cash they needed ahead of time and withdrew it from the bank.

I’ve asked people about carrying cash for purchases and they look at me like I’m crazy! So will you pay the fee if your bank charges it? Let us know in the comment section!

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