Debit Card Fees: What should you do?

INDIANAPOLIS (WISH) - Hoosiers were shocked to hear the announcement that some of the largest banks in the state were going to charge them to use their debit cards.

We asked our Facebook Fans and Twitter Followers what they thought of the increases and the vast majority were against the new fees.

Several of you even wrote in to say you were going to change banks because of the fees.

24-Hour News 8 turned to Peter Dunn, of PeteThePlanner.com , our personal finance expert to find out more about how the monthly fees could impact your financial goals.

But first, some background information courtesy of his latest blog post .

“They are trying to discourage you from doing things that don’t make them money. Banks are trying to makeup for a major revenue shortfall caused when the debit card transaction fees charged to merchants changed early this year. That was all part of the Dodd-Frank financial reform legislation.”  More on his blog.

Pete sat down to develop a new strategy for his financial system saying he only uses his debit card to make payments.
He came up with four choices, which he discusses in the blog post, but the bottom line he says, is what ever works best for you.

We'll here more from Pete tonight on 24-Hour News 8 at 5 and 8.

You can read more of Pete the planner's blog by visiting his website: http://www.petetheplanner.com