No Debit Card Fees
Recently, Bank of America announced plans to start charging customers a $5 fee in any month that they use their debit card to make a purchase. A number of banks in addition to Bank of America have either rolled out or are testing such debit card fees.
Adams Dairy Bank does not charge fees for debit card usage. We never have in the past and have no intention to charge debit card fees.
That’s just one of the many differences between a true community bank like Adams Dairy Bank and a big national bank.
A fee for using debit cards is still a novel concept for many consumers and was unheard of before this year. But there are signs it may soon become an industry norm among large bank groups.
So why doesn’t Adams Dairy Bank charge debit card fees?
Simply put, our business model is different as a community bank. Deposits in our bank become loans to our customers. The interest paid on those loans is our primary source of income. It is not our intention to make service fees a revenue stream.
Free checking, free debit cards and other services are part of the benefit of being an Adams Dairy Bank customer. It is our cost of doing business and sometimes those costs can be significant. Debit cards have administrative, processing and other costs that our bank absorbs. But this is the right thing to do for our customers.
While Bank of America and other major banks continue to add fees, most notably, debit card fees, we will do our best to keep our costs low and our service delivery high. So remember, when you bank with Adams Dairy Bank there are no debit card fees – Nothing. Nada. Zip.