Friday, May 10 2013 5:45 PM EDT2013-05-10 21:45:06 GMT
The battle of generic verses brand name goes on! Today, we're testing tuna to find out which can has the best value. There's a lot of competition in world of canned tuna. I found three name brands - BumbleMore >>
The battle of generic verses brand name goes on! Today, we're testing tuna to find out which can has the best value.More >>
Friday, May 3 2013 5:27 PM EDT2013-05-03 21:27:16 GMT
NBC12 is on your side, helping you score the best deals on groceries. Last week, it was peaches. This week - green beans. I bought six different brands of green beans. Del Monte and Green Giant are nameMore >>
NBC12 is on your side, helping you score the best deals on groceries. Last week, it was peaches. This week - green beans.More >>
Thursday, May 2 2013 5:39 PM EDT2013-05-02 21:39:15 GMT
Summer heat could hit any day, so now's the time to figure out how you can cut costs on your power bill. Here is a list of the top five things in your house that are sucking dollars out of your wallet. 1.More >>
Summer heat could hit any day, so now's the time to figure out how you can cut costs on your power bill. Here is a list of the top five things in your house that are sucking dollars out of your wallet.More >>
Friday, April 26 2013 5:20 PM EDT2013-04-26 21:20:06 GMT
NBC12 goes the distance to find the real difference between name brand and generic products. Every time you're in the grocery store, you have to choose: buy the name brand and pay more or save with theMore >>
Every time you're in the grocery store, you have to choose: buy the name brand and pay more or save with the generic.More >>
Thursday, April 18 2013 5:52 PM EDT2013-04-18 21:52:41 GMT
Kevin Cutlip grows anything he wants to eat. Last month he showed you how to grow a seed in dryer lint. A month later, they have sprouted. He showed us the replanted celery base: "It's actually startingMore >>
Last month NBC12's Diva of Discounts dug up how to start a cheap garden indoors. Now it's time for outdoor planting. She's back with more tricks of the trade that will hardly cost you a thing.More >>
RICHMOND, VA (WWBT) - Debit card use surpassed check writing in 2003. Many offer extra perks for things you buy everyday. It's free for you, but not the merchant.
"The merchants have seen the cost of debit interchange go up because their customers prefer to pay them with a debit card," said Bruce Whitehurst, CEO of the Virginia Bankers Association.
They pay an average of 44 cents for every swipe. Congress ruled it excessive, and the Federal Reserve agreed. The rate was cut to 21 cents a swipe. Big banks make an estimated $20 billion a year from swipe fees, so when new regulations take affect in October, they'll be looking to make up the losses.
"If you take the revenue that supports checking accounts away and you still have the fact that it costs banks $400 or $500 a year to offer you a checking account, it would appear that something has to give," said Whitehurst.
And it's already has. JP Morgan Chase canned its rewards program in February. In March, Wells Fargo announced its debit rewards program would not enroll new customers. In April, Suntrust customers learned they could no longer earn points and the points they have need to be used by the end of the year.
"Banks will have to consider whether they need to reduce the rewards programs..and or impose other fees and charges on at least some checking accounts which would mean the consumer would be impacted adversely by this legislative action, not benefited by it," Whitehurst said.
This swipe limit only applies to banks holding more than $10 billion in assets, which exempts banks like Union First Market and the Virginia Credit Union.
"It creates a great opportunity for consumers to begin to shop around and rethink their banking options," said G. William Beale, CEO of Union First Market Bank.
But both smaller banks fear limitations with retailers accepting their cards that carry higher interchange rates.
"I have this greater respect or skepticism of the market forces that will be in play here because they'll be this 2 tier system," Beale said.
To keep your free checking, you can expect to see minimum balance requirements, companion savings accounts and direct deposits. Read your disclosure statement carefully and talk with someone at the bank to ensure you'll keep your checking at no cost.