Don’t be fooled because Bank of America and numerous other big bank institutions dropped their plans to charge a $5.00 debit card fee.

Banks have lost billions in revenue due to federal government changes that have reduced or eliminated fees that banks can charge when consumers use their debit cards to make purchases, and also restricting overdraft fees.  They may have lost the battle, but they will ultimately win the war.  Bank of America also has pre-paid debit cards that are issued by some states to pay out unemployment benefits.  If you choose a Bank of America ATM, you are not charged a fee, but many small communities do not have Bank of America ATM’s.  These folks are being charged to withdraw their unemployment benefits.  Kick a man when he’s down!

Bank of America and many of the large banks are going to start charging other fees to make up for their recent loss.  These fees could include charging you to go to your teller more than the allotted times given per month/week.  They could also begin to charge for using your ATM more than the times allowed per month.  Consumer Beware!

People are going to start going to extremes to save themselves from these excessive fees.  We are going to go back to the days when people didn’t trust banks and stashed their money at home.  This is not a good option, but in truth, we are all so oppressed by this economy that drastic measures are being taken.

My advice is to look into alternatives.  Many communities have credit unions.  Credit unions are member owned and typically have less fees and more liberal lending policies.  Best of both worlds!