FROM CNN's Jack Cafferty:
Take a good look at your bank statements, because financial institutions are tacking on new fees as fast as they can.
Bank of America has come under a lot of fire for a planned $5 monthly charge for debit card use.
The only way to avoid the fee is to have a mortgage with the bank, keep a $20,000 minimum balance, or use the debit card only for ATM transactions.
And Bank of America isn't the only one going the way of debit fees:
Wells Fargo says it's testing a $3 monthly fee in several states. and JP Morgan Chase announced a similar test last year.
The banks are blaming new fees on Wall Street reform enacted after the bank bailouts, and more specifically the so-called Durbin amendment.
The measure - named after Democratic senator Dick Durbin of Illinois - limits banks to charging $0.21 per debit card transaction. They used to charge an average of $0.44. The new rule is expected to cost the banks about $5 billion a year.
So naturally they are looking for somewhere else to make that money up; and what better place than the consumer, right?
But Durbin himself claims that debit card usage costs banks less than $0.12 per transaction - far below the new cap of $0.21. He says consumers should consider switching banks to where they're treated better because of fees like this.
Meanwhile, Citibank - which bashed Bank of America on debit fees - will soon be charging many customers monthly fees for their checking accounts - unless they maintain much higher balances.
Here’s my question to you: Would you leave your bank over new monthly fees for debit cards or checking accounts?
Interested to know which ones made it on air?
Dave in Phoenix:
Absolutely, as soon as Wells Fargo expands their fee testing to Arizona I am gone. I've been a loyal customer of a bank that they bought out for 20 years and have had nothing but fees and demands placed on my banking since they took over. One more little misstep and it's time to just move everything to the credit union I also use.
Tom in Texas:
Yes, banks already use our money and pay almost no interest while charging over 20% in some cases on credit cards. There are accounts where you must do all banking electronically or by ATM. Now they want us to pay to have access to our own money. Hey, I need a bailout! A "run on the bank" is in order.
Tyler on Facebook:
I already have, Jack. I have 4 accounts with Bank of America and I'm in the process of closing all of them. If I stayed, I'd be spending $240 per year to access my own money. It's absurd that they think they can charge me to use my money to earn them interest. I think I'll stuff it under the mattress instead.
Phil in Memphis, Tennessee:
Oh hell yes! The nerve of these institutions to snub their noses at us (middle class America) after we bailed them out. Maybe I will make a trip to Wall Street next week.
Pam:
I have belonged to a credit union since 1978 and I have NEVER paid ANY monthly fees for anything! Isn't it interesting that they can run a business at a profit without dipping in their customers' pockets? What does this say about banks? Plain old greed I think!
David on Facebook:
I'm in the process of dumping Citibank right now over new fees. I've been with them for almost 32 years.
H.:
Hell yes. Charge me, I'm gone. There's one on every corner.
Robert:
I already have, Jack. I have moved all my money to my local credit union as of yesterday. Too big to fail? Make 'em smaller.