It turns out that not all of the big national banks will be using overt money grabbing fees to boost their revenues like Bank of America is by charging a $5 fee to use your debit card even once per month.
Wells Fargo and Chase Bank have both announced that they will not be gouging their customers by charging a $5, or even $3, monthly fee for customers using their debit cards.
It seems that even Bank of America, home of the screw-our-customers mentality to profits, is blinking a little bit by offering the dolts who are still its customers more ways to dodge the fee, but will still gladly yank $5 per month out of your account if you dare to use your debit card without meeting one of the bank’s other conditions.
Banks are trying to find more ways to charge higher fees to their customers because they are no longer capable of actually making money on banking and lending, which is bad news for investors and customers.
If you are sick and tired of all your bank’s fees and charges, the answer is pretty simple. Just find a credit union in your area and join. For a minimal interest-earning deposit in a savings account, you can enjoy higher savings interest rates and lower fees.
Just use your bank’s website and a credit union website to compare fee schedules and you’ll see at just a glance how much better a credit union can be for you and your personal finances. Search for "fee schedule" and add "site:yourbankwebsite.com" to quickly find the schedule of fees for your bank.