Leaving Your Bank? Do Your Homework First

We've focused a lot on this show on Bank of America's new $60-a-year debit card fee. But they are certainly not alone in raking up the costs for consumers. And the worst part? Higher bank fees are here to stay.

New rules have curtailed various kinds of traditional fees - such as overdraft and late fees - so banks are being forced to create brand spanking new charges.

In addition to Bank of America, Citigroup will charge $20 a month starting in December to some customers who don't keep a balance of $15,000 dollars or more.

Wells Fargo and JP Morgan Chase are testing three dollar monthly debit card fees in a handful of states. SunTrust started a $5 monthly debit card fee back in June.

Regions Financial kicked off a $4 fee this month.

These fees have become a hot-bed of anger and frustration among consumers - especially those camped out downtown Manhattan.

And for many - they could be enough to push customers to go through the hassle of switching banks.

A new survey by Research Intelligence Group says about a third of consumers will leave their bank if debit card fees are put in place.

And it's not just lip service - the weekend after Bank of America announced their new fees - the nation's largest credit union saw new account openings skyrocket more than 20% percent.

But as I said - switching banks can be a hassle - especially if you have direct deposit, online bill payments or you do a lot of business directly with your bank.

USA Today outlined some things to consider before making the switch.

For starters - you can save a lot of money if you go to an online bank.

Some of these banks have the lowest checking costs - and some even have high interest rates and will re-imburse you for using another banks ATM. Not ideal for those who use a lot of checks - something to keep in mind there.

Now those ATM fees are a major concern for those thinking of switching to a credit union or a small bank!

So do some research - find out if they have agreements - as many do - with larger ATM networks rr see if they waive such fees.

Also - just because you hear a headline about bank fees - don't automatically run to your local branch and close everything!

Some fees may not apply to you - such as if you use direct deposit - or meet a minimum balance - or pay online.

So again, I can't stress this enough - before leaving your bank - do your homework.

But don't be afraid to move your money around if there's something out there better for you and your family.

I'm Fed Up with Bank of America!

Nothing and no one has me more fired up today than Bank of America.

The nation's largest bank is going to start charging all of its customers that use debit cards - a $5 monthly fee that kicks in early next year.

The bank says they have no choice - that "the economics of offering a debit card have changed."

They say without the fee they just can't make ends meet - all because of the Dodd-Frank law. Of course, the "swipe fees" amendment goes into effect on Saturday.

It caps the fees banks can charge retailers for processing debit cards from 44 cents to 21 cents per transaction. Well guess what... that's not our problem!

Banks across the country have been testing this fee for months -- you may have already seen it. But Bank of America is the biggest bank to take this national.

Wells Fargo and J.P. Morgan have been testing fees in certain regions for months now.

And starting in November SunTrust will institute the same $5 fee for its debit-card customers.

Boy do these banks know where to hit us the hardest. Americans - like you and me - love our debit cards. According to CreditCards.com, between Visa and MasterCard there are around 520 million debit cards in the U.S. That's nearly 200 million more cards than people!

And last year alone - debit cards were swiped nearly 37 billion times - with purchases totaling nearly one and a half trillion dollars!

But I have my limits! Remember when the bank would give you a toaster to open a checking account? Maybe you don't - but believe me, they used to. And, it wasn't just banks. Freebies used to abound - free air-miles or a t-shirt for opening a credit card account.

It really used to seem like companies wanted our business - not just for today's transaction, but for a lifetime. What a difference from today - that five dollar fee may not seem like a lot - but it's the principle of the thing. I just don't buy it!

At least one bank has it right: Citigroup says it will not impose debit card fees - it says such charges would be... "a huge source of irritation" for our customers. At least somebody gets it.