Daria and I are looking for a business where we can charge $5.00 for a transaction that only costs us a few cents.

Oops...TOO late!

Someone (a bank) has already found it!

More on that in a minute...

Many banks are busy raising fees and doing away with some formerly free services.

All this is response to the restrictions put on them by the Dood-Frankbill (foxes in the henhouse!).

Specifically, the Durbin amendment to the Dodd-Frank legislation, as of this past Saturday (10/1), severely limits overdraft fees and the debit card "swipe" fees that can be charged, among other restrictions.

Oh, no... lost bank revenue!  Poor babies!

But...they have a recently announced "Plan B."

After years of raking in excess profits, Bank of America, America's largest bank in terms of assets, in their (and other banks) inexorable march to higher profits and pinching consumers, is currently planning to start charging (beginning in early 2012) millions of customers a $5 monthly fee to use their debit cards unless you are a "premium" account client.

Wells Fargo and J.P. Morgan are testing similar programs.

Why not?!

Pile on, banks!

The "hidden" strategy?

Many banks WANT you NOT to use your debit card but to use your much more profitable (to them!) CREDIT cards.

Citibank has increased its direct mail efforts to recruit new credit card customers who are unhappy with decreased benefits and added costs of their debit cards.

On a related "screw the customer" note...the decline of free checking is in full swing.

And...it gets worse!

Since the cost of providing a free checking account has been covered by two revenue streams...overdraft fees and debit card swipe fees, now severely limited by the Dodd-Frank bill...a number of large banks will, likely, soon start charging customers a $10 monthly fee if their checking account balance drops below $1500.

Fee "antidote?"

Check the checking account policies at smaller banks, credit unions an online banks.

All of this fee grabbing at a time when millions of Americans' budgets are pushed to the breaking point really gets our goat.

BOTTOM LINE:

Don't be a lamb to slaughter.

Don't take any fee crap, I mean, creep, from your current bank.

Check the small print on your monthly bank statement so that they can't sneak an unexpected niggling fee(s) on you, or, at least, you'll have a choice not to pay it by voting with your feet.

Speaking of changing banks...check out our article on the 5 things your bank doens't want you to know!

Fight back by SHOPPING AROUND for better deals at other banks.

Don't let the fat cat bankers get any richer on YOUR back!

Read More In: Banking