Forum Post: New Bank fees for debit card use and checking

How about Debit cards? The new laws that are just going into effect limit what banks can charge merchants whenever you use your debit card. The banks answer is to simply shift the burden to the consumer, because heaven forbid profits drop and shareholders suffer. I have banked with Sun Trust for years now and enjoyed free checking along with free bill pay and free use of my debit card. However I just received notice that beginning November 10th I would be charged $7.00 a month for the privilege of allowing Sun Trust to use my money unless I maintain a $500 minimum balance in my checking account or have my paycheck direct deposited. In addition I would be charged a flat fee of $5.00 a month to use my debit card even once. Bank of America and several others are doing the same on a regional basis to gauge customers reactions, and if you don't react it will soon be nationwide and spread through all banks. That's $144 a year they intend to pick from our pockets in the name of greed. We already pay higher prices for everything because of the fees they charge to merchants, which of course are passed along to us. My answer was a no brainer. All of my business is going to Wells Fargo who for now in Florida at least still offer free checking and free debit card use. If they follow suit I will move my money to a Credit Union. They are owned by their depositors so that's probably a much wiser choice anyway. Marching and protesting is a good thing for this country, but if you want true change hit the greedy bankers where it hurts. Move your money to a Credit Union or a Bank that is smart enough to read the writing on the wall. There is no bank without your money. Even if you always maintain a $500 minimum balance or already have direct deposit, this is a perfect opportunity to send a message to Wall Street. Let's pull our money and put it into Financial institutions where we are the owners, and if I'm not mistaken Credit Unions are non profit organizations. You want change? This is a good first step.