AGAWAM, Mass. (WWLP) - Bank of America may have backed down on the five dollar debit card fee, but that's not the end of banking fees.
Thomas Fox of Cambridge Credit Counseling in Agawam says more are on the way. Banks have already experimented with charging for talking to a teller, replacing a debit card, and using electronic deposits. But before you decide to change your bank, they recommend you find out what charges you could incur and decide if they're worth it.
Fox told 22News, "These fees don't just stop on your statement, they keep going on in your daily life, so you really need to have a complete understanding of what they all are and then you can make that educated decision you know what I like this, I'm comfortable with this or I want to find something else."
But before you leave a bank altogether, the average person who doesn't use a bank account spends an additional 40,000 dollars in their lifetime on other products like check cashing fees and pay day loans.