Do You Have The Best Bank Account or Worst On Record ?

Best bank account or worst on record; either way if you are going to survive the current financial climate you need to keep your financial finger on the economic pulse and more to the point keep an eye on the banks! While Bank of America has announced that it will stop charging overdraft fees for debt card use and bank account owners sighed, this news did sound too good to be true for many people.The overdraft fees and charges are where many banks make the most revenue, so it only makes sense that this sort of move from a larger bank would also come with some other fees to make up for the loss. Though these additional fees are not getting the headlines that the ending of the overage fees has, they still warrant your careful attention.
Yes, You Will Be Charged
What many banks will be reverting to (and Bank of America seems to be leading the way) is to charging for checking accounts. Though this was once a practice that was limited to business accounts, those with personal checking accounts are also going to notice they will be charged fees if their account balance drops below a certain figure. By having customers be required to keep a certain amount of money in the bank, larger banks will still have the revenue stream they have lost from the loss of debt card overdraft fees.
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Choosing Banks Wisely
In order to ensure that you aren't paying the bank to hold onto your money, it may be a good idea to begin looking at the banks that are in you area. Look to see if they are offering any discounts on banking fees. It is best to look to see what the minimal account balance needs to be and if this is appropriate for you, then you may want to switch banks. In addition, it's a good idea to begin to look at those terms of service agreements your bank sends to you in order to be ready for any new banking fees which might be charged.
The Future of Banking Fees
Banks need to make money from holding onto their clients' money, but does this mean that fees will become the norm? Signs are pointing to this being the way of the future, however this also provides a bargaining chip for those who have bank accounts. As banks will continue to be competitive, it will make sense of them to have better fees than others, helping to bring in new customers rather than to drive them away. The future will be one of banks offering lower fees in some areas, and higher fees in others.
It will help for you to look at the overall terms of your next bank account to see if you can avoid paying fees you don't want to pay.
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