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COMMENTARY | Big banks like Bank of America have had a difficult few weeks since the announcement that they plan to charge $5 per month for the use of debit cards aside from ATM use. While bank customers already deal with outrageous overdraft fees, minimum balance fees, non-direct deposit fees, and the cost of checks, this last possible fee was the proverbial straw that broke the camel's back. While on the surface $5 per month doesn't sound like much, why should customers have to pay to use their own money? That's the question that 650,000 people have asked since September when Bank of America announced the fee, according to an NDTV correspondent. That's roughly the number of people who have switched to credit unions in the past three months.

In a previous article I commented on how I planned to make the most of Bank of America's new fee by switching to all cash. That way I could still have my already established bank account, and my financial awareness would be heightened due to my all-cash approach.

Now that the fee has been revoked, I can see why many clients would decline to bank with big banks like BoA, but my overall experience with my bank has been positive. Generally, if I am charged a fee it is because I violated part of my agreement with the bank.

For example, several years ago I used my debit card before I made a deposit. I happened to be out of state when I did so, and I didn't realize until I got home (four days later) that I had racked up some hefty overdraft fees each day until I made a deposit. But I couldn't blame Bank of America for that. They didn't force me to use my card when I didn't have any money. They were even fairly kind when I called, frantic, about my incapability to deposit money until I made it back in-state. Though I was still responsible for the fees up to that point, they did halt any further fees.

Am I happy that Bank of America has cancelled the debit card fee? Yes. Was I planning to switch to a credit union ASAP in order to avoid the fee? No. Bank of America has been good to me, and I don't plan to ditch them now. I don't blame others for making the switch, but for now I plan to stay right where I am.