From CNNs Jack Cafferty;

Take a good look at your bank statements, because financial institutions are tacking on new fees as fast as they can.

Bank of America has come under a lot of fire for a planned $5 monthly charge for debit card use.

The only way to avoid the fee is to have a mortgage with the bank, keep a $20,000 minimum balance, or use the debit card only for ATM transactions.

And Bank of America isn't the only one going the way of debit fees:

Wells Fargo says it's testing a $3 monthly fee in several states. and JP Morgan Chase announced a similar test last year.

The banks are blaming new fees on Wall Street reform enacted after the bank bailouts, and more specifically the so-called Durbin amendment. Visit The Cafferty File;