The Durbin Amendment, a last-minute addition to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, has sparked fierce debate. It just went into effect on October 1st, and already we’re seeing its ramifications. Banks have priced Durbin into their checking offerings – that means we’re seeing less and less free or rewards checking. On the other hand, retailers have yet to lower their prices as promised, perhaps because Visa and MasterCard jacked up their rates on small merchants. One thing is certain, however: Bank of America customers are not happy.

For the BofA Customers: Bank of America has announced that they will start charging $5 per month for those who use their debit cards for purchases, blaming it on Durbin. We don’t think that quite adds up. Take a look at our list of still-decent checking accounts, orPerkStreet Financial, which gives 2% debit rewards and has no monthly fees.