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Even though Bank of America canceled the planned $5 monthly debit fee charge, the public outcry continues and many are pushing a movement called "Bank Transfer Day." However, is switching your bank really the right move for you?

The WSJ is reporting today that Bank of America has pulled the plug on its planned $5 monthly debit card fee. It's no real surprise considering the negative press and the online uproar.

The NY Times had an interesting article over the weekend discussing how banks are flooded with cash, helping drive down deposit rates on savings and CDs. While I agree with the general thrust of the article, I would add a few caveats.

Massachusetts residents looking to take advantage of a competitive CD rate should look at Patriot Community Bank. It is currently offering some of the best CD rates in the state according to BestCashCow rate data. Its competitive rates include:

It is hard to weigh the pros and cons of choosing cash bonuses over merchandise or airline rewards for deposit accounts, especially since interest rates on the deposits themselves have been so low in this economy. Which is a better deal? That depends on one thing - you.

: It can be disheartening to see bank fees skyrocket; but if you have excellent credit, you do not have to give up your hard-earned cash in fees in order to spend your cash. The Capital One Cash Credit Card not only has no annual fee, it gives you 1% cash back plus extra cash bonuses.

If you use your Bank of America debit card to pay for things directly out of your checking account, you will soon be charged $5 a month ($60 a year) for the privilege. However, you don’t have to close your BofA account if you want to continue using a debit card without a fee. It just takes a little creativity.

Foreclosed homes make up a big chunk of current home sales. So what exactly is going on in the housing market these days?

Less than a year ago many US consumer finance pundits like Suzie Orman and Dave Ramsey were suggesting that your opportunity to get free airline miles for opening a credit card would be ending soon. These pundits believed that banks that were giving out 25,000 miles for opening a credit card were spending much more than they could afford for the pleasure of giving consumers unsecured credit. It seemed the perks were a last vestige of the credit bubble waiting to be eliminated or at least cut back dramatically. They were not.

BankSimple, a stealth banking company that plans to launch by the end of the year, just announced $10 million in new funding from several prominent investors as well as some key partnerships. The company aims to simplify the banking experience via technology.

The Bank of New York Mellon plans to begin charging a fee for its big custodial customers to park cash at the bank, according to the Wall Street Journal.

Many banks and credit unions that support military personnel and their families are announcing that they will continue to honor direct deposits and other cash advances if there is a government default.

Chase Bank Quick Deposit iPhone App lets you make deposits from your phone. It's a pretty neat application that could shift the banking world.

KeyBank is giving new customers a free iPod Touch, if you open a qualifying checking account online by July 22nd, 2011. Of course, there are some additional requirements you will have to meet as well.

Online banks have, on average, offered lower account maintenance fees and higher APYs due to low overhead costs. Before you make the switch to an online-only bank, here are a few things to consider.