One day, I predict, a bank will go too far with their fees, and there will be some measurable backlash, where there will start becoming a trend of people more commonly putting their money in credit unions or under their mattress. We're not there yet, but apparently Bank of America is trying to speed up that day.

The Atlanta Journal Constitution has an interesting story about one Greg Fischer, a consumer who paid his September Bank of America credit card payment through his bank's web site. He paid on the deadline day.

However, his bank said that he was late anyway. Why? He paid at 4:10 in the afternoon, past a 3:30 p.m. cut-off that he wasn't aware of, a cut-off, I'm sure, that's buried somewhere in legalese on his credit card statement or on the credit card's web site.

Earlier this month I took a look at Bank of America's saving plan, called Keep the Change, which didn't live up to the hype, due mostly to the abysmally low interest rate that your saved change earned.

One of the commentators shared why they thought Bank of America's plan was worthwhile, including the fact that they thought the match made up for the low interest rate as well as the program being an easy way to save. This comment got me thinking that there had to be a middle ground that provided a good upfront match as well as the potential for growth over time that comes from a good APY.

While watching the news this morning I found out that Wachovia stepped up to the plate with Way2Save, its own automatic savings plan, which seems to meet my criteria for a good savings program.

We all know it pays to read the fine print when opening new accounts and doing business transactions, but many times I don't think we realize that not reading the fine print can cost us, even if the new account has to do with saving money.

I read about a great example today on the Online Savings Blog where the author digs into Bank of America's Keep the Change saving program to find out that it is riddled with fees and pays only a paltry .2% APY on the account.

Sure Bank of America provides a match up to $250 which could help out some customers, but after you take into account the fees and the low interest rate, using a high yield savings account becomes a much better answer. Other than the Bank of America match associated with this account, the real draw for a user is the ease of saving associated with rounding up every purchase.

If you still want to use the roundup method you can use Wesabe to track your spending and transfer in your rounded-up amounts at the end of each week, just like one of the commentators over at the Online Savings Blog. Personally, I'd rather automatically transfer a specific amount to an online saving account after each paycheck than base my savings on how many times I spend money. If I saved based on a roundup of every transaction I'm too worried that I would use the savings to justify purchases I don't need to be making!

The Federal Reserve gave consumer a few months to mull over this proposition: Should credit card companies be allowed to raise the rate on debt you already owe? Is it fair for them to constantly reshuffle your debt so you are always paying the highest possible interest rate and the most fees? Should banks keep secret the way to opt out of their overdraft protection plans, where they can charge a huge fee for a tiny overdraft? And can they send you an offer of one rate, then switch you to another?

Guess what? Consumers overwhelmingly hate all these current practices. They think credit card companies should be reigned in. Nearly 20,000 people wrote in on the three parts of the proposal: credit cards, overdrafts and truth in lending rules. Many call for stricter rules and use florid language like "usury."

Also guess what? Banks think the rules are a stupid idea. Bank of America is not just worried about itself, of course. BofA is concerned about the "broad impact on the economy both at the retail level and in highly complex securitization markets, slowing growth and limiting access to financing. To quote Bill Murray: "Dog and cats, living together!"

BusinessWeek's Jessica Silver-Greenberg says that it's the most significant credit card rule change in 20 years. Till now, she writes, regulators were content to simply force banks to clearly disclose their terms (which resulted in those pages of small-type that practically nobody reads). So now regulators and getting around to actually regulating. The comment period ended August 4, (though the comment form is still up).

Americans love their rewards, don't they? According to TNS Global's Financial Services Research, some 57% of rewards card holders have cash-back credit cards.

And there are lots to choose from. Some have complicated rules about when and how much you'll get back, depending on how much you spend and on what. Others are more straightforward, simply sending you a check based on a percentage of what you charged over the past year. Others let you accumulate points, which you can then turn in for services or travel. I've known more than a few people who used these cards to finance air fare abroad.

But as with everything in the credit card universe, there are hidden snags. Fortunately, it just got a lot easier to navigate the pros and cons of various cards.

Bankrate's first Cash-Back Reward Card Study offers an in-depth analysis of 30 reward cards that offer cash back from nine of the top credit card issuers. The good news? There are credit cards out there with annual rebates of up to $1,000! (Of course, you'd have to charge $100,000 to get that kind of reward with a USSA Federal Savings card, so don't run out and apply for one just yet.)

We've all heard the stories of credit card companies suddenly deciding to raise your interest rate. If you've made a late payment or gone over your limit, the credit card agreement allows them to immediately raise your rate. And there are other lesser-known reasons for raising your interest rate. Now it's become more common for credit card companies to have a clause in your agreement that allows them to raise your interest rate if your credit score decreases or if you have a late payment to a different credit card company.

One WalletPop reader wrote to me with this note about her increased interest rate:

I am writing because the Bank of America, where I have 5 or 6 different accounts, all in good standing, called me to tell me that my small business credit card finance rate was going to be increased to 23.99%. Not because I was ever late on a payment. Not because I went over my limit. Not even because I wasn't paying the minimum payment (I always pay more than the minimum payment). Nope. It was because I wasn't paying my balance down "fast enough".

The big fuss about Bank of America credit card interest rates has just gotten worse. First, we heard from those whose credit scores had fallen, because Bank of America noticed and raised their rates. It seemed unfair, especially when people who were completely current on their payments with Bank of America were penalized. They reasoned that they shouldn't have an interest rate increase because of other credit activity. They lost that battle based upon language in their credit card agreement.

But now the flap has gotten worse, as Bank of America has raised rates for customers who don't even appear to have any new adverse credit information. How did they do it? Simple. They told customers they would raise their rates, and they did.

Are you in the bad habit of throwing out all those little papers that come with your credit card statement? Did you quickly discard a letter from your credit card company, thinking it was more standard fine print? I recommend you take a good look at those, because that's how these customers got stung.

I've been a longtime Bank of America customer, ever since I left my job at crosstown rival First Union (now Wachovia Bank) and moved to a city without a branch. Now both my husband and I have accounts, and we often transfer funds between them because we're not yet masters of total financial communication. I have a love/hate relationship with the bank: I love the online banking, and the staff at my local branch. I hate the way the company charges overdraft fees in a way that often seems bent on exploiting the type of customer who lives from paycheck to paycheck (which is totally me, though I am working hard not to be).

Though we've had some stupid financial management practices in the past, we've recently become disciplined at checking our accounts every day to make sure we haven't screwed up and spent too much in one. Bank of America is generous in approving transactions beyond what's available in the account; so if you don't have it down to the penny, or bestow a tip you've forgotten to notate, sometimes you have a few pending transactions that send you into the negative. No worries, I've always thought: I'll just transfer some funds from my account to my husband's, putting us into the black and avoiding fees.

Not so fast, Sparky. Evidently, sometime this summer when I was going into labor with my baby boy, Bank of America sent us notification that we're to be charged fees on pending transactions that cause a negative balance; even if a deposit is made before those transactions clear.