The debit-card fee wasn't the only revenue idea Bank of America shelved late in 2011.

WSJ: Bank of America Weighs New Set of Fees

Instead, many say that the companies that process their debit-card transactions aren't passing on the federally mandated savings, or are raising fees on other services.

WSJ: Debit-Card Fee Cap Has Nasty Side Effect

It decided not to test a plan in which customers who were about to make a debit-card purchase but didn't have enough in their account would have gotten an alert giving them the option of buying overdraft protection.

WSJ: Bank of America Weighs New Set of Fees

It also reduced swipe fees on debit card transactions but it didn't address swipe fees for credit cards.

WSJ: Bank Fees Squeeze Retailers

BillMeLater, for example, doesn't require a credit card or debit card number, but it does ask for a customer's Social Security number and date of birth.

FORBES: A Hot Time On Cyber Monday

The new language does relieve uncertainty for Visa and MasterCard by clarifying that the measure wouldn't restrict the fees that the debit-card processing networks charge to banks.

WSJ: Merchants Win Debit-Card Fee Battle

If you just need basic checking, bill pay, ATM access and a debit card, search for accounts that don't charge fees if you're below a minimum balance or fees of 25 cents or more for each check written.

FORBES: Banking

But I couldn't access my Bank of America account online and had to call collect to cancel my debit card.

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Visa and MasterCard wouldn't directly comment on Mr. McCrohan's conclusions, but have said they would change debit-card fees, known as interchange, in response to new federally regulated caps.

WSJ: MasterCard, Visa Seen Raising Fees

Unlike credit scoring systems (like Fico) that can't see the layer of activity below credit card and loan payments, Fiserv tracks consumer accounts, debit card payments and online bill-pay habits.

FORBES: Global 2000