By YOUNG MONEY Staff
7 October 2011

Americans have voiced outrage at the idea that banks would begin charging for the use of debit cards, with many vowing to switch to competitors. ConsumerAffairs.com notes that Americans' options extend well beyond major national banks, however.

One of the most underutilized money management options for Americans is the credit union. Unlike commercial banks, credit unions are non-profit organizations owned by the members whose money they hold. Credit unions generally boast fewer and lower fees, as well as better rates on many loans.

Credit unions are built around particular populations, often through employment, but loosened rules now allow almost any American access to some credit union with a little research.

ConsumerAffairs.com also notes that there are more than 7,000 community banks that can often provide lower costs. Particularly because smaller institutions are not held to many of the same standards under last year's Dodd-Frank financial reforms, smaller banks often do not need to worry about fees.

ABC Action News reports that most banks offer waivers for the new fees that have angered so many customers, but many are not practical for some consumers, such as Bank of America's $15,000 minimum balance.