It’s as if the government bailout money wasn’t enough of a steal.

When it comes to Bank of America’s newly announced 60 dollar annual fee for its customers to use debit cards, all that this “too big to fail” banking institution can do is point fingers at the government’s new consumer protection legislation.

As I did a few years ago as a former customer who experienced consistently negative customer service during hard economic times, maybe it’s time more of us decide to “put your hands up” and go for a bank that truly earns your loyalty.

Because, at the end of they day, if they like it then they shouldn’t put a fee on it.

In case you were wondering, Congress recently passed a law that set up the Consumer Protection Bureau, which includes the amendment Bank of America cites as the catalyst for the charge. The legislation’s Durbin Amendment caps hidden fees banks charge retailers when debit cards are used. Yes, hidden fees.

President Obama hasn’t been shy about his feelings. In an interview with ABC, he shared a message for Bank of America. “You don’t have some inherent right just to– you know, get a certain amount of profit. If your customers– are being mistreated. That you have to treat them fairly and transparently.”

Democratic Sen. Dick Durbin of Illinois has much more direct advice for Bank of America customers: “Vote with your feet. Get the heck out of that bank. Find yourself a bank or credit union that won’t gouge you $5 a month and still will give you a debit card that you can use every single day.”

In reality, though, that may not be the move most customers make, many college students included.

Many of these banks reel you in with perks, some more unique than others, that make doing business with them a relatively better choice. Whether that be the number of branches, free student checking, low APR rates on credit cards or an incentive system that upticks your frequent flyer miles, we all have our reasons for sticking to our bank of choice. There might even be disincentives to close your account(s) from your banking institution in the way of fees.

Yet again, the new law makes it easier for and encourages consumers to review their banking habits and evaluate competitive options.

So if Bank of America’s new fee makes you wanna sing “now you gonna learn what it really feels like to miss me,” you can always break up with them and do your own little banking thing. Perhaps Bank of America needs to utilize all of those MBAs in the office to devise a creative solution if they foresee unacceptable profit shortfalls instead of sticking it to their customers and pointing the finger at Obama and Co.

Instead of jockeying for the bottom line, perhaps they need to pay more attention to the bank’s reputation, especially in hard economic times. Other banks have or will launch campaigns to attract disgruntled Bank of America customers. PNC Bank, for example, has an online ad brandishing no monthly debit card fees.

For some customers, 60 dollars in extra fees — hidden fees notwithstanding — could force them to choose between their debit card and essential purchases.

However, many Northwestern students simply won’t care since their bank account is on their parents’ dime.

But for people on relatively fixed incomes or otherwise facing hard times, the fee can be the difference between choosing debit card usage and making essential purchases like prescriptions or baby diapers, among other things. In that sense, though, this would force customers to change their purchasing habits, perhaps forcing them to carry more cash or checks to make purchases — however inconvenient it is. Some customers prefer using debit cards to avoid carrying cash, especially if they feel vulnerable to muggings or other theft.

And that doesn’t really matter to a business that has to answer to its shareholders, because their job is to make good on the investments. Instead of devising a more creative solution, Bank of America chose to employ the five finger discount — essentially grabbing $5 monthly out of customers’ pockets who use debit cards to make regular purchases. Try and explain your “bottom line” to customers already struggling financially and don’t be surprised at the resulting eye roll.

At the end of the day, no business can simply ‘buy’ customer loyalty. If Bank of America likes it, then they shouldn’t put a fee on it.

Derrick Clifton is a Communication senior.

He can be reached at [email protected].