Banks certainly have the right to charge a fair price for their services. But the whole idea of "a fair price" has always been fuzzy in the industry, which built its core consumer bank offerings for so many years on the idea of "free" checking.

I think we all know that nothing is ever truly free. Banks are in it to make money. This is capitalism after all. But "free" checking, as it became the norm, conditioned a lot of people to think that they were entitled to something like free checking. This is entirely understandable. That's really why the market is having so much trouble adjusting to the idea of paying fees for checking accounts and for debit card use.

This is something that Bank of America didn't really think through, it would appear. They seem to be blind sighted by the intense public reaction, and they have struck anything but a sympathetic tone for their many customers who are suffering economically right now. The fee could have been rolled out in less "gotcha" fashion. The move was perceived as arrogance, seemingly saying to its masses of retail (not huge accountholders) that the bank doesn't care if they switch to another bank.

That botched rollout--not the fee itself--was the real mistake. It's amazing in some ways that elected officials have weighed in so aggressively. One has sent a letter to the banks and thrifts in his territory, telling them to seize the moment, which they intend to do, according to the Washington Post. Another politician, from North Carolina no less, will sponsor a bill to make it easier for consumers to close accounts without paying fees. Once again, Bank of America has shot itself in the foot.

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