Many consumers – including me, for quite some time – see community banks and credit unions as near mirror images of each other. Both types of institutions are known for low fees and strong customer service. However, the video above from the Independent Community Bankers of America shows that these two segments of the financial industry are in a bit of war right now, and the disagreement stems from a Congressional bill to give credit unions more business lending powers.

Currently, credit unions have a cap on how much they can lend, but the non-profit institutions are lobbying US Congressional leaders to pass a bill that would more than double those lending capabilities. So what does all this mean for you?

I’m not entirely sure of the immediate impact if the bill passes, but here’s a general overview of what I would expect in the long-term. Credit unions would be able to earn more from small business loans, and those earnings might be able to be passed on to all members in the form of higher savings rates.

Some community banks, on the other hand, could indeed struggle. Why? Well, community banks need to earn a profit to return to their shareholders. If credit unions begin offering more loans, those small banks may not attract as many borrowers. With fewer borrowers, their earnings would be much smaller, and eventually, the need to make a bit more money may be passed on to you in the form of higher checking account fees.

I’m undecided on my stance on the possibility of expanding credit union commercial lending powers. With Tax Day still rearing its head in my rear view mirror, the lack of taxes on credit unions does feel a bit troublesome. There are credit unions that have grown much larger than many banks – and they pay some of their executives just as handsomely as their for-profit counterparts.

This debate is sure to heat up in Washington, so stay tuned. I’ll keep you updated on the battle.

For now, here are three bank rules I think everyone should know.

Savings withdrawal limits

According to Federal Regulation D, you are limited to six or fewer remote withdrawals from your savings account each month. Remote essentially means any withdrawal or transfer that isn’t made in person with a teller. While all account holders are limited by this restriction, banks can set different penalties for exceeding that number. You might pay $4 for each excessive withdrawal at one bank while another institution charges $8. Regardless, the regulation actually works to your advantage: you shouldn’t be regularly taking money out of your savings account if you’re hoping to actually pile up some cash for the future.

Overdraft protection

After recent financial legislation, banks can no longer enroll you in automatic overdraft protection, which means banks can no longer authorize payments when you have insufficient funds – unless you explicitly tell them you want them to do so (which I strongly do NOT recommend doing). However, overdraft laws do not apply to checks. If you’re still writing checks, this means that you still need to take extra care to balance that checkbook.

Ch-, ch-, ch-, changes

The good news: your bank is required to inform you when they make amendments to basically anything in your account. The bad news: you’re going to need to pay extra attention to every piece of correspondence. It can be easy to skip over email alerts in a crowded inbox, but with rising bank fees, it can certainly pay to be diligent about staying in the know about potential changes.

Are there any other bank rules you believe should be on every account holder’s radar?

Pay down your debt

While saving is important, paying off any loans accruing additional finance charges is equally beneficial for your finances. Rather than investing in a CD that earns a dismal 1 percent, you could take that same cash and pay down a credit card balance that adds up at 12 percent. It’s simple: paying off that debt first is equivalent to saving you money down the road.

Invest in property

If you have a big chunk of cash to invest, you could also consider taking advantage of a buyer-friendly housing market. Obviously, this strategy depends on your age, your current financial picture and a range of other factors, but buying property can be very profitable in the long run.

Think about this: home values are set to hit rock bottom this year, along with mortgage rates. In five years, those property values will (hopefully) have risen. If this strategy makes sense for you, I recommend a 5/1 ARM to lock in the lowest rates and plan for selling your home within the next five years.

Save without commitments

Of course, you can still stick to a standard savings plan, and many banks are offering great rates on their online savings accounts. Rather than open a CD, you can browse savings and money market accounts that give you increased earning potential without any worries of early withdrawal penalties.

What are your plans for today’s sluggish investing climate?

Earning rewards is easy. Essentially, account holders earn 0.5 percent back on all purchases below $100, a full 1 percent on purchases that cost more than $100 and 5 percent back on certain special offers. All in all, it seems like a good deal for using your debit card for everyday spending. If you’re going to spend money, why not reap some rewards that help your financial future? With traditional debit rewards programs rapidly fading away, you’ll be hard pressed to find a checking account that pays you back for every purchase you make.

How big is student loan debt in America? SmarterBank says that it’s close to climbing above $1 trillion. With that many graduates trying to figure out how to pay back their lenders, I think this checking account can appeal to many young spenders and savers.

Be smart with spending

While SmarterBucks seems like a great program, remember that a rewards program isn’t going to be the knockout cure for your debt. It’s only a small source of help. Let’s do the math. At these rates, if you spent $1,500 in one month on debit card purchases, the most you’ll earn is $15 – not exactly a whopping amount of cash. A better plan might be to simply reduce your spending to $1,000 in one month and contribute that additional $500 to your student loan’s balance.

For more information on the program, visit the official SmarterBucks website.

Callable CDs

If you aren’t familiar with callable CDs, these are certificates of deposit that the bank can actually recall if interest rates decline. Essentially, if the bank is paying you a 3 percent APY on an investment, but the current rates for that same investment have dropped below a certain threshold, the institution can close a callable CD. While you won’t be in a position to lose any money, a recall will throw your ladder off its balance.

Long-term CDs

I’ve said it before, but I’ll say it again: keep those ladders short! In today’s investing environment, I honestly can’t think of a reason why anyone would lock themselves in a term much longer than three years. Interest rates are bound to rise, simply because they can’t go much lower.

A lazy shopping trip

I can’t stress enough the importance of shopping around. Remember: you don’t have to build a CD ladder at the same bank where you keep your checking account! Instead, be sure to look at some online banks such as Ally, Discover and CIT. Banks with thousands of branches and tellers simply cannot offer the most competitive CD rates. Sure, they can offer ATMs and other convenient perks, but when it comes to your CD ladder, you don’t need those.

Are you planning on looking into CD investing anytime soon? If so, where will you start your search?

The bank did not indicate when it will begin offering checking accounts, but the move doesn’t surprise me. With so many consumers switching banks due to rising bank fees, Discover has the ability to offer free or low-cost checking and attract new deposits. Because the bank doesn’t operate actual branches, the costs of account maintenance are significantly lower than institutions such as Bank of America and Wells Fargo.

Online checking can be a great deal for many customers, but here are a few questions to consider before moving your money into an Internet-based home.

How often do you use the ATM?

If you’re constantly withdrawing cash, you’ll want to investigate whether or not an online bank offers free ATM withdrawals. More importantly, you’ll want to determine if they reimburse for charges from other banks. While free checking is great, paying for your cash will add up very quickly.

How easy are deposits?

As more banks offer mobile deposit capabilities, the importance of branches and ATMs is decreasing. However, not all banks provide the convenience of check deposits from your couch. Make sure you won’t be mailing in checks to your online bank’s processing center.

Where is your savings account?

I’m a big fan of keeping your savings and checking accounts at the same institution, simply because transfers are free. If you plan on holding your savings at one institution and your checking at another, you can easily wind up paying for moving money between accounts.

Do you keep your cash in an online home? If so, how has it worked out for you?

To give you a quick introduction to some of the CD rates you’ll find online, I’m covering three of the best performing 1-year CDs today.

CIT Bank – You may know that I covered CIT Bank’s new high-yield savings account earlier this week, and the bank also offers one of the best 1-year CDs available today. With a 1.08 percent APY and the ability to increase your rate one time prior to maturity, this CD is tough to beat in today’s market. The catch: you need a minimum balance of $25,000 to open this certificate of deposit.

Ally Bank – Ally has earned plenty of new account holders with its “Do You Love Your Bank?” ad campaign, and there are plenty of reasons to love the bank’s 1-year CD. With no minimum balance requirement and a 1.02 percent APY, this is a great choice for your CD investment.

MetLife – Similar to CIT’s CD offering, MetLife’s 1-year CD requires a minimum of $25,000 to earn the top tier interest rate of 1.05 percent. However, you can open a certificate of deposit at the bank with as little as $2,000 and still earn 0.85 percent interest on your savings.

I know that moving your money online can seem uncomfortable to some consumers, but these are all FDIC-insured banks that will take good care of your cash. Of course, you can keep your checking and savings accounts at your brick and mortar bank or credit union. There’s no rule that says all of your accounts need to be at the same financial institution.

Earning more at CIT

If you maintain a balance of at least $25,000, CIT pays a strong interest rate of 0.85%. Can’t climb the $25,000 hurdle? Don’t worry. The bank still pays 0.8% on all balances. While many banks offer significantly lower rates to savers who fail to meet balance requirements, this is one of the more favorable deals I have seen while browsing the online banking world.

There is one more reason to try to top the $25,000 mark: CIT offers high-balance customers FREE outgoing wire transfers. If you need to transfer some of your savings into a checking account at another bank (CIT does not offer checking accounts), you won’t incur the typical $10 transfer fee.

About CIT Bank

CIT Bank has been around since 2000, and this FDIC-insured institution is the personal banking arm of CIT, a bank holding company that does quite a bit of small business lending. If you’re looking for a bank with ATMs and tellers, though, CIT is probably not for you. This is an online-only bank, which is one of the primary reasons the institution can afford to offer such attractive savings rates.

How much you can earn with a high-yield savings account? Check out the CIT Bank calculator to estimate how much you can stash away with the benefit of above-average rates and the wisdom of making additional monthly deposits.

The numbers don’t lie

So just how many people are steering clear of CDs? A new survey from Market Rates Insight shows that the total deposits in certificates of deposit have dropped by nearly $700 billion in the last five years. Yes, you read that correctly. The study compared figures with CD deposits in 2007. Five years ago, CDs factored for around 31 percent of total deposit dollars. Today, they only account for 18 percent.

Why the decline?

It’s pretty easy to understand why savers are keeping their money away from certificates of deposit. In the early 2000s, 5-year CDs were offering significantly higher returns, so the yield vs. liquidity battle actually delivered a serious payout. Today, that’s simply not the case. If you lock your money in a 5-year CD in 2012, you’ll be lucky to earn an APY of 2 percent.

When can you turn back to CDs?

If you’re frustrated by today’s low CD rates (who isn’t, really?), I’m sorry to say that I’m not much of a source for good news. The Federal Reserve’s recent announcement that it will keep interest rates low through 2014, and this means that you can count on CD rates lingering near the bottom through the next couple of years, too.

What do you think of today’s CD rates? Is the commitment still worth it, or are you going to hold out until earning potential begins to increase?

Green Checking costs more green

Currently, if you have a Green Checking account, you may pay $4.99 per month. Beginning April 23, that fee increases to $9.99. However, you can avoid that fee altogether if you satisfy one of these requirements: maintain a minimum balance of $1,500 or  make five debit card transactions each month.

Interest Checking gets more interesting (and expensive)

On April 23, the fee for Interest Checking account holders increases from $2 to $11.99 per month. Again, you can avoid this fee by maintaining a minimum balance of $2,500 or making five debit card transactions.

If you have a Basic Checking account, you’ll be upgraded to the Green Checking program, which means you’ll need to make sure you avoid those fees.

Plenty of customers get angry about fee hikes, but I have to say that these fees are fairly easy to avoid. While keeping your balance above $1,500 might be tough for some account holders, everyone I know makes at least five purchases each month.

Still, this kind of increase reinforces the importance of reading every notice from your bank. Banks can alert account holders of this kind of change via email or postal mail. If you’re like me, some of those messages can be easily overlooked. In today’s banking environment, I’m sure many more consumers will receive the news of fee hikes. As long as you stay updated on what your bank charges, you’ll know how to avoid paying more for a checking account.