Consumers keep getting hit by fallout from the banking crisis.
The Wall Street Journal is reporting that Bank of America and other banks are preparing new fees on basic services as they try to replace revenue lost to regulatory rules.
This is expected to spell an end to free checking accounts for many Americans, the WSJ writes.
Free checking accounts, which have been widely available for more than a decade, have been a boon to middle-class consumers and attracted low-income customers to the banking system for the first time, the WSJ says.
But customers will likely be required to pay new monthly maintenance fees on the most basic accounts that don’t generate a lot of activity.
To avoid a fee, customers will have to maintain certain account balances or frequently use other banking services, such as credit and debit cards, automated teller machines and online accounts, the WSJ reports.
“If you put $1,000 in a checking account and don’t do anything with it, it will be hard to get that for free,” Sherief Meleis, a managing director at consulting firm Novantas LLC, told the WSJ.
How will this affect you? Will you search for free checking from banks that will still offer it?
Do you think this could be a boost to credit unions? The mattress business?
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