I’m not referring to the social contract, although that ground is fertile enough. I mean private contracts that businesses and their customers enter willingly.
I got to thinking about this topic when I read this Associated Press story, posted on AJC.com today, about the demise of free checking accounts. Here’s the first key passage:
Almost all of the largest U.S. banks are either already making free checking much more difficult to get or expected to do so soon, with fees on even basic banking services.
It’s happening because a raft of new laws enacted in the past year, including the financial overhaul package, have led to an acute shrinking of revenue for the banks. So they are scraping together money however they can.
In the last year, lawmakers in Washington have passed a range of new laws aimed at protecting bank customers from harsh fees, like the $35 charged to some Bank of America customers who overdrafted their account by buying something small like a Starbucks