Goodbye free checking
October 20, 2010 | alternatives, federal legislation | Comments (1)From the story:
The days when you could walk into a bank branch and open an account with no charges and no strings attached appear to be over. Now you have to jump through some hoops – keep a high balance, use direct deposit or swipe your debit card several times a month.
One new account at Bank of America charges $8.95 per month if you want to bank with a teller or get a paper statement.
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.
Free checking as we know it is ending.
Unintended consequences of regulation.
Comments»
Thanks Barney and Chris. I knew that free checking was a scam. So glad it won’t be an option for us dumb consumers to have to deal with anymore. I hate all those choices and stuff.
Can you guys figure out to make us pay taxes on our 401k plans? It’s really a hassle having all that money and not paying taxes on it. But if you really want to help, maybe you all could just find a way to convert our pension plans into treasuries. We hate making more money than the long bond and the dangerous risk that goes along with it. Eliminate all options and choices while you are at it. Freedom is so overrated.