If you think of some items in the past that have died for your average consumer, like:
Well, like the Dodo Bird, Free Checking is about to become extinct.
BAC, Bank of America, will be the first, but soon all banks are going to be charging for checking accounts. 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, or you’ll be charged a minimum of $8.95 dollars a month just to have the privilege to bank with them.
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 latte.
These and other fees were extremely lucrative, they made up 12% of Bank of America’s revenue. On Tuesday, the bank took a $10.4 billion charge to its third-quarter earnings because the new regulations limit fees the bank can collect when retailers accept debit cards.
Bank of America which does business with half the households in America, is going to change, will you?