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US Banks May End Free Checking Accounts: Report

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June17 , 2010

Bank of America and other U.S. banks may introduce new fees on basic services and eliminate free checking to replace revenue lost to new banking regulations, the Wall Street Journal said.

The move is expected to hurt retail clients who could be asked to pay new monthly maintenance fees on the most basic accounts that do not generate a lot of activity, the paper said.

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 Journal said.

Banks incur an expense of between $250 and $300 a year to maintain each of the roughly 200 million checking accounts, the paper said citing industry estimates.

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This article was posted: Thursday, June 17, 2010 at 4:23 am

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