WASHINGTON, Aug. 9 (UPI) -- That free checking account at national banks in the United States may disappear, compliments of the financial reform bill, a banking industry analyst said.
"Free checking has been underwritten by overdraft and interchange fee revenue, and both are being squeezed by regulatory and legislative change," Bankrate.com analyst Greg McBride said, The Detroit News reported Monday.
Wells Fargo & Co. canceled a free checking policy for new customers July 1, the same day the government's mandate that banks get permission to charge certain overdraft fees went into effect.
Going forward, checking accounts at Wells Fargo will now cost $5 per month unless a consumer meets certain goals, such as maintaining a $1,500 average balance on their account. UPI
