Some banks are ending free checking

By Deon Guillory - bio | email
Posted by Shawn Maclauchlan

RICHMOND, VA (WWBT) - Say goodbye to traditional free checking because the incentive as we know it is cashing out.

Almost all of the largest U.S. banks are either making free checking much harder to get or are expected to do so soon.

There are even fees on basic banking services.

Now you have to either keep a high balance, use direct deposit, or swipe your debit card several times a month to avoid the charges.

The banks say: blame the government.

They point the finger at a range of new laws passed by lawmakers.

Bank of America says it lost more than $7 billion because of new regulations.

Free checking may bounce from big banks but some experts think it will continue at smaller community banks and credit unions.

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