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Well it's the end of an era.
The end of the era of free checking that is since the ninety's it's become expected of the big -- -- free checking accounts.
But I guess all good things must come to an end and we have the Dodd-Frank act and the Federal Reserve to thank for right.
At the end of 2010 according to the Wall Street Journal the Fed considered capping what banks can charge merchants for debit card transactions.
At twelve cents up until now it's been 44 cents and that of course is a very big difference.
Bank profits from these transactions will be cut in half a loss of nearly ten billion dollars.
Recognition too many tears -- the big banks lose a couple of bucks but the big banks are going to just settle for a loss they're going to find ways to make up for it meaning.
Making us the consumer pay more.
Guess what now they're testing different -- in different areas to see well how much will put up with.
JPMorgan Chase is testing a plan to force customers in Georgia to pay fifteen dollars a month for their once free checking accounts.
And get this they're gonna charge debit card users in Green Bay, Wisconsin.
A three dollar monthly fee might -- -- twice about using it.
Free checking will be a thing of the past in some parts of the country for Bank of America customers to they'll charge -- six dollar monthly fee in Massachusetts.
And a nine dollar monthly checking account -- to Arizona customers.
Currently Wells Fargo customers and Delaware have -- -- seen their -- checking turn into five dollar checking accounts.
And fifth third is already scrapped the concept -- all of its branches.
US Bancorp -- stopped offering rewards programs with their new debit card customers no surprise there rewards programs many say.
-- be the next thing to go after free checking.
That's not just -- banks a survey by the Independent Community Bankers Of America says nearly all of small banks will soon make similar changes to services that are now free.
-- this should not come as a surprise to many of you out there especially the folks in Washington.
Bankers warn congress when they were debating the financial regulation bill that all the costs and -- being imposed on them would be transferred down to guess what it's.
So once again more government involvement is gonna cost -- more.
I'm tired of paying for it and I -- you are.
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