3. Do you have a free checking account?
The Dodd-Frank Act imposes price controls on those so-called "interchange fees". For consumers, this translates into loss of free checking, fee hikes and other service cuts.
The Columbia Law Review has noted how this has changed the services offered by banks:
"With significant revenue losses from new rules such as the opt-in rule and the minimization of interchange fees, banks have turned to new sources of revenue. Many free checking accounts at large banks are simply no longer profitable, and banks are now charging for services that they used to provide for free."
A graphic from the American Banker shows that while 96% of large banks offered their customers free checking in 2009, only 34.6% of them provided the service in 2011.
Who is ultimately left paying for these new expenses?
You, not Wall Street.
Did you know that those who do are affected by Dodd-Frank?
The Dodd-Frank Act imposes price controls on those so-called "interchange fees". For consumers, this translates into loss of free checking, fee hikes and other service cuts.
The Columbia Law Review has noted how this has changed the services offered by banks:
"With significant revenue losses from new rules such as the opt-in rule and the minimization of interchange fees, banks have turned to new sources of revenue. Many free checking accounts at large banks are simply no longer profitable, and banks are now charging for services that they used to provide for free."
A graphic from the American Banker shows that while 96% of large banks offered their customers free checking in 2009, only 34.6% of them provided the service in 2011.
Who is ultimately left paying for these new expenses?
You, not Wall Street.