Free Checking May Be A Thing Of The Past, Thanks To Democrat Legislation

The Law Of Unintended Liberal Consequences strikes yet again

Free checking accounts may be one step closer to extinction.

Regulatory changes to be issued July 21 are expected to sharply limit the fees that banks can collect from merchants whenever customers pay with debit cards.

An attempt to delay implementing the rule by a year was narrowly defeated this week, meaning banks will be looking in earnest for ways to make up an estimated $14 billion in lost revenue.

Customers have already seen the fallout start to take hold.

Bank of America is testing a new lineup of accounts that come with fees ranging from $6 to $25, depending on the level of service selected. Citi already revamped the terms on its checking accounts last year to include higher fees in many cases. Chase, PNC Bank and Wells Fargo ended or scaled back their debit rewards programs.

This is all thanks to legislation passed by Democrats, namely, the Frank-Dodd financial “reform” legislation. But, wait, there’s more!

And more unwelcome changes are likely in store. Among the possibilities: Fees for debit cards and even a $50 or $100 cap on transactions.

“Banks have two ways they can cope; they can cut costs or they can raise revenue,” says Bart Narter, a banking analyst with the consulting firm Celent. “They’re going to have to charge you for things that they used to give away, like online bill pay.”

Click the link to see all the unintended, or, to use the word the media loves, unexpected, consequences that could come about, and are actually happening.

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6 Responses to “Free Checking May Be A Thing Of The Past, Thanks To Democrat Legislation”

  1. proof says:

    If only we could get Congress out of the banking business!

  2. Phineas says:

    But… but… but… BUSH!!


  3. […] On the bright side if the banks collapse there won’t be things like checking accounts…Free Checking May Be A Thing Of The Past, Thanks To Democrat Legislation […]

  4. Trish says:

    Ya know what, these morons actually believe that everything should be free; well, at least they think that everything should be paid for by government. Banking, healthcare, automakers, energy, education…it’s all a “right”. And banks should not be “in it” for the money.
    BS. what the f planet did these libs come from? Seriously, did they go to a totally different school (or get beaned over the head as a child) than I or even my children went to? ‘Cause never once did I consider it my life’s goal to be coddled from birth to death by my government. Never.
    We should never have developed HMO’s. Anyone else remember when we paid for doctor visits? Our pediatricians gave us a break because we had four kids. Worked out well for them, they saw all four at the same time- for their regular checkups. And we had Hospitalization. Emergency room and other hospital services were all covered. I bet you the docs of the world would love to go back to not having to fiddle with each individual insurance plan. Especially once it becomes the Obama plan…
    But I digress, these democrats are doing their level best to make every business go in the toilet. I hope that they’re prepared for it. Or not.

  5. david7134 says:

    Back in the 80’s, we charged $30 per day to take care of someone in the hospital. That was everything. If you were called out in the middle of the night, same charge. Then the government came in and said we were charging too much. They came up with what are called DRG’s. We were given a book of allowable charges. Our $30 per day was scaled back to $25 per day. But then we started looking at the book. We found that if we were called out at night you could charge $200 to begin with and the hourly from then on. We found you could charge for talking to the family, like telling them mama had died. And so forth. In the end, the price of medicine took off. If they had left it alone, we would be charging $40 per day right now.

  6. Trish says:

    Amen David, Amen. That’s why government should be smaller, and keep the hell out of businesses. There are already enough laws, regulations and protections on the books to effectively run and protect business and consumers; let’s see what happens if we introduce NO new legislation but enforce what we have. And by no new regulations and laws, I include Obamacare.

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