Checking accounts - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Checking accounts

Tom Lee
NewsChannel 10

Amarillo, TX - Financial reform now is in effect, and is changing the way banks operate.

Free checking may soon be a thing of the past. Many big national banks have been looking for ways to find new revenue after having to pay back billion dollar bailouts.

One of those ways for the big banks, like Bank of America, is getting rid of free checking.

But one local bank plans to keep things business as usual for their customers, and they have a warning for customers of other banks.

"All the big banks are raising fees in response to the government regulations. And it's going to be tougher for the consumer to obtain financial services. It's going to be more expensive and it's going to take you longer to take out a loan."

Customers of some banks may be forced to maintain a certain amount of money in their accounts to avoid added fees or be charged for services that were once free.

One major loss of the revenue coming from big national banks is the end of overdraft fees.

A bank can't overdraft your account without your permission. So if you wrote a check or used a debit card and it didn't have money, the bank automatically charges you for that. It could be up to 35 dollars. The new legislation doesn't allow banks to do that. They have to get permission to pay an overdraft for you.

Some simple steps can help you avoid hidden fees: check your monthly statement, and keep up-to-date on your on-line account.

But in the end, it comes down to the individual to keep up with their finances.

 

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