Because Congress couldn’t pass something called “The Free Unlimited Checking Killer for Young, Old, and Underprivileged Americans Act of 2009”

Posted by Marc Hodak on June 17, 2010 under Unintended consequences | 3 Comments to Read

From the WSJ:

Bank of America Corp. and other banks are preparing new fees on basic banking services as they try to replace revenue lost to regulatory rules, in a push that is expected to spell an end to free checking accounts for many Americans.

Free checking accounts, which have been widely available for more than a decade, have been a boon to middle-class consumers and attracted low-income customers to the banking system for the first time.

The actual name of the act was The Fairness and Accountability in Receiving (FAIR) Overdraft Coverage Act.  That sounds much better than the title of this post.