New Bank Regulations Could Affect Free Checking by Aug. 15

A new set of banking regulations will take effect on August 15 that will crack down on fees banks are able to charge customers. This includes ATM fees, overdraft charges and more.

Since all banks are able to acquire nearly 27 percent of their revenue from these fees, experts predict that very soon, free checking accounts will come to an end. A few other adjustments customers are likely to see include increases in money order and cashier’s check fees, charges for getting statements by mail instead of online and maybe even requiring electronic checking accounts to eliminate paper processing all together (Cleveland.com).