Free Checking Accounts May Soon Come to an End

Many U.S. banks are preparing to add fees to basic banking services as a way to replace the revenue they lost with new banking regulatory rules. As a result, it is likely that most Americans will see an end to the free checking account pretty soon.

Free checking accounts have been available for more than a decade and were what helped many low-income customers to start banking. Now, it appears that in order to avoid a maintenance fee, customers will have to maintain a specific balance or have a certain amount of activity. (Wall Street Journal)