New Big-Bank Fees
I mean if there was ever any doubt:
The thing is, I'm OK with it. I've no problem with the bank trying to figure out a way to make a buck. Surely nobody really thought that the government could just come in and tell them what to do and how to make their money and they would just eat the cost. I mean the banks really started this mess if you think about it with their "nothing needed to qualify" mortgage products that are still backfiring on them to this day. But surely nobody thought this would all just result in cheaper banking.
Maybe this will bring the regional and local banks more into play now too. Banking is pretty much a commodity business...the low cost provider wins most of the time. If costs are going to be dictated, well maybe the smaller banks will look a little more appealing.
Part of the problem is that banking is so damn sticky. I mean we have our accounts with Bank of America and have had them there for years. It was extremely convenient for us as we were overseas for many years and their online banking made things very easy. But now, well I couldn't care less about having our accounts with them. But we have so much stuff tied to them (like automatic mortgage payments, automatic bills, etc.) that it is just more trouble than it's worth to undo everything and then redo it with a new bank, just to then watch it all inevitably get screwed up by some moron who doesn't know what they are doing.
I can tell you this though. We can just as easily move our accounts to one of two different credit unions for nothing. And if Bank of America decides they want to nickle and dime our banking relationship ('cause that's what it is...multiple accounts and plenty on deposit) that is perfectly fine. Again, I respect their desire to make a buck. But I will yank 'em all faster than you can say free checking.