A byproduct of changes to Regulation E is the future of the checking account.  Will the industry abandon free checking and return to the more traditional banking practices of charging account maintenance fees?  While the full impact remains to be seen, customers are sharing their views on a fee-based world.

According to a survey administered by MoneyRates.com, 49% of respondents said “avoiding monthly maintenance fees” was the most important factor in choosing a checking account.  Responding to a recent New York Times article, “Would You Pay for  a Checking Account?,” customers state “No, I won’t pay for a checking account” and “should [my bank] try charging me I’ll shop around until I find the last bank offering free checking.” Banks therefore find themselves in a delicate situation with huge implications. So… what now? Read More »