Somebody had to come down hard on banks charging their customers extreme overdraft fees. And that’s just what the Obama administration has done. Thanks to new changes put into place, banks can no longer get over on someone trying to purchase an 89 cent pack of Doublemint without having the available funds. But banks are coming back hard to recoup their losses. Free checking, a product many of us have come to prefer over any fee-based account–no matter how great the services you get for that fee–will soon be no more.
While your financial institution is likely to notify you before any changes take place, expect your account to be charged a monthly fee, or a raise in the minimum balance required to maintain your account soon. You’ll want to also be on the lookout for any notices alerting you of changes that will take effect. Allowing room in your budget for new charges right away is a good idea. You don’t want to get caught up with these new fees overdrawing your account, no matter how affordable overdraft charges may now be.