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.

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  • seems like consumers are always the one feeling the burn from the “burn out.” when will financial institutions start putting customers at the center. I see why people never leave their small banks at home

  • Bbelle

    You know…these banks are really grating the hell out of my nerves as of late. Credit Unions are an option!

  • Mitzi

    It doesn’t appear that this is true regulation, since notoriously, the banks will gouge us more than ever before. It could very well end up worse for the consumer. I’m more disappointed that the proposed maximum ATM charge of .50 cents didn’t fly. ATM fees are outrageous and your own bank can charge you a second fee if you don’t use one of their ATM’s. The Congressional Committee blasted the banks for charging customers for getting their OWN money and said they were “double dipping” according to the way they do business. I guess a few bank lobbyists made some big last minute commitments to their regulators if they would drop it!