© mikeywally, via Flickr.com
In recent years, the U.S. government has imposed important new regulations on big Wall Street banks -- rules designed to keep banks from preying on consumers. But ironically, the mega-banks have responded to those regulations in a decidedly anti-consumer manner, with a relentless campaign to impose unfair new fees on the very consumers the regulations were designed to protect.
For years, big shiny banks like Chase and Bank of America were where you went to get "no fee," "no hassle" checking accounts. We all got so used to seeing ads touting free checking accounts that many of us just came to accept free checking as the norm. At the same time, many of us have had our checking accounts with the same big bank (and/or the big bank that bought out our original bank) for years, giving some of us the impression that we're still getting the same great deal as when we signed up.
But think about it for a second: How many advertisements for "free checking" have you heard in recent months? Probably not very many, because free checking is no longer standard at big banks. Quietly, banks have ratcheted up the fees associated with their accounts, and now, according to research firm Moebs Services, virtually all of the big banks have stopped offering free checking accounts. At the same time, the banks have increased fees for everything from lost debit card replacements to account minimums and even the "privilege" of speaking to a bank teller -- fees that often disproportionately affect poor consumers who may have less flexible schedules and a harder time maintaining account minimums.
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