Sam, here is what I was talking about, today's headlines:
Banks might look into other fees to compensate new rule
BY JOE GIESSLER • The Eagle-Gazette Staff • July 1, 2010
Quote:
LANCASTER -- Free checking accounts are commonplace for most banks, but the convenience could become a thing of the past. Congress' financial overhaul, aimed at aiding consumers, might lead to unintended consequences such as never-before-seen fees.
Banks might lose a significant portion of their annual revenue as the government increases regulation on fees and charges.
The two main revenue sources that will be reduced or eliminated are overdraft charges -- which take effect today -- and interchange fees -- charges retailers pay banks when customers use debit cards to make purchases.
"That goes to pay for things like free checking, checking rewards, etc.," said James Thurston of the Ohio Bankers League. "And if all the sudden that fee is taken away, banks have to recoup that somewhere."
|
http://www.lancastereaglegazette.com...NEWS01/7010305
I fully expect to see the same changes to recoop fees in the healthcare industry...