10/19/2010 // US // TiffNews10 // News Desk
New York – Many banks are no longer providing free checking as an option for customers. As reported by the Associated Press (AP), banks have begun attaching monthly fees to new accounts, and services that were traditionally deemed free.
As noted in the report, the changes are largely attributed to the recent enacting of new laws that have purportedly led to declining revenues for the financial institutions.
Robert Hammer, CEO of RK Hammer, a bank advisory firm, is quoted by the AP as stating of the matter, “I’ve seen more regulation in last 30 months than in last 30 years… The bottom line for banks is shifting enormously, swiftly and deeply, and they’re not going to sit by twiddling their thumbs. They’re going to change.”
Brian Riley, senior research director for bank card practice at consultant TowerGroup, is further quoted as stating, “We are now in an era where consumers will be buying products from banks, even if it’s a checking account.”
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