How Has Dodd-Frank Impacted Your Checking Account?

nerd wallet HOW HAS DODD-FRANK IMPACTED YOUR CHECKING ACCOUNT? Banks ended FREE Checking With free checking now dead, banks then INCREASED monthly fees More recently, banks have turned to less noticeable FEES & COST-CUTTING DODD-FRANK July 2010 WALL STREET REFORM & CONSUMER WELLS Wells Fargo FARGO These increases resulted in an added cost of $0- $5.00 PROTECTION ACT July 21, 201o May 2011 Increased Bank of America Regulatory Costs August 2010 Total.. $8.95 $12.00 $130* September 2011 / Limited Interchange Fees Bank of America Bank of America $0 - $8.95 PER YEAR" Announces monthly debit card fee: $5 (later repealed) STA February 2011 and other February 2011 Chase non-monetary headaches like threatened fees & reduced convenience Total. $6.00 $12.00 cíti Citibank $0- $8.00 June 2012 RESERVE US Bank FEDERAL RESERVE Overdrafts December 2011 OVERDRAFT REGULATIONS $33.00- $35.00 July 1, 2010 May 2011 Citibank Banks can No Longer automatically enroll customers in overdraft coverage US Bank $0- $6.95 Total. $8.00 $10.00 us bank July 2012 Bank of America ATMS in service reduced by almost 9% over past year Avg. fee of $7.25 per month $87.00 PER YEAR Avg. increase of $3.70 per month $44.40 PER YEAR Banks look to make up for LOST REVENUE * assumes customers cannot meet min. requirements to waive fees