Another Sign of the End of Free Checking
(New York Times) — A new study released by Bankrate.com on Monday offers another sign that many banks are turning away from free checking as they seek to make up for the end of lucrative automatic overdraft fees and the upcoming limits on the fees that merchants pay for debit card transactions. For the study, the 2010 Checking Study, Bankrate.com surveyed the five largest banks and five largest thrifts in 25 large markets in the United States about the terms of one noninterest account and one interest-bearing account. A total of 244 interest accounts and 233 noninterest accounts across 247 banks and thrifts were included in the results.
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