Banks doing away with free checking

Associated Press

NEW YORK

Free checking as we know it is ending.

The days when you could walk into a bank branch and open an account with no charges and no strings attached appear to be over. Now you have to jump through some hoops — keep a high balance, use direct deposit or swipe your debit card several times a month.

One new account at Bank of America charges $8.95 per month if you want to bank with a teller or get a paper statement.

Almost all the largest U.S. banks already are making free checking much more difficult to get or are expected to do so soon, with fees on even basic banking services.

It’s happening because a raft of new laws enacted in the past year, including the financial-overhaul package, have led to an acute shrinking of revenue for the banks.