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Wednesday, December 11, 2013

Despite Debit Regulations, Banks Increased Free Checking

The Federal Reserve Bank of Kansas City released an article examining “The Impact of Debit Card Regulation on Checking Account Fees.” The article reports that though some news reports predicted banks would increase their checking account fees after a cap was imposed on debit card fees, the net effect on consumers has been increased access to free checking, particularly in regions with high competition between banks. While the regulated banks were more likely to raise checking fees to offset the profit loss, exempt banks were more likely to reduce fees in order to be competitive.

Read the article.

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