Since the 1990s it has become expected of the big banks to offer free checking accounts. But all good things must come to an end, and we have Dodd-Frank and the Federal Reserve to thank for it.
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Bank profits from these transactions would be cut in half – a loss of nearly $10 billion.
I know – we’re not going to shed too many tears if the big banks lose a couple of bucks, but the big banks are going to just settle for a loss. They’re going to find ways to make up for it – meaning making us, the consumer – pay more.
Yes, politicians continue to make our lives miserable. All those progressive ideas, all that pain.