Thanks to the insane regulations in the new financial bill, which President Obama wanted rammed through, free checking accounts will end in banks across the country. This is because of new regulations will cost banks money and they’ll have to find ways to stay profitable.
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. So they are scraping together money however they can.
Bank of America, which does business with half the households in America, announced a dramatic shift Tuesday in how it does business with customers. One key change: Free checking, a mainstay of American banking in recent years, will be nearly unheard of.
“I’ve seen more regulation in last 30 months than in last 30 years,” said Robert Hammer, CEO of RK Hammer, a bank advisory firm. “The bottom line for banks is shifting enormously, swiftly and deeply, and they’re not going to sit by twiddling their thumbs. They’re going to change.”
The financial regulations are said to make it extremely hard for credit unions and small banks to operate. Just one of many terrible things the president has done to bring about “change”.