Feb 14

Dodd-Frank Act has led to fewer banks offering free checking


Gail Marksjarvis of the Chicago Tribune reports that only 46 percent of banks are still offering free checking accounts to customers.

“That’s a major change from 2009, when more than 78 percent of banks offered the freebie.”

The reason: banks are facing higher costs due to the Dodd-Frank Act, passed in 2009. (Ironically, the Act was passed with the intention of “protecting consumers.”)

Before [Dodd-Frank], a $1 billion institution might have had one person working half-time to make sure government regulations were obeyed; now it’s four to five people.