Free banking may vanish - WALB.com, South Georgia News, Weather, Sports

Free banking may vanish

By Jim Wallace - bio | email

ALBANY, GA (WALB) –   No-charge checking and savings accounts may soon become a thing of the past. Banks are changing the way they make money.

New federal regulations restrict how banks can charge overdraft charges on checking accounts, so most plan to charge more fees to do business with them.

Bank of America announced it's moving forward with a new fee structure later this year. It's something Albany-based Heritage Bank is also looking into.

"This is going to be the new wave of the future in terms of fees," said Mary Beth Hobby of HeritageBank of the South. "We have been analyzing and looking at ways we can change for the past six months and we haven't done anything yet because we are waiting to see what the federal government suggests so we want to make sure that we're acting in the best interest of our customers at all times."

One way banks may strive to keep customers happy will be to offset the fees they charge with how much business the customer does with them.

 

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