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The End of Free Checking Accounts?
The End of Free Checking Accounts?
| The End of Free Checking Accounts? |
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During the 70's checking fees were not uncommon. As the economy grew throughout the 80's, banks charged for checking as a way to offset higher interest rates paid to their savings customers. In an effort to solicit new customers, banks began waving these fees and by the late 1990s, and currently, most banks have some form of free checking account available to customers. Well, the strategy worked; however, more than half of all checking accounts are currently unprofitable, and actually cost the bank money to maintain.Watch this week's webisode from Cambridge Credit Counseling Corp. to learn more. Host: Community Outreach Director, Thomas J. Fox.
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