The new Federal Reserve rules
that will reduce overdraft fees take effect on July 1 for new accounts and August 15 for existing accounts. Banks are expected to lose a significant amount of revenue from this change, and some banks are already in the process of ending their free checking accounts. According to Winston-Salem Journal:
Wells Fargo, which took over Wachovia in 2008, said yesterday that it will stop offering free checking accounts as they currently exist to new customers on July 1. It will continue to honor existing free-checking accounts of Wells Fargo customers, spokesman John Dunn said.
According to WSJ (via Yahoo)
To generate new revenue, Bank of America is quietly testing new pricing models throughout the U.S., with most changes expected in early 2011.