Durbin Amendment Impact Not Yet Felt in Checking
Reduced debit income from the impact of the Durbin Amendment has not yet wiped out free checking accounts from banks, according to MoneyRates.com's most recent bank fee survey.
The semiannual survey found that the percentage of free checking accounts available dropped “slightly” since January 2011 but that more than 33% of checking accounts surveyed remained fee free.
“Don’t give up on free checking,” urged Richard Barrington, personal finance expert for MoneyRates.com, in a statement about the new survey.
“Everyone wants to talk about how it is in decline, but over a third of checking accounts are still offered without monthly fees. That gives you plenty of opportunities to find free checking,” he said.