The number of Americans who have bank accounts is likely to drop in the coming months as financial institutions seek to make up the costs of additional regulation with greater fees.
Media outlets have reported that banks with more than $10 billion in assets have been setting minimum balance requirements in order to avoid paying fees for checking services and that some have begun charging fees for debit cards and debit card use.
All financial institutions have faced increased regulations, but financial institutions with more than $10 billion in assets also face a cap on their debit card interchange which has been proposed as low as 12 cents per transaction.
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