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Dayton
Business Journal
Report:
Free checking at big banks slowly
disappearing
by
Olivia Barrow, Staff Reporter
Monday,
November 19, 2012
The
era of free checking at banks may be
ending.
Although
more than six out of 10 small banks
and credit unions still offer free checking, only one-quarter of banks
with
more than $10 billion in deposits still the service free of charge,
according
to a survey by the Ohio Public Interest Research Group.
Stephen
Wilson, chairman and CEO of Lebanon-based
LCNB Corp., said he expects to see more banks following suit and adding
fees as
a result of the Durbin Amendment in the Dodd-Frank Act. The amendment
caps the
fee banks can charge per debit card transaction at 21 cents per swipe,
less
than half of what banks had been charging, in order to give more of the
revenue
to the merchants.
“When
they did that, they didn’t transfer the
risk,” Wilson said. “Banks take all the risk for fraudulent bank card
charges.
Banks have all the loss without the revenue.
Read
the rest of this article at Dayton
Business Journal
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