Debit Card Regs Boost Free Checking Access, KC Fed Finds

In a new report released December 10, the Kansas City Fed has found that consumers have gained increased access to free checking in the wake of the passage of the Dodd-Frank financial reform law.

“Regulated banks were more likely to raise checking account fees, but exempt banks were more likely to reduce or eliminate fees,” the report said.

The report highlighted evidence showing that “access to free checking has expanded most in cities and regions where banks are engaged in vigorous competition.”

To learn more about the Kansas City Fed’s findings, read the full report by clicking here.

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