Democrats Kill Free Checking Accounts

by Erick Erickson, RedState: Democrats, devoid of basic economic sense, continue to screw consumers with laws against business with very foreseeable consequences. Case in point: banks now are getting rid of free checking accounts.

Why? Well, banks have been giving free checking accounts, but then charging irresponsible check holders overdraft fees for drawing more money out their accounts than is there.  In other words, only the spendthrifts pay.
But Congress now says banks cannot charge overdraft fees without first getting the consumer’s permission. Fat chance that will happen.  So banks are going to start charging fees merely to have a checking account.

This is not an unintended consequence. This was quite foreseeable except to Democrats.

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