Citibank and Bank of America plan to permanently increase fees

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Watch out for a swift uprise in maintenance, checking, and credit card fees.

Free checking may be a thing of the past. For customers of big banks across the country, maintenance and transfer fees seem to be becoming inevitable. Despite the federal government’s push on increased financial regulation, here’s what we can expect from two of the country’s leading banks in the following year.

Citibank, which previously charged fees as minimal as $3 for checking maintenance, will now charge its account holders up to $30 a month for failing to meet specific requirements. For example, dropping below the account’s minimum balance or not making enough debit transactions will both incur fees for the majority of Citibank’s checking programs in the future.

Bank of America will implement higher and stricter account balance regulations as well. Though monthly fees for falling under the minimum account balance will encourage customers to stay above that line, charging them for not having enough money in their regular checking accounts will make it that much more difficult for them. Like many other banks, Bank of America will also pressure its customers to exclusively use online banking and will charge a monthly fee for those who still want to receive paper statements.

Credit card holders won’t be able to escape the onslaught of fees, either. Some banks are charging annual credit card fees upwards of $60. Inactivity and savings account fees are also on the rise—pay close attention to addition restrictions and fees that may be added to your accounts.

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