Banks are finding new ways to make up for lost revenue from Dodd-Frank, including increasing fees for customers who do not have a certain amount in their checking accounts.
Some banks have even raised the amount customers must keep in their checking accounts in order to avoid those fees.
“Banks are still losing billions of dollars in revenue from the interchange fee regulations,” Bill Hardekopf, the CEO of LowCards.com, said.
In Oct. a handful of the nation’s largest banks announced plans to charge customers a monthly debit card fee. Public outrage prompted each of these banks to recant.
Wells Fargo was one of those banks. After testing a $3 monthly fee for debit card usage, the bank nixed the fee.
"As we adjust to changes in our business, we will continue to stay attuned to what our customers want," Ed Kadletz, head of Wells Fargo's debit and prepaid card business, said. "This means understanding their needs."
JPMorgan Chase was another bank that decided to drop plans for the debit card fee after eight months of consumer testing.
Regional banks are also struggling with revenue stream losses and are looking to find new ways to generate capital.