(NEW YORK) - If you don't have a large amount of cash in your checking account, you may have to start paying a hefty fee to keep it, reports the Los Angeles Times.
Four of the country's largest banks - Bank of America, Wells Fargo, JPMorgan Chase and Citibank - will start charging monthly fees to customers who carry a low balance in their checking accounts. The charges could add up to as much as $100 a year.
"Wealthy consumers will be able to avoid these charges by maintaining high balances," Jeremy T. Rosenblum, a Philadelphia lawyer and consumer finance specialist, told the Los Angeles Times. "But for the poor and moderate-income people whose balances are lower, it's going to be much harder to avoid these fees."
The new fees are likely the result of new regulations on the banking industry that limit late fees and overdraft penalties that provided billions in revenue to the banks each year.
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