It is unclear whether the bank, which counts more than 55 million U.S. households as customers, will stick with its initial idea for a basic flat-fee checking account that doesn't offer a way to avoid paying a charge.
Ally Bank and ING Direct both offer fee-free checking accounts and debit cards.
Bank of America, the largest bank in the U.S. based on the level of deposits, is testing a new fee structure for its checking account service which used to be free.
FORBES: Bank of America Could Nickel And Dime Its Way To $16
In an effort to recoup some of their revenue loss as a result of the new caps, many banks have already changed their fee structures pertaining to debit cards and the checking accounts to which they are linked.
Banks are marketing either a program where overdraft transactions are covered for a fee or one that allows you to link a checking account to a savings account, line of credit or credit card so if you overdraw funds are transferred in as needed, says Greg McBride, a senior financial analyst at Bankrate.com.
The cards will deduct the purchase from a customer's checking account, but skirt the interchange-fee network.
So she had to go to shady cash-checking service late at night and pay an additional fee to finally pay rent.
That scenario is considered less likely than telling checking-account customers they will face a new fee unless they go online or take other steps outlined by the bank.
Credit unions would be especially vulnerable to the loss of interchange fee revenue: about half say that they will reduce or eliminate free checking and rewards debit cards, and almost 9% say they will consider reducing their staff.
More good news for bank consumers: since the January 2011 Bank Fee Survey, average minimum balance requirements to avoid fees are lower, and average monthly checking account maintenance fees (for those who pay them) are also slightly lower.
The battle over debit-fee limits focused on retailers' claims that debit cards, which draw upon existing funds in a customer's checking account, are little different from checks and cash and, therefore, should be priced as cheaply.
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