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"Paper and print costs around $2.25, add postage to that, and ifbanks are losing income from other avenues, someone has to pay forit," said Riley.

fees, he also started thinking of newproducts. In August, the bank introduced a new "eBanking" account,where customers were offered a free checking account if they bankedonline. The catch: If they opt for paper statements, or want accessto tellers for basic transactions, they would be charged a monthlyfee of $8.95.

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Prada Satchel Black

Say goodbye to traditional free checking

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So Moynihan ended overdraft charges on small debit cardtransactions. He says the rate of account closings have sincedropped 27 percent.

NEW YORK Free checking as we know it is ending. The days when you couldwalk into a bank branch and open an account with no charges and nostrings attached appear to be over. Now you have to jump throughsome hoops keep a high balance, use direct deposit or swipe yourdebit card several times a month.

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Checking accounts were being closed at an annual rate of 18percent, he said, and complaints were at an all time high.

never had free checking accounts," Bank of Americaspokeswoman Anne Pace said. "They always paid for it in other ways,sometimes with penalty fees. Now they have the option to avoidthose fees."

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This summer, Bank of America also started offering "emergencycash" for a $35 fee to customers who went to the ATM forwithdrawals that would exceed their bank balance. Moynihan said 50percent of these customers opted to go ahead with the fee.

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Prada Satchel Black

Large banks are also under additional pressure because of curbsfrom new laws on high risk trades with complex derivatives. Theirtrading desks have been Prada Satchel Black large revenue and profit generators forbanks in recent years.

Bank of America, which does business with half the households inAmerica, announced a dramatic shift Tuesday in how it does businesswith customers. One key change: Free checking, a mainstay ofAmerican banking in recent years, will be nearly unheard of.

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the banks. So they are scrapingtogether money however they can.

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Michael Moebs, the founder of Moebs Services, said it is now upto the smaller Main Street banks to see an opening and grabcustomers from the big banks.

"We are now in an era where consumers will be buying productsfrom banks, even if it's a checking account," said Brian Riley,senior research director for bank card practice at consultantTowerGroup. He noted that several banks have started charging $7.50for paper statements.

These and other fees were extremely lucrative. According tofinancial services firm Sandler O'Neill, they made up 12 percent ofBank of America's revenue. On Tuesday, the bank took a $10.4billion charge to its third quarter earnings because the newregulations limit fees the bank can collect when retailers acceptdebit cards.

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One new account at Bank of America charges $8.95 per month ifyou want to bank with a teller or get a paper statement. banks are either already makingfree checking much more difficult to get or expected to do so soon,with fees on even basic banking services.

Bank of America CEO Brian Moynihan acknowledged in a conferencecall that overdraft fees were generating a lot of income. But thebank was also losing customers who were often taken aback by thehigh hidden fees.

It's happening because a raft of new laws enacted in the pastyear, including the financial overhaul package, have led to anacute shrinking of revenue for Burberry Bag Amazon

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