NEW YORK (CNNMoney) -- U.S. Bank is one of the last of the megabanks to offer free checking. But that may be about to end.
The Minneapolis-based bank recently hinted that it will add fees to its checking accounts -- and even possibly to its debit cards -- as it attempts to recoup revenue lost under new regulations.
"We're not going to be a late follower anymore, we're going to be right in the game ... we no longer have the luxury of waiting," said U.S. Bank (USB, Fortune 500) CEO Richard Davis on a recent earnings call with investors. "We'll see sometime in the early or middle part of this year our own actions in making sure that we have fair pricing for our checking products."
The bank is currently gauging the success of its competition to figure out "what consumers are willing to accept as a price to have a checking account, a debit card or some of the ancillary products that go with it," he added.
Most of the megabanks -- including Bank of America (BAC, Fortune 500), Citi (C, Fortune 500), Chase (JPM, Fortune 500) and Wells Fargo (WFC, Fortune 500) -- have already taken the plunge, doing away with free checking and introducing monthly maintenance fees to accounts.
"Like many banks, we are assessing our products and services in light of changing industry dynamics," a U.S. Bank spokeswoman said in a statement. "We will be communicating with customers in the next few months, well in advance of any changes."
The spokeswoman said details have not been finalized or announced and that "there will continue to be many options for customers to have a checking account without a monthly maintenance fee."
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.69%||3.76%|
|15 yr fixed||2.80%||2.82%|
|30 yr refi||3.69%||3.76%|
|15 yr refi||2.83%||2.83%|
Today's featured rates:
Anheuser-Busch has been the exclusive beer advertiser featured during the Super Bowl since 1975, and it's spent more on Super Bowl advertising than any other company for the last five years in a row. More
The economy is better than it was, but not even President Obama is ready to declare it's booming. More
Laurie Segall sits down with Foursquare's new CEO Jeff Glueck to discuss the company's latest round of funding at a lower valuation, and their hybrid consumer/enterprise business model. More
Nonprofit JumpStart has launched a new $10M fund that will only invest in women and minority-led startups. The catch: You have to move to Ohio. More
Portland, Oregon, is often described as the last affordable cool city on the West Coast. But as more people move to the city, it's becoming increasingly unaffordable. More