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And you're going to see a lot of changes.
Much of the free or cheap services offered by banks were essentially subsidized on this model:
We will charge high fees that are generally avoidable but will bring us lots of money from people who aren't good at managing their money. This actually makes poor and/or stupid people profitable so we'll offer deals to draw them in that are going to be really good for the people who are smart with their money.
Congress has essentially said (and I'm not saying they were wrong to do so): "It is wrong for you to be making your nut off the poor and/or stupid people so these new rules will prevent that."
But it does mean that the poor and/or stupid people will no longer be subsidizing the benefits to the smart and/or rich people.
That's why checking became free almost everywhere. Because free checking meant poor and/or stupid people who generated a lot of fees. The fact that smart people also got free checking was just a bonus. Get rid of the fees (as Congress recently did) and checking won't be free for much longer.
Also expect to see debit card reward programs to change dramatically in the next couple of years as the business model on those is maximizing card swipes and to the extent that an individual card swipe is no longer so profitable there is less reason to encourage it.
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