The big card-issuing banks are already implementing new fees for checking account holders in an effort to make up the $9 billion in revenue they expect to lose as a result of new FTC regulations capping the amount they can charge for debit card “swipe fees.” Bank of America was the latest with an announcement Thursday that account holders will be charged a $5 monthly fee for making debit card transactions.

Zahara Alarakhia, a partner in Dallas-based Munck Carter, says the swipe-fee regulations that are part of the Durbin Amendment will send ripples through the economy. "Bank customers accustomed to free checking and rewards perks will see those incentives disappear as banks try to recoup the lost revenue," says Ms. Alarakhia. "Merchants stand to gain by not having to pass along the higher fees, but it remains to be seen whether that will translate to lower prices for consumers."

Writes the Christian Science Monitor:

Why is Bank of America making this move? It certainly fits a trend: ATM fees have been rising, bounced check fees have been going up, and free checking accounts are fast becoming a thing of the past.

Bank fees have been changing rapidly in recent years. Back in 2009, 76 percent of checking accounts in the US were free. This year, that number is only 45 percent, according to a study by Bankrate.com. ATM fees are up an average of $0.07 from last year, and average overdraft fees went up $0.36 in the same time.