“The main culprits in free checking’s demise are the Federal Reserve’s rules that severely restrict banks from charging overdraft fees when customers make debit card purchases that exceed the balance of their checking accounts and the amendment from Sen. Dick Durbin (D-Ill.) putting price controls on the interchange fees merchants pay to banks and credit unions to process debit cards. On Tuesday, as noted in the AP story, Bank of America took a $10.4 billion charge against earnings from projected loss of revenue due to the Durbin amendment.” (10/21/10)