Banks (XLF) Are Coming Up With New Fees

Just when it seemed like the consumer would get a break, banks have come up with new fees to hit consumers with. After the passage of the CARD Act, customers now have to opt into overdraft protection which means that banks will lose billions in revenue. It's estimated that Bank of America (

) will lose $600 million in fee income from the CARD Act. To make up for the lost income, banks have decided to increase service fees on bank accounts and eliminate free checking. According to the Wall Street Journal, banks "are experimenting with new ways to nick their customers, from imposing maintenance fees on checking accounts to rolling out new charges for services like fraud alerts, debit cards and credit reports." The big loser is the regular consumer once again.