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Economy and Business


Financial reform likely to increase consumer costs
Say goodbye to free perks at local bank
by WKSU's JEFF ST. CLAIR


Reporter / Host
Jeff St. Clair
 
The financial reform bill signed into law today is the one of the largest overhauls in the banking system since the Great Depression. Analysts aren't exactly sure how the new regulations will affect Ohio banks.

Bill Mahnic, a professor of Banking and Finance at Case Western Reserve University, says many of the rules will take years to go into effect. But he says don't look for cost savings anytime soon - " We've already seen that free checking is slowing going away. Banks are charging you either directly or indirectly for services they used to give you for free" Mahnic says the increase charges are in anticipation of having to pay for the costs imposed by new financial regulations.
Mahnic also says that an increase in mergers and acquisitions among smaller and mid-size banks in Northeast Ohio is another likely outcome of the legislation. Banks will look to economies of scale as their costs rise.
Bill Mahnic on bank fees

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