We've noted before that banks are pondering what to do with "free" checking accounts. Many assume that most banks will end the practice; these people would appear to be right in many cases. The new policy at Wells Fargo (WFC): To avoid a monthly fee of $5, new customers will have to maintain a $1,500 minimum average balance or receive a direct deposit of at least $250. Existing customers, however, are unaffected, notes Bloomberg Business Week.

Bank of America (BAC) will soon act as well. Reportedly, the bank is considering a tiered structure to determine the fee. More banks will likely move similarly.

This is all quite predictable. I would hope, however, that banks be more creative. Dare I say, they should consider how this might be an opportunity. Perhaps it would be wise to couch any new fees as payment for new services. And avoid declaring that you no longer offer free checking, when you really do for existing customers and those who meet the requirement; why focus on the negative, the end of a service?

This is a terrific challenge for the marketing folks. Hopefully, they can come up with something better than "government regulations are forcing us to hike fees." 

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