Sen. Charles Schumer, D-N.Y., noted a "trend across the banking industry" of phasing out free checking accounts and charging fees on accounts without regular direct deposits or that fail to meet minimum balances. Mr. Schumer has called on the Federal Reserve to oversee the fees and ensure that consumers are not penalized by the banks as they make changes to bolster revenue. "Before banks impose new fees on something that has been free for years, they should at least give customers enough time and notice to get ready or even change banks if they want to," he said.

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