The era of completely free checking account appears to heading toward its demise. Despite new regulation and legislation that limits the ability of banks to charge onerous fees on customers, banks like Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC) are still making billions of dollars in fees each year.

In this video, Motley Fool banking analysts David Hanson and Matt Koppenheffer discuss why these banks charged fees, and if customers can expect the fees to continue. 

David Hanson has no position in any stocks mentioned. Matt Koppenheffer owns shares of Bank of America. The Motley Fool recommends Wells Fargo. The Motley Fool owns shares of Bank of America and Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.