It seems like the Fed is like... 50 years late to the party, but I guess businesses do take huge advantage of customers if the opportunity is there and this is an attempt to cut out excessive fees that middlemen may be taking. Hopefully it helps to reduce the money grabbing opportunities that banks have, because it feels like they're always trying to jack up prices without their costs increasing or them offering any sort of better service. It's like the fees that phone companies used to charge for sending a text message, in reality it costs them a fraction of a cent but they were charging $0.10 or more in the past for a single SMS, it was pure greed and similar will still be taking place today.
Some banks don't want you to be able to send your money OUT. So they have like a $3 fee or something if you try and do an external transfer meanwhile other banks let you do it for free. I don't know what justification there is for charging anything when most other banks don't. Other than some person wearing a tie somewhere who thinks it is a good idea. It's amazing how an entire bank can be controlled by one dumb person. But I guess with some banks, that's the case.
