New card fees and products are being introduced by the banks in 2010. Some new account types would be introduced in hope of reducing customers’ funding cost.

Some changes are also being done in credit cards and checking accounts as well. New rules are added for credit cards, as some limits are put on interest rate increases, more disclosure to customers would be done and will also prohibit banks from raising interest rates on current balances unless a customer is at least 60 days behind in a payment.

Surveys show that 40 percent of credit card holders pay their entire balance each month. But 60% who are left have to pay penalty for late fees deposits. In 2009, credit-card issuers collected $22.9 billion in penalty fees which rose from $19 billion in 2008.

But for users of debit cards the legal protections are very few as compared to the credit card holders.

Some banks are expected to eliminate free checking completely, raise fees on safe-deposit boxes and charge customers more for issuing a stop-payment on a check.