Editor’s note: This is a transcript of the audio file.

If you use a bank, 2011 may bring in some very unwelcome changes. Say goodbye to free checking, debit reward cards and other perks from your bank.

I’m Sheyna Steiner with the Bankrate.com personal finance minute.

Legislation to protect consumers from fees like those incurred from overdrawing your account, worked so well that banks need to make up the missing revenue. Which means free checking may not be totally free from now on; there may be some hoops to jump through in order to avoid a fee such as regular direct deposits or paperless statements.

Debit card rewards may be much more penurious now as well. Because of federal regulations on debit card interchange fees, banks are going to make less money, which means fewer generous perks.

Finally, this will probably not be the year that your bank begins paying a decent interest rate on your savings. Short-term interest rates are expected to stay very low into 2012 and banks will keep their deposit rates low to recover lost fee revenue.

For more on this and other banking news, visit Bankrate.com I’m Sheyna Steiner.