For the first time in its 54-year history, Southwest Airlines is going to start charging customers for their checked luggage. Starting May 28th, the airline is getting rid of its famous "bags fly free" policy and most passengers will have to pay for their checked bags. The change, prompted by financial pressures and investor demands, means only elite frequent flyers and top-tier fare customers will still get free bags. Southwest also plans to end its iconic open seating and introduce new basic economy fares next year in an effort to compete with other airlines.