March 11 (UPI) -- Southwest Airlines is ending a longtime perk and will now charge most flyers to check their luggage.

On Tuesday, the company announced it will begin charging passengers on May 28 for the first and second checked bag. However, A-List loyalty program holders and those in business fare will be exempt from the new fees.

But Southwest did not immediately say how much checked bags will cost consumers.

"We have tremendous opportunity to meet current and future customer needs, attract new customer segments we don't compete for today, and return to the levels of profitability that both we and our shareholders expect," Bob Jordan, CEO of Southwest, stated in a release.

In addition, the company also announced that in May it will start selling "basic economy" fares.