Starting on Wednesday, the Dallas-based carrier will charge customers $35 for their first checked bag and $45 for their second checked bag. The bag fee change will also apply to existing flight itineraries changed on or after May 28, Southwest confirmed to "Good Morning America."

Southwest Airlines has put a price tag on checking bags, a coveted free perk that is about to disappear as part of substantial changes the carrier is making to its service.

For decades, Southwest has been known for the fact that all its passengers get two free checked bags, but starting Wednesday, that will no longer be the case.