Consumers Union is on the case.
They’re trying the old moral suasion – perhaps some enterprising pols will join in?
All the deets:
“Consumers Union Calls on Bank of America & Other Major Banks to Drop Unfair Debit Card Fees
CU: It’s Unfair to Charge Customers When Banks Collect Enough From Retailers to Cover Debit Card Costs
SAN FRANCISCO, Oct. 18, 2011 — Consumers Union called on Bank of America and other banks to drop plans to charge consumers monthly debit card fees. Bank of America recently announced it would charge its customers $5 each month starting in 2012 to make debit card purchases. SunTrust has started rolling out its own $5 fee and Wells Fargo and Chase are testing debit card fees in select markets.
“Americans are tired of being hit with new banking fees, especially since they’ve already paid to rescue firms like Bank of America, whose behavior helped spark the economic meltdown,” said Norma Garcia, director of Consumers Union’s financial services program. “This debit card fee just adds insult to injury. It’s unfair for the banks to stick consumers with a monthly fee just to use their own money. Bank of America and other banks can still collect enough money from retailers to cover debit card costs.”
Garcia added, “If Bank of America and the other banks refuse to drop the debit card fee, consumers should consider dropping them. There are plenty of banks and credit unions that don’t charge debit card fees that will be more than happy to accept new customers.”
Consumers Union has published a set of tips for consumers who want to switch banks.
Below is Consumers Union’s letter to Bank of America urging it to drop its debit card fee. Similar letters were sent to Chase, SunTrust, and Wells Fargo.”
See the letter after the jump.