Thursday, October 13, 2011
Everywhere I go and even places I don’t go, consumer are outraged at Bank of America for their arrogant new $5 monthly debit card fee slated to begin on January 1, 2012.
House Democrats on Thursday demanded an investigation into whether the nation’s largest banks, including Bank of America, as well as J.P. Morgan Chase and Wells Fargo, are conspiring efforts to raise fees for consumers, contending the fees would violate Federal antitrust laws.
Lawmakers wrote in a letter to Attorney General Eric Holder which reads in part:
“There is clearly no problem with banks making independent business decisions based upon the landscape as they see it. Antitrust issues are raised, however, if they are attempting to facilitate group decisions on their prices, terms and conditions.”
The letter’s signatories include Reps. Peter Welch (D-VT), John Conyers (D-MI), Raul Grijalva (D-AZ), Keith Ellison (D-MN) and Mike Honda (D-CA).