House Dems: Justice Should Investigate BofA Debit Card Fee

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).


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8 Responses to House Dems: Justice Should Investigate BofA Debit Card Fee

  1. Mets Fan says:

    Is Rep. Barney Frank trying to stop said investigation?

    After all, it was Barney Frank and former Sen. Christopher Dodd who wrote the Credit Act of 2009 that forces financial institutions to be profitable. Sometimes meddling in the affairs of a corporation turns out to cause trouble for the American consumer. As is the case with the Credit Act of 2009.

  2. Woodcliffe says:

    If Bank of America is skint, I suggest they start lending money again to people trying to buy a house. The interest paid back on loans is profit. It’s the way institutions like Bank of America have made a profit for more than 100 years. Don’t stick to the consumer with debit card fees. If Bank of America plays hardball on this, my prediction is, the fallout will be so enormous that they will either be forced to sell off individual divisions like stock and acquisition or they will be forced into bankruptcy.

  3. DMason says:

    $5 dollars to use your own money. What a public relations disaster for the nitwits who run Bank of America. I mean, at some point, they’re going to back down but by then, the damage will be done and the company will join Exxon-Mobil and BP as the most hated companies on the world.

  4. Arizona Leatherneck says:

    You want cost Bank of America more? Write checks. It’s as easy as that.

    Processing an old fashioned paper check is much more expensive for them than swiping the Visa debit for purchases.

    Just start writing checks for everything and that $5 dollar profit they think they’re going to make will be eaten up immediately by processing the increase in paper checks. Stick it to them.

  5. Estacada says:

    This fee is universally unpopular yet, BofA is stubbornly staying the course. Of course, the price they will pay is customers at the middle and lower income strata — which could be their plan all along.

    I like the idea of the company breaking into 4 or 5 smaller companies and being sold off. My feeling is, if a company is too big to fail, then it should fail. What has Bank of America ever done for me?

  6. mdmbl says:

    I went to a credit union in 2009. The best decision I ever made with my money. They treat me like a human being and with direct deposit and 3 debit transactions a month, everything is free, including a safe deposit box. I can’t imagine ever going back to B of A. Plus, my credit union offers all sorts of lending programs for cars, boats and home mortgages.

  7. R.J. says:

    I left Chase three years ago for a credit union and I don’t miss the big banks at all.

  8. Fran says:

    Great minds think alike! I just did a B of A post today as well.
    of course when new regs reducing the amount banks could gouge customers for was restricted, they came up with a new & different fee.
    The occupy wall street movement is pointing the finger @ B of A, big time.

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