In response to Bank of America’s announcement of a new $5 monthly fee on debit card transactions we have called on Congress and federal regulators to investigate the controversial new fee.
In letters to the House and Senate banking committees and financial regulators, we told them to investigate whether the new monthly fee is justified and whether it takes unfair advantage of consumers simply to boost profits. The letter notes that the fee, which could cost Bank of America customers an extra $60 per year, comes at a time when American families are hard pressed to pay additional charges.
The letter addresses an important question being debated by the public - namely why consumers should be charged more to access their own money. It also seems odd that B o A, which just a few years ago avoided disaster because of taxpayer assistance, should now be allowed to levy this unfair and excessive fee.