“Get the Heck out of Bank of America” says Senator Richard Durbin, on Senate Floor; Rep Brad Miller Accuses Banks of “Vulgar Profits”
By Mike Shedlock
Global Economic Analysis
Senator Richard Durbin of Illinois is telling Americans to “Get the heck out of that bank”, right on the Senate Floor. His comments are in response to Bank of America hiking fees on debit cards.
Please consider BofA Customers Urged by Lawmakers to Quit Lender Over Debit Fee.
Congressional Democrats are pushing customers to quit doing business with Bank of America Corp. and one lawmaker is looking to make it easier for them to do so as the biggest U.S. lender announced plans for new debit-card fees.
U.S. Representative Brad Miller, a North Carolina Democrat, introduced a bill today that would bar banks from imposing fees on people who close accounts, calling the proposal a response to the Charlotte, North Carolina-based firm’s plan to charge some debit customers an additional $5 a month.
“As megabanks flirt with menus of new fees, an increasing number of Americans will want to switch banks,” Miller, a member of the Financial Services Committee, said in a statement. “That is the way things work in a competitive, free market as unrepentant banks are still trying to rake in vulgar profits from their customers.”
Miller’s criticisms echoed those of Senator Richard Durbin, the Illinois Democrat who successfully pushed for legislation restricting the amount banks could collect from retailers for debit transactions. The two lawmakers spoke out after President Barack Obama questioned whether Bank of America has an “inherent right” to charge the new fee, which the company said was aimed at making up revenue lost because of the new limits on so-called interchange.