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October 3, 2011
So much for hometown camaraderie! Rep. Brad Miller (D-NC), who hails from Bank of America’s home state, is looking to introduce legislation to lessen the impact of banks’ Post-Durbin moves on consumers.
“Miller… plans to introduce legislation that would make it easy for consumers to switch banks and simultaneously swap their direct deposit, electronic bill paying and other automatic features that make moving money from one bank to another more hassle than it's often worth,” reports the Huffington Post. “Miller had been studying the legislation for at least a year, he said, but decided to pull the trigger after BofA's $5 fee was instituted.”
Miller’s initiative already has one staunch supporter: Sen. Dick Durbin (D-IL), for whom the debit interchange reform amendment is nicknamed.
“I've worked with Brad, he's come up with some pretty good ideas and I like the concept very much," Durbin told the Huffington Post. "We've got to give consumers an opportunity for creating competition in the banking industry. Right now that is very difficult, we've got to make it easier."
Durbin is urging consumers to stop using BoA’s debit card, according to the Huffington Post.
"My word to consumers across America is talk with your feet, look for a debit card that doesn't charge the Bank of America fee," he added. "It would be no surprise if we found out that Bank of America is overcharging consumers again. They've been found guilty of that in the past, but I really encourage consumers across America to look for competition that doesn't charge this fee, move their debit cards."
The Huffington Post reports that Sen. Durbin on Friday sent a note to those who backed his interchange reform campaign, asserting the new swipe fee rules did not necessitate additional charges from BoA . Click here to read Sen. Durbin’s official statement regarding his reaction to BoA’s new $5 monthly debit charge.
While BoA rival Citibank has said it will not begin charging for debit card usage, the Los Angeles Times reported Friday that Citibank plans to inform customers that a fee will be assessed for checking accounts that do not maintain a certain minimum balance (read more).
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