SAN FRANCISCO, CA — Bank of America is reportedly considering ways to scale back its plan to charge most of its customers a monthly $5 debit card fee according to Reuters. The bank has indicated that it is exploring ways to allow more customers to avoid the fee, including maintaining a certain minimum balance, using direct deposit for paychecks or having a Bank of America credit card. No specific details have been officially announced by the bank.
“It’s clear that Bank of America is feeling the heat and is looking for ways to respond to the overwhelming public opposition to its unfair debit card fee,” said Norma Garcia, manager of Consumers Union’s financial services program. “It’s hard to know how many of its customers will be in a position to avoid the fee based on what we know so far. If Bank of America wants to show that it is listening to its customers, it should drop the debit card fee altogether. Consumers shouldn’t have to pay a fee just to have access to their own money.”
Garcia added, “Ultimately, consumers will have to judge for themselves whether Bank of America is offering a fair deal. There are plenty of credit unions and other banks who are offering checking accounts without debit card fees.”
Consumers Union has published a set of tips for consumers who want to switch banks.
Contact:
Michael McCauley, Consumers Union, 415.902.9537 (cell) or 415.431.6747 x126 or mmccauley@consumer.org
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Consumer Reports is a nonprofit
membership organization that works side by side with consumers to
create a fairer, safer, and healthier world. For 80 years, CR has provided evidence-based product
testing and ratings, rigorous research, hard-hitting investigative journalism, public education,
and steadfast policy action on behalf of consumers’ interests. Unconstrained by advertising or
other commercial influences, CR has exposed landmark public health and safety issues and strives
to be a catalyst for pro-consumer changes in the marketplace. From championing responsible auto
safety standards, to winning food and water protections, to enhancing healthcare quality, to
fighting back against predatory lenders in the financial markets, Consumer Reports has always
been on the front lines, raising the voices of consumers.
© 2011 Consumer Reports. The material above is intended for legitimate news entities only; it may
not be used for advertising or promotional purposes. Consumer Reports® is an expert, independent,
nonprofit organization whose mission is to work side by side with consumers to create a fairer,
safer, and healthier world. We accept no advertising and pay for all the products we test. We are
not beholden to any commercial interest. Our income is derived from the sale of Consumer Reports®
magazine, ConsumerReports.org® and our other publications and information products, services, fees,
and noncommercial contributions and grants. Our Ratings and reports are intended solely for the use
of our readers. Neither the Ratings nor the reports may be used in advertising or for any other
commercial purpose without our prior written permission. Consumer Reports will take all steps open
to it to prevent unauthorized commercial use of its content and trademarks.
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