Bank of America Debit Card Fee Leads to Legislative Response

Source: Huffington Post

WASHINGTON -- . . .

Senate Majority Whip Dick Durbin and Rep. Brad Miller are going on the offensive against Bank of America after the financial behemoth cited Wall Street reform in announcing a new five dollar monthly debit charge last week. Miller, a Democrat from BofA's home state of North Carolina, 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. . . .

. . . Miller's bill represents a chance to go on offense. Durbin told HuffPost it's something he could get behind, though he has yet to see the legislative language. "I've worked with Brad, he's come up with some pretty good ideas and I like the concept very much," Durbin said. "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."

“If we can find a way to introduce real competition into banking, that'd do more than any regulation," Miller told HuffPost. "The biggest banks have turned the switch for market forces to the off position. If consumers could shop around for banks the way they can for everything else, banks wouldn’t think they had a God-given right to pay their executives vulgar bonuses and still make enormous profits, and consumers would get a much better deal."

Due to Republican-controlled redistricting, Miller faces a difficult primary against Democratic Rep. David Price if he hopes to remain in Congress, as both have been stuffed into the same district.

Read more: http://www.huffingtonpost.com/2011/09/30/bank-of-america-fee_n_992623.html

He was basically saying that he's been trying to get a lot of financial reform legislation passed, but that there hasn't been enough vocal outrage to help him and his colleagues overcome lobbying interests of the congresspeople who oppose them.

OccupyTogether is already creating the momentum to help the few legislators WHO ARE ON OUR SIDE get more traction on bills to promote economic justice.

It's a small step, but it's a start!

and I will wait for the legislation to make it easy to for me to switch banks and swap direct deposit, electronic bill paying, etc., and move my money to another bank. That's the reason I have not switched banks yet because of the hassle that all that will be. I have a considerable amount in my savings, and I think Bank of America will be sorry to lose my business.

in an increasingly angry national climate.

But yup, I don't see it leaving Committee either.

wanna fuck with us Wall Street? No problem, the class war is on.

Maybe there's an advantage to having your money in a TBTF bank that I'm too thick to get? Cause otherwise, why wouldn't everybody move to a statewide credit union?

I just spoke with a co-worker today about why he had chosen Bank of America in the first place. He stated it was ease of access but is quickly realizing that the convenience part is a bit over-blown. Just 30 years ago we had to withdraw money from a bank teller... I told him to think about that, and how this ATM convenience thing has fooled lots of people.

What a bunch of dick heads.

"Increases competition among banks by guaranteeing consumers the right to close a personal checking or savings account:

"Provides consumers the right to close an account at no charge

"Provides consumer the right to close an account at any time, regardless of whether the balance is positive, zero, or negative

"Provides consumer the right to close an account in person, by phone, or by other remote means as may be prescribed by regulation


Prohibits abusive fees and charges: . . . . "


(there's more at link)