News Release

Bank of America Cancels Monthly Debit Card Fees As Consumers Vote With Feet

Statement from Deirdre Cummings, Legislative Director, MASSPIRG
For Immediate Release

"When Bank of America recently announced its $5 monthly debit card fee, MASSPIRG called it excessive. We also reminded consumers that if ever there was a time to find a new local bank or credit union this would be it.

We were right. Now that consumers are voting with their feet and switching to small banks and credit unions, Bank of America has joined other big banks in canceling the unfair fee.

This decision shows the power consumers have in the marketplace to fight unfair practices. For years, banks raised fees with impunity, counting on consumers to stick with them because of the hassles of switching banks. Not any more.

You’ll still need to shop around to avoid unfair bank fees and find free checking, but it is out there. Your best bet is to bank at a credit union, not at a bank, or to bank at a community bank, not at a big bank. MASSPIRG’s Bank Fee Tips will help you avoid bank fees, help you shop around and help you switch banks while avoiding possible pitfalls.

We’ve already asked the new Consumer Financial Protection Bureau to advance the recommendations in our latest Big Banks, Bigger Fees report, including our proposal to require banks to post all bank fees on the Internet in a searchable format, so consumer groups can post up-to-date bank shopping guides.”

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