The Associated Press is reporting that Members of Congress are asking the Justice Department to investigate whether Bank of America and other major banks improperly worked together to charge customers new monthly fees for using their debit cards.
I found it curious that the fees are being introduced within a similar time frame, making it difficult for consumers to change banks or seek alternatives. My bank is set to institute its fees tomorrow morning and curiously, the ATM machine at my local branch was down this morning and several early morning visitors left empty handed. Perhaps there has been a run on the bank by customers trying to get their cash out.
Rep. Peter Welch, D-Vt., and four other Democrats say they’ve asked Attorney General Eric Holder to open a probe into possible collusion by the banks.
Bank of America said last month that it would charge its customers $5 a month if they use their debit cards for purchases, a move that sparked public outrage. The nation’s largest bank said it instituted the monthly charge because the government capped the fees they can charge merchants for swiping the debit cards.
I was also reading the fine print on my bank's customer agreement and it seemed to indicate that the bank will no longer be accepting deposits via the ATM. I don't know if I was reading that incorrectly, but that is exactly what I saw.
On Wednesday An ATM trade group filed a lawsuit against Visa Inc. (V) and MasterCard Inc. (MA) over the transaction processors' fee policies, which are being challenged by new rules for debit cards and a recent legal settlement with the U.S. government.
The National ATM Council Inc., a Jacksonville, Fla.-based group that represents independent operators of automated teller machines, on Wednesday filed a suit in U.S. District Court for the District of Columbia seeking national class-action status accusing the companies of anticompetitive practices.
The group argues that rules by Visa and MasterCard requiring ATM operators to charge equal fees to access the credit-card companies' processing networks amount to price-fixing.