Lawmakers seek Probe on Banks' new Debit Card FeesSubmitted by bobbyw24 on Thu, 10/13/2011 - 13:30
WASHINGTON (AP) -- 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.
Rep. Peter Welch, D-Vt., and four other Democrats said Thursday that they've asked Attorney General Eric Holder to open a probe into possible collusion by the banks.
Welch said the lawmakers had no evidence of collusion. But he said the timing of the fees merit an investigation.
"You don't have a competitive marketplace," Welch said at a news conference.
Bank of America said last month that it would charge its customers $5 a month if they use their debit cards for purchases. Customers who use their cards only at ATMs will not have to pay the fee.