WASHINGTON — A coalition of consumer groups has united to protest Bank of America's most recent hike of its ATM fees. The banking giant took the fees on many of its machines, particularly those in branches in major markets, from $2 to $3.
Americans for Fairness in Lending, California Reinvestment Coalition the Consumer Federation of America, Consumers Union, Service Employees International Union, and Woodstock Institute make up the members of the coalition.
“In its emerging role as the largest banking institution in the United States, Bank of America's planned ATM fee hike from $2 to $3 has already been reported as an opportunity for other banks to drive their fees even higher and we fear the ultimate consequence would be an unconscionable squeeze on low- and middle-income bank consumers,” the organizations said in their statement.
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