Consumers could close bank accounts at any time at no charge regardless of the size of their bank balance and could do it in person or by phone, according to legislation introduced by Rep. Brad Miller (D-N.C.).
Miller, a member of the House Financial Services Committee, said the measure is needed because of the fees that some of the larger banks are charging. Bank of America recently announced it would charge customers who use their debit card a $5 a month fee, as a result of the limits on debit interchange fees that the Federal Reserve mandated at the behest of Congress.
“As megabanks flirt with menus of new fees, an increasing number of Americans will want to switch banks,” Miller said in a statement. “That is the way things work in a competitive, free market as unrepentant banks are still trying to rake in vulgar profits from their customers.”
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