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Miller Introduces Bill to Ease Bank Account Moves

Rep. Brad Miller's bill would prohibit financial institutions from levying fees or charges once they received a request to close an account.

By Claude R. Marx | Updated on October 05, 2011

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.

 

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