Consumers could close bank accounts at any time at no chargeregardless of the size of their bank balance and could do it inperson or by phone, according to legislation introduced by Rep.Brad Miller (D-N.C.).

Miller, a member of the House Financial Services Committee, saidthe measure is needed because of the fees that some of the largerbanks are charging. Bank of America recently announced it wouldcharge customers who use their debit card a $5 a month fee, as a result of the limits on debit interchangefees that the Federal Reserve mandated.

“As megabanks flirt with menus of new fees, an increasingnumber of Americans will want to switch banks,” Miller said in astatement. “That is the way things work in a competitive, freemarket as unrepentant banks are still trying to rake in vulgarprofits from their customers.”