Patt Morrison for October 14, 2011

House Democrats want an investigation into bank fees

Bank Of America To Cut Tens Of Thousands Of Jobs In Restructuring Effort

Scott Olson/Getty Images

People walk past a Bank of America branch on September 12, 2011 in Chicago, Illinois.

We heard about the new $5 fee Bank of America is charging its customers for using their debit cards, but now customers at Citibank, Wells Fargo and J.P. Morgan Chase are being put on notice that they may have to pay a new fee as well.

The timing has some House Democrats scratching their heads. A group including John Conyers (D-Mich.) and Mike Honda (D-Calif) are asking the Justice Department to investigate whether these large financial institutions are in collusion. If the banks are in collusion, does it make it more difficult for customers to change banks to show their displeasure over the new fees?

Guests:

David Lazarus, columnist, Los Angeles Times

Trish Wexler, spokesperson, Electric Payment Coalition

Pedro Morillas, legislative director, California Public Interest Research Group (CALPIRG)


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