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?
David Lazarus, columnist, Los Angeles Times
Trish Wexler, spokesperson, Electric Payment Coalition
Pedro Morillas, legislative director, California Public Interest Research Group (CALPIRG)