Durbin Seeks To Protect Bank Customers From Hidden Fees

WASHINGTON (CBS) — U.S. Sen. Dick Durbin (D-Ill.) wants to ensure bank customers aren’t socked with hidden fees, now that the banks have backed off of implementing monthly charges for debit card holders.

As WBBM Newsradio’s Alex Degman reports, Durbin says he is sending a letter this week to the Consumer Financial Protection Bureau, asking all banks to adopt a one-page disclosure form that lists every charge associated with opening a checking account.

LISTEN: WBBM Newsradio’s Alex Degman reports

Durbin says Americans are fed up with being charged more to access their money — and they’re showing it.

“Consumers across America have been awakened to a new reality,” Durbin said. “They’re finally realizing that being nickel-and-dimed by these banks is something you don’t have to put up with. You can make a decision to move your account.”

Durbin says thousands switched to community banks and credit unions when Bank of America threatened to impose a $5 per month fee on debit cards.

Bank of America later decided to cancel that plan, following a public outcry.

The Consumer Financial Protection Bureau oversees all banks and credit unions in the country, and could impose the disclosure form itself. No legislation would be needed.

  • southside

    Bank fees have skyrocketed since Durbin and his cronies started to price-fix banking fees. Now he has to re-regulate them some more to fix the problems he created with his Durbin amendment. Dump Durbin in 2014

blog comments powered by Disqus
Daily Weather Reports Delivered To You!SIGN UP NOW: Get daily weather reports every morning from meteorologist Steve Baskerville!
CBS Sports Radio RoundupGet your latest sports talk from across the country.

Listen Live