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
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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.
