Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts
Back to Comments and Questions

Probe Into Possible Collusion By Banks In Charging Debit Card Fees

Thursday, October 13, 2011 - 1:19 PM
Members of Congress are asking the Justice Department to investigate whether Bank of America and other major banks improperly worked together to charge customers new monthly fees for using their debit cards.  While the lawmakers have no evidence of collusion, they say the timing of the fees merit an investigation.

Lawmakers seek probe on banks' new debit card fees - Yahoo! Finance
4
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
1. Thursday, October 13, 2011 - 7:09 PM
Actually, that call for a probe is just grandstanding by some politicians looking to get their names in the news. They even admitted they had no information to suggest there had been any collusion. But it got them free publicity. The likelihood the Justice Department will waste its time on such a probe absent some reason to justify it is slight. And mind you, they did not even bother to start a Congressional investigation into it, just called a press conference saying someone else should do so.
2
me1004me1004343 posts since
Jan 16, 2010
Rep Points: 2,357
Reply