Burlington Free Press - U.S. Answers Welch Request on Bank Debit Fee

News Article

By Unknown

The U.S. Department of Justice has indicated it is reviewing statements and actions by big banks regarding consumer debit card fees, according to the office of Rep. Peter Welch, D-Vt. Welch had sought an inquiry earlier this fall.

"I am pleased that the Justice Department is taking this request seriously," Welch said in a news release. "While big banks like Bank of America beat a hasty retreat on their debit card fee strategies, I have no doubt that they will continue their quest to dig deeper into the pockets of struggling consumers. As they consider their next move, they should be aware that there is a cop actively on the beat."

Welch was a leader in the House in opposing debit card fees announced by Bank of America and other banks. Those plans were later abandoned in the face of intense criticism.

Source