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Obama, Banks Trade Fire In Debit-Card Debate : NPR

Posted on October 5, 2011 by TRP

 

 

President Obama has waded into the controversy over bank-card fees, suggesting that Bank of America is mistreating its customers with a plan to start charging a $5 monthly fee for the use of its debit card.

In an interview Monday with ABC, the president seemed to suggest the fee could become a target for the federal government’s new financial watchdog agency.

“This is exactly why we need this Consumer [Financial] Protection Bureau that we set up, that is ready to go,” he said.

Bank of America announced its new fee last week in a direct and very public response to the law that set up the Consumer Protection Bureau. One part of that law — known as the Durbin Amendment — caps the hidden fees that banks were already charging retailers anytime a customer uses a debit card.

via Obama, Banks Trade Fire In Debit-Card Debate : NPR.

 


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