Bank of America's decision to charge customers $5 per month to use debit cards has prompted many, including President Obama, to criticize the banking giant. Other large banks, including Chase, Wells Fargo, SunTrust, and HSBC, are following suit, with plans to charge their customers varying monthly debit card fees. This leaves many Americans wondering what steps they should take next, and where they should do their banking.
Yesterday, The Takeaway spoke with Richard Hunt, president of the Consumer Bankers Association, who defended the banks' actions and blamed the fees on the federal government. Many listeners were outraged.
Rep. Brad Miller, Democratic of North Carolina, introduced a bill to the House of Representatives on Tuesday that would allow customers to switch banks with greater ease. He responds to Hunt's accusations.