This Ubiquitous Bank is Back in Hot Water Over Debit Card Fees
Bank of America’s (NYSE:BAC) proposed $5 fee debit card fee continues to cause anger and now action.
Super Hot Feature: Is Bank of America About to Go Bust?
Change.org, a site that tracks grass-roots movements, reported that its online petition, Tell Bank of America: No $5 Debit Card Fees, is close to obtaining 300,000 e-signatures. In an explanation about the petition, which is an open letter to the bank’s President and CEO, Brian T. Moynihan, it includes the following language:
We gave Bank of America billions of dollars in bailout money. Our reward is higher fees for the same services. At some point, we’ve got to say enough is enough.
This comes just after a New Jersey man sued Bank of America (NYSE:BAC), JPMorgan Chase (NYSE:JPM) and Wells Fargo (NYSE:WFC) on Wednesday and accused them of colluding to fix fees charged to customers withdrawing money. The lawsuit, filed in federal court in Washington, D.C., has alleged that the three banks worked with Visa (NYSE:V) andMastercard (NYSE:MA) to set artificially high ATM fees.
Bank of America’s (NYSE:BAC) stock closed down 0.15% to $6.46. Shares are down 51.57% year to date. The stock has traded in a 52-week range between $5.13 and $15.31.