After Bank of America announced its $5/month fee for the use of its debit card service, many consumers lambasted the banking giant. But consumers aren’t the only ones blasting BofA. President Obama says “that banks do not have an “inherent right” to a certain amount of profits,” according to The Hill.
“You don’t have some inherent right just to get a certain amount of profit if your customers are being mistreated,” he said in an interview with ABC News. “My hope is that you’re going to see a bunch of the banks saying to themselves, ‘You know what, this is not good business practices.’”
Will the CFPB be cracking down on BofA’s $5 fee? That still remains to be seen.
According to The Hill: “… no officials from the relatively new bureau have indicated the agency would be cracking down on the fee.”
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[...] according to an LA Times blogpost. Though he did not directly mention Bank of America’s new $5 monthly debit-card fee, Date said that banks often are murky about how much they charge customers and suggested the agency [...]
[...] no question that consumers, and advocates alike, have balked at Bank of America’s new $5 debit card fee. But instead of just bolstering opinions and staying angry, many have left the banking giant, [...]