Debit Card Fees Under Justice Dept. Review

[ProSense]

Source: Bloomberg

The U.S. Justice Department is conducting an antitrust review of statements and actions by banks and their trade associations over possible increases in consumer fees for using debit cards.

Assistant Attorney General Ronald Weich described the review in a letter released today by Representative Peter Welch, a Democrat from Vermont, who had requested an investigation.

“Please be assured that if it finds that individuals, banks or other parties may have violated the antitrust laws, the department will take appropriate action,” Weich wrote in the letter, dated Nov. 16.

Bank of America Corp. (BAC) announced on Nov. 1 that it wouldn’t charge debit-card users $5 per month, four weeks after the firm’s announcement of the fee sparked a backlash from customers and lawmakers. JPMorgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC) had previously dropped plans for such charges.


Read more: http://www.bloomberg.com/news/2011-11-22/debit-card-fee-increases-under-u-s-justice-department-review.html#

[Philosopher King]

1. Justice is going to milk this one for all it is worth.

Gotta protect the GP from these wicked banks, ya know.

(How many Justice Dept. investigators does it take to close the barn door, subsequent to the horses vacating the premises?)

[Kingofalldems]

2. Aw, poor banks.

[Philosopher King]

9. *

:hi:

[Kingofalldems]

3. Prosecute to the fullest extent of the law

Looks like a Democratic Representative triggered this. Repubs not liking it, all sarcastic and everything.

K and R

[nineteen50]

4. Never would have happened without OWS

[Donnachaidh]

7. sure it would -- we're heading into an election cycle

Even the laziest of bureaucrats know they have to make some attempt at *looking busy* when the election cycles start. And this year it's *We're working harder for you than the other side* meme being pushed -- so voila!

Of course, don't expect much to happen other than a slap on the wrist and a stern *Don't do that again children* from an administration that has Timmeh Geithner and all the other little banksters looking out for their bros....

[Name removed]

10. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Kingofalldems]

5. Kick this one to the top

[sarcasmo]

6. The only thing a banker understands is Greed, time for them to face the music.

[goforit]

8. BOA won't last long...., customers are leaving