U.S. Sen. Dick Durbin (D-IL) wants to ensure bank customers aren't socked with hidden fees now that the banks have backed off of implementing monthly charges for debit card holders. Durbin says he's sending a letter this week to the Consumer Financial Protection Bureau asking all banks to adopt a one page disclosure form that lists every charge associated with opening a checking account. Durbin says Americans are fed up with being charged more to access their money -- and they're showing it.
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"Consumers across America are awakening to a new reality," says Durbin. "They're finally realizing that being nickel and dimed by these banks is something you don't have to put up with. You can make a decision to move your account." Durbin says thousands switched to community banks and credit unions when Bank of America threatened to impose a five dollar per month fee on debit cards. The Consumer Financial Protection Bureau oversees all banks and credit unions in the country, and could impose the disclosure form itself. No legislation would be needed.