Consumer Payment Card News

Hopping Mad

Two major consumer groups have taken BofA to task asking the bank to simplify its fee structure, reduce fees, and eliminate fee-triggering practices, rather than merely improving disclosure. The consumer groups also want credit card fees to be limited to the bank’s real cost associated with those services and to eliminate or reduce penalty fees, such as late fees for payments mailed on time or over-limit fees for transactions that were approved by the credit card issuer. Consumers Union and the Consumer Federation of America this week sent a letter to Bank of America asking for the changes. CU and CFA also attacked bounced-check fees such as “big check first” policies and overdraft loans. The groups noted that overdraft loan fees charged by all banks now cost consumers $10.3 billion annually. For more information visit: “http://www.consumersunion.org/pub/core_financial_services/004595.html”:http://www.consumersunion.org/pub/core_financial_services/004595.html

Leave A Reply