Illinois Democratic U.S. Senator Dick Durbin criticized a number of banks on Sunday, saying consumers are tired to hidden fees and that banks should “disclose what they’re actually charging.”
Mr. Durbin, the Senate’s second highest-ranking Democrat, spoke with reporters over the weekend and called on banks to increase transparency when it comes to consumers opening bank accounts.
“It’s time for banks to treat customers fairly and disclose what they’re actually charging,” said Mr. Durbin.
The Illinois Democrat pointed to the simple-to-understand, one-page form that was designed by the Pew Charitable Trusts would includes lines for the minimum deposit needed to open an account, fee amounts and processing policies. Mr. Durbin said a number of credit unions have already adopted the form.
The Illinois Democrat received criticism earlier this year for sponsoring the Durbin amendment, which called for lowering merchant fees on debit and credit cards. The reduced fee, which took effect in September, was met with an announcement from Bank of America, which said it would institute a $5 monthly fee for using a debit card, a move consumers condemned. Bank of America officials later said they would not longer pursue the fee as a policy.
Speaking over the weekend, Mr. Durbin took a direct swipe at Bank of America, saying he is prepared to “battle” the nation’s largest bank.
“Bank of America thought they could make me the villain, and it blew up in their face,” Mr. Durbin said. “I’m ready for this battle.”
