Senate Majority Whip Dick Durbin (D-Ill.) spoke with reporters on Sunday, saying that he is ready to "battle" Bank of America, the nation's largest bank.
“It’s time for banks to treat customers fairly and disclose what they’re actually charging,” Durbin said, according to TheStateColumn.com. “Bank of America thought they could make me the villain, and it blew up in their face. I’m ready for this battle.”
Durbin is urging banks to begin issuing a one page form that was designed by the Pew Charitable Trusts and requires banks to disclose any fees that its customers would have to pay. According to the Senator, many credit unions are already using such forms.
Durbin led the fight against banks earlier this year with legislation known as the Durbin Amendment. It lowered merchant fees on debit card transactions and significantly cut into bank revenue streams.
Large U.S. banks, including Bank of American, JP Morgan Chase and Wells Fargo, reacted to the legislation by announcing that they would start charging customers a monthly fee for debit card usage. Bank of America initially planned to charge a $5 monthly debit card fee but recently changed that plan following outcry from consumers and politicians.