In response to Bank of America’s announcement to charge debit card customers a $5 monthly fee for debit card use, Merchants Payments Coalition spokesperson Rachel Wolf released the following statement:
“Mega-banks have been ripping off consumers and merchants for years, and will do anything they can to keep the practice going. This is even more of a reason that we need to actively work to make it more difficult for them to run these scams.
“Swipe fee reform is about bringing competition to a fixed marketplace. Retail is a price-competitive industry, and many consumers will see savings as a result of the reforms.
“The big banks who try to levy unfair fees will soon learn the lessons of competition as consumers choose banks and credit unions, larger and small, that treat them fairly. The mega-banks can scapegoat and scam all they want, but they are likely to drop the fees when they lose customers to competitors.”
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