Florida Legislator Files Legislation to Block Debit Card Fees

October 18 00:00 2011

New York, October 18 (RainbowNewsLine.com) – Florida representative Jeff Clemens (D-Lake Worth) filed a legislation seeking to ban banks from charging monthly fees for using debit cards. He said “The banks sold us all on the idea of a cashless society, and now that we’ve bought into their promise of free, easy access to our own money, they want to charge us for it. Anyone with a sense of decency should be outraged.” He added that “The greed of these institutions knows no bounds. As soon as you try to end one deceptive or immoral practice, they come up with two more.”

Clemens cited a recent US Supreme Court decision (Cuomo v. Clearing House Association) that granted New York Attorney General oversight over practices of certain federally chartered financial institutions as grounds for his bill and to counter the contention that regulations in the banking and financial services industry typically fall under federal regulation.

Representative Clemens also said that “Seeking to please shareholders and continue to pay exorbitant salaries, extremely profitable banks have taken to blaming federal legislation that limits the amount they can charge for so-called `swipe fees’ to retailers, but no one is buying the weak explanation.”

Bank of America had initiated this concept of monthly fees ($5) for customers that use a debit card with Wells Fargo following close behind.