WASHINGTON — President Barack Obama on Monday pointed to Bank of America’s planned $5 monthly fee for debit- card purchases as an example of why the U.S. needs a strong consumer watchdog.
Obama told ABC News that there are ways the federal government could crack down on fees in cases where banks are treating consumers unfairly.
“You can stop it,” he said, adding that Washington can tell banks: “You don’t have some inherent right just to, you know, get a certain amount of profit, if your customers are being mistreated.”
Still, he said, he hopes banks see on their own that raising fees is not a good business practice.
Obama’s comments come as activists in New York and other cities hold Wall Street protests and voice outrage against corporate greed. Wall Street Journal
