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Consumer Reports is an independent nonprofit organization that works for a fair, safe and transparent marketplace.

Since we were founded as Consumers Union in 1936, we have advocated for the rights of all consumers. Now, we are united under the Consumer Reports name, bringing together our trusted testing, research, journalism, and advocacy.

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Letter to Bank of America CEO regarding $5 Debit Card Usage Fee

Bank of America was planning to charge many of its checking account customers a $5 monthly fee for debit card purchases starting in 2012. This fee would be charged even when consumers use the card only once in that month. In this letter, Consumers Union suggested that the decision to charge consumers a new monthly fee to use their own money for debit card transactions was both ill-timed and unfair, and urged immediate withdrawal of the plan.