Schumer Targets Banks This Time

Senator Chuck Schumer took a break from arguing about carry-on luggage and set his sights on big banks for his latest crusade, saying they need to warn customers before ending free checking account programs. He's asking Fed Chairman Ben Bernanke to police banks like Citibank that are using checking account fees to recoup lost revenue, saying, "The new fees will be a punch in the gut of customers who rely on free checking accounts." Citibank began charging $7.50 each time a member's checking account dipped below $1,500.

Contact the author of this article or email tips@gothamist.com with further questions, comments or tips.

By Jaya Saxena in News on June 28, 2010 5:30 PM

Comments [rss]

Stewart

I'm not sure why anyone thinks free checking is an entitlement. It's a service. It costs money to provide it.

Bottomless Chips

I'm sure Ben Bernanke wants to police your free checking accounts.

We gave a lot of power to the Fed and didn't avert a recession partially caused by the Fed creating too much money. I'm sure they've got this handled too...