Community Banking Coalition Renews Calls For City Council Hearings On Rising Bank Fees

HOW DO BANKS FIND A WAY AROUND FINANCIAL REGULATORY REFORMS?

RAISE FEES ON BASIC BANKING SERVICES!

Bank of America announced last week that beginning in January, the institution will charge a $ 5.00 per transaction fee on debit card purchases, and now today, Citibank has announced it will raise its' fee on low-balance account from $ 10 per month to $ 10 per month!

Why is this happening?

Banks are trying to find new ways to recoup the monies they cannot longer gouge you as a result of regulatory reform passed by the Congress last year, as promised by President Obama.

So, while the banks are foreclosing on your home, losing money that way, perhaps they believe that can gain a faction of that lost through fees...........................and no elected officials is calling for local reforms on this.

We urge the Chicago City Council and the Illinois General Assembly to hold the line on the fees hikes that will ultimately and disportinately impacting the quality of life in communities of color, and most particularly, economically struggling families.

The Community Reinvestment Organizing Project of the Monroe Foundation is calling on, seeking an elected official who has the boldness of commitment to economic justice to adopt and sponsor the City of Chicago Commitment to Community Reinvestment, Responsibility and Notification Ordinance.

Further, we call on the City Council to hold hearings on these new planned fee hikes NOW, and require each of these two approved municipal depositories to explain how these hikes will not adversely impact already struggling families in Chicago who are also consumers of Bank of American and Citibank.

Financial Institutions that receive tax-payer deposits and investments cannot benefit from serving as Municipal Depositories, earning fees for handling municipal bond and financial transactions, while gouging residents of the City of Chicago.

Otis Chandler Monroe, III
CEO
The Monroe Foundation
www.themonroefoundation.org
(773) 315-9720

Mark S. Allen, Chair

Community Banking Coalition and member of the Community Reinvestment Organizing Project 773-392-0165

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