CHICAGO – Pat Quinn, Democratic candidate for Attorney General and former Illinois Governor, today kicked off a consumer campaign to take on the latest effort by Bank of America and the other big banks to impose unfair fees on the checking accounts of everyday people.
Bank of America is the nation’s second largest bank with over 100 branches and ATMs in the Chicago area. Bank of America is now ending a free customer checking account that does not require a minimum balance.
“Big banks like Bank of America were bailed out by American taxpayers in 2008, and it’s just plain wrong for these banking behemoths to now take advantage of their customers by imposing large and artificial fees on their modest checking accounts,” Quinn said.
“Bank of America should listen to the more than 118,000 people who have signed a petition online and let working families across Illinois keep their no-fee checking accounts.”
Earlier this month, Bank of America dropped its free checking account for customers with low balances and shuffled them into accounts that charge a $12 monthly fee – unless the customer has a monthly direct deposit of $250 or a minimum daily balance of $1,500.
A consumer petition on Change.org has received over 118,000 digital signatures. Click here to view and sign the petition:
The petition calls on Bank of America to keep providing free checking accounts and notes that in today’s economy “virtual transactions are the main and sometimes only way of paying bills or purchasing goods and services.”
“I encourage everyone to sign the Change.org petition, post it on Facebook and Twitter, and email it to your friends,” Quinn said.
Pat Quinn served as Illinois State Treasurer from 1991 to 1995 and championed no-fee lifeline checking accounts. In 1983, Quinn spearheaded the referendum movement that led to the creation of the Citizens Utility Board, Illinois’ largest consumer group, which is on the front lines fighting against unfair utility fees and rate hikes.