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Debit card fee plans facing antitrust review [View All]

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Javaman Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-23-11 08:07 AM
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Debit card fee plans facing antitrust review
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NEW YORK (CNNMoney) -- The recent attempt by some of the nation's largest banks to impose new fees on debit card use has caught the attention of the Justice Department.

The department, in a letter to Rep. Peter Welch, a Vermont Democrat, says the efforts by banks to impose the fees is under review for possible antitrust violations.

"Please be assured that if it finds that individuals, banks, or other parties may have violated the antitrust laws, the Department will take appropriate action," Assistant Attorney General Ronald Weich wrote in the letter released by Welch's office Tuesday.

According to the letter, Welch contacted Attorney General Eric Holder in October, expressing concern that several banking trade associations and banks -- including Wells Fargo (WFC, Fortune 500) and Bank of America (BAC, Fortune 500) -- might be violating antitrust laws in response to new regulatory legislation.

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