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Statement of Deirdre Cummings, Legislative Director of MASSPIRG
"Big banks have always had a history of raising fees, making it harder to avoid fees, and inventing new fees. The difference now being that after Bank of America’s $5 debit card fee debacle, banks have realized that rather than just simply slapping consumers in the face, new fees need to offer new value. Consumers now understand that they have choices and that they can vote with their feet. Until all the speculated fees roll out we won't know whether there are more slaps in the face or if there is some added value. Consumers need to continue shopping and voting with their feet--often community banks and credit unions offer a good alternative to fees charged by the large banks."
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