Skip to Content

Get Your FREE Consultation


Freedom and Mobility in Banking Act Introduced

October 18, 2011

Representative Brad Miller of North Carolina recently introduced the Freedom and Mobility in Banking Act. The purpose of the act is to make it easier for consumers to close their account with one bank and move to another bank or credit union. The act follows recent announcements of fee increases by major banks. The stated intent of the legislation is to increase competition between banks in an effort to provide consumers more choice and lower overall banking costs.

In the past couple months, big banks have drastically increased fees and other charges assessed against customers. For instance, Bank of America recently announced it would charge customers a new $5 monthly fee for using their debit cards. HSBC North America announced plans to do away with free checking accounts and will instead charge customers a monthly maintenance fee of up to $15. Wells Fargo also announced that it would eliminate free checking.

Due to the expense and effort involved in closing accounts and moving money to another institution, many customers have no choice but to submit to whatever charges and fees large banks seek to impose. The act would provide customers the right to close an account at no charge and at any time, regardless of whether the balance is positive, zero, or negative. Customers would also be able to close the account in person, over the phone, or by other remote means. Banks would also be prohibited from assessing fees or charges to an account after receiving a request that it be closed. The Freedom and Mobility in Banking Act has received support from a number of consumer and public interest groups.

No Win, No Fee

Review Us

Martin & Jones, PLLC logo

“I would like to leave a testimonial thanking Steven and Allison for their care and understanding. Steven’s pursuit and success in getting some compensation for our loss. A final closure of our loss of brother Mike. Thanks to Martin & Jones for looking after Mike’s care since his injury in 2005. You have been there for Mike and his family for a long time. Mike passed in 2016 and you stood for the family up to the present (July 2017). Many thanks.”

Contact Our North Carolina Personal Injury Law Firm

for a Consultation for Your Accident or Medical Malpractice Claim

Call us at 800-662-1234
No Win, No Fee

The law firm you choose makes a difference. If you are the victim of an accident or an illness that someone else caused, the North Carolina personal injury law firm of Martin & Jones has the depth of experience, skills and sensitivity to make your road to recovery as smooth as possible. Whether you have experience with the legal system or have never hired a medical malpractice or personal injury lawyer before, our attorneys and staff will do our best to answer your questions, provide clear advice and prepare you and your family for what to expect. If you would like more information or to meet with one of our attorneys, please fill out the form below or call us at 800.662.1234.