HR0584 97TH GENERAL ASSEMBLY

HR0584 LRB097 14255 CEL 58994 r

HOUSE RESOLUTION

WHEREAS, Millions of Americans are struggling just to get by during these tough economic times, and the many who have been fortunate to avoid job loss and foreclosure are working to pay off and avoid accruing further consumer debt; and

WHEREAS, One of the most effective ways to avoid debt is for consumers to stop using credit cards, and the most convenient way to make purchases without using credit is to use a bank debit card; and

WHEREAS, Bank of America recently announced that it would soon begin charging customers $5 per month to use their debit card, and other major banks have already followed suit; and

WHEREAS, During these trying times when individuals, as well as small and large businesses, are trying to change their financial behaviors to eliminate debt and emerge from this ongoing recession in a stronger position, charging fees for smart financial decisions will only penalize those behaviors and may cause vulnerable consumers to continue spending on credit; and

WHEREAS, Banks that received public financing and bailouts to remain solvent should lead the way to a new financial paradigm, one that encourages smart financial behaviors that could prevent future economic uncertainty; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-SEVENTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we encourage Bank of America and other national banks that have, or are considering implementing a punitive fee for debit card usage, to reconsider that fee and instead try to build businesses that reward customers who make sound financial decisions; and be it further

RESOLVED, That a suitable copy of this resolution be delivered to the Bank of America Corporation.