Rep. Welch Wants Probe of New Bank Fees

Vermont Congressman Peter Welch is leading a call for an investigation into new bank fees.

Bank of America and other major banks have announced new monthly fees for customers using debit cards. The new fees have angered customers.

Welch and four other members of Congress are asking the Justice Department to investigate possible collusion by the banks.

"We're extremely concerned that consumers and depositors be treated fairly. We have confidence if there's real competition they will be treated fairly. And on the basis on the price signaling indicators, we have very serious questions as to whether or not there has been an anti-trust violation," said Welch, D-Vermont.

The banks say they are instituting the charge because the government capped the fees they can charge merchants for swiping the debit cards.