Banks Fire Back at President Obama Over Debit Card Fees

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Sorrentino, who is also a member of the American Bankers Association, said there are about 7,600 banks in the country and about 6,500 of those are classified as community banks.

"And I will tell you the majority of community banks do not charge fees for their debit service products," Sorrentino said.

Sen. Dick Durbin, D-Ill., encouraged unhappy Bank of America customers to bring their business elsewhere.

"Bank of America customers, vote with your feet, get the heck out of that bank," Durbin said on the Senate floor on Monday afternoon. "Find yourself a bank or credit union that won't gouge you for $5 a month and still will give you a debit card that you can use every single day. What Bank of America has done is an outrage."

Durbin said consumers are understably upset about the fee announcement.

"It is hard to believe that a bank would impose such a fee on loyal customers who simply are trying to access their own money on deposit at Bank of America," he said. "Especially when Bank of America for years has been encouraging their customers to use debit cards as much as possible."

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