WASHINGTON - Rep. Maxine Waters, D-Calif., called for a boycott of First National Bank of Chicago because of the institution's plan to charge $3 to customers who use tellers.

Rep. Waters, who has introduced legislation to freeze bank fees for low- balance customers, said she was she plans to meet with consumer organizations to explore a boycott and other means of combating First Chicago's "newest effort to gouge customers."

Thomas Kelly, assistant vice president at First Chicago, said that the fees will be charged to offset the cost of offering low- and zero-minimum balance checking accounts.

"These are products that are aimed directly at making banking affordable to everyone," Mr. Kelly said.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.