Merger mania is making the fee-gouging big banks even bigger, ... Worse, fewer and bigger banks means consumers face fewer choices, less competition and even higher fees.
More Quotes from Ed Mierzwinski:
The process of correcting errors on credit reports is Kafkaesque and Orwellian, ... Count on it taking a long time.Ed Mierzwinski
As for the consumer, I think the savings is diminished compared to how much more the bank will make in these transactions. They are trying to increase the use of debit cards to increase their profits.
Ed Mierzwinski
Early-termination fees give consumers no choice in the marketplace, ... They trap consumers into their plan by saying 'you can't get out of it unless you pay us 150 to 240 .'
Ed Mierzwinski
By increasing minimum payments, people will pay off credit cards, won't pay so much in interest and will have money left over to buy things.
Ed Mierzwinski
I'm encouraged that some issuers are doing this. I think penalty fees are a disingenuous way of making money, ... I'm encouraged the marketplace is responding to pressure from lawsuits and consumer complaints.
Ed Mierzwinski
Bank mergers take away competitors and create bigger banks. The studies that we have done show that bigger banks have bigger fees.
Ed Mierzwinski
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