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URL:  https://boards.fool.com/as-a-consumer-well-its-a-free-market-and-you-17282393.aspx

Subject:  Re: Bank One Article Date:  5/28/2002  7:27 PM
Author:  upatnite2 Number:  17087 of 24357

As a consumer, well, its a free market and you are welcome to take your business to the banks that offer you a better deal.
I'm not so sure it's as easy as that.

A few years ago, First Chicago was an extremely large bank in it's
own right. After Bank One gobbled them up, Bank One became that
much larger, more powerful, and 1 less bank to do business with. There are 2 bills pending now (that looks like they won't pass from the last thing I read about them), that would allow Bank One to not be held to Illinois' mortgage laws, and would in fact allow Bank1 to charge larger fees and/or rates to late payments or bad accounts. I don't know the particulars, but I think they'll apply to other banks as well.

What this boils down to is, Mr. Dimon is great executive, and will
benefit Bank1's share holders. But as far as whether or not he is
good for consumers is a completely different matter. At this point,
I would have to say NO. CC rates are high, %'s for cash advances are much higher than they were a few years ago. Fees for the bank are high. % rates on checking accounts are non existant. What basically have consumers gained from these large massive banks? ATM's all over the place? Big deal. ATMs must be much cheaper than they were a few years ago.

-upatnite2





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