Bank fees, accelerated by recent bank mergers, continue to spiral out of control.
Mergers eliminate competition, giving big banks the freedom to raise fees.
Fleet raised bank fees for 700,000 Massachusetts consumers as a result of a merger, and tried to assess those fees with 30 days notice to consumers, instead of a 60 day notice promised to the Treasurer. Sovereign bank, which bought Fleet branches last July, announced it will not offer Massachusetts consumers its free checking account, which it offers to consumers in Pennsylvania. Sovereign also charged consumers for the cost of printing new checks, a cost the bank, not the consumer, incurred. Adding fuel to the fire, consumers lack the basic tools necessary to leverage their clout in the marketplace. Excessive and unfair bank fees should not be allowed.