jjohnson777 wrote: My state has few hundred state chartered banks as their at least one in each county and their hundreds of counties in the state. The bigger ones have multiple state chartered banks. And this is after a round of closures since 2008 recession. India in one extreme and USA is the other. I see pluses and minuses to both. I like choice and can see how that great but we do not need this much choice. I imagine the fees if we only had a dozen different bank brands in USA.
This is the thing, let's say you are a customer of a bank, and you get a good deal that you would not get at another bank, let's call it bank A. Let's say Bank A and Bank B merge, bank A being the one that acquires Bank B. As a customer of Bank B, would you continue to get your unique deal ? Or would you fallback to Bank A's policies. It's not uncommon for customers to lose out big time after acquisitions, there are mostly negative stories surrounding acquisitions, the majority of the time it is a good deal for the business, NOT for the consumer or customer. As to mergers, they must compromise somewhere, they cannot keep and manage different policies. In good faith they could gandfather existing customers based on their service, fees, etc, but it is not always the case, and what about new customers ? Besides banks make ridiculous profits anyways, by gauging us with unreasonable fees, on top of the money they already make with our money and pay us such low interests, it's all corporate greed.
Some banks in Canada are pure RIP-OFF! There used to be a time when you were rewarded to having a big balance, where the bank would waive fees if you hold a minimum balance for 30 days. Not anymore, more and more banks have removed this perk, now everyone pays a bloody fee, whether you have $1 or $1 million, whether you make transactions or bloody not, and these same banks make billions of PROFITS y2y !!!