William Bridges

Bank of America will be acquiring Merrill Lynch & Co. for $50 Billion USD; so how does a large buyout like this effective “you”, being one of their 59 million consumers? Positively speaking, with the takeover, Bank of America will earn the status of the country’s largest retail bank, largest credit issuer, the largest mortgage provider, and the largest retail brokerage. Thus, allowing Bank of America to send a sense of stability to its consumers and small business owners in an unstable economy.

With everything under one umbrella, perhaps this will bring bargaining power towards financial services. On the other hand consumers may get drawn into heavy rates and fees with the markets lack of competition. There is also the chance of the powerhouse, metaphorically speaking, “collapse”; and we as consumers may have nowhere to turn.

Side Note: Their online Customer Service is remarkable; I hope they will soon intergrate 24/7 LiveChat sessions.

Feel free to voice your opinion…