From Publishers Weekly
Your bank is your enemy, charges former Illinois banker Mrkvicka in this well-documented, convincing expose. He begins by pointing out that the Federal Reserve Act of 1913 violates the Constitution by giving "the power to regulate money to a handful of unelected private bankers." He excoriates the so-called prime rate as price fixing, and he labels bank deregulation a sham. As currently configured, he argues, banks exist principally to extract as much money as possible from their customers, with exorbitant interest rates on loans, pressure to encourage credit-card borrowing, outlandishly prolonged holds on checks deposited in checking and savings accounts and inflated charges for overdrafts. Worst of all, according to Mrkvicka, banks are shielded from lawsuits by federal regulations. Lest it be thought that the author is a radical, he stresses that he is a free-market conservative who believes there is nothing free-market about the banking business.
Copyright 1996 Reed Business Information, Inc.
From Library Journal
Mrkvicka draws on his experience as CEO of a national bank to reveal the increasing number of ways that banks are adding charges for services provided to individuals. He also points to a widespread practice of discrimination against minorities and women in spite of provisions of the federal Equal Credit Opportunity Act. He asserts that a bank's lending activity creates an adversarial relation with customers; loan rates are negotiable only if the consumer is knowledgeable and creditworthy. Mortgage loans are attractive to banks because most consumers fail to shop intelligently and neglect to accelerate principle payments. Mrkvicka counsels against have a bank checking account because of the high cost, and credit cards also come under scrutiny. All of his cautions suggest a strategy of shopping intelligently for financial services rather than an alarmist notion that all banks are run by thieves. As such, his work offers excellent, authoritative consumer awareness advice.?Joseph Barth, U.S. Military Acad. Lib., West Point, N.Y.
Copyright 1997 Reed Business Information, Inc.
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