Financial institutions reap billions in profits from fees on consumers, many of whom lack the time or information to wade through the fine print.
…Brightscope
Google’s retirement-plan report on BrightscopeFinancial institutions reap billions in profits from fees on consumers, many of whom lack the time or information to wade through the fine print.
But Web sites like Mint, BillShrink and BrightScope are already giving them fee-killing tools. Consumers can be only a click or two away from ditching a financial institution even after years of being a loyal customer (which some angry consumers are doing).
This will put downward pressure on fees, says Robert Ellis, a principal with research and consulting firm Novarica. It hugely increases transparency on the cost side, he says. I believe it’s going to put a lot of dollars in flux.
Even with your 401(k) plan. BrightScope.com was founded two years ago by brothers Mike and Ryan Alfred. The two culled the data on companies’ 5500 forms filed with the government and unearthed audit reports from the depths of the U.S. Department of Labor.
Although the fine print has been there for years, the Alfreds were…
Read more:
Sites That Are Helping Consumers Fight the Fees
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