Is Bank of America approaching the scale and practices of a malicious monopoly? I'm especially interested in whether or not it tempts anti-trust legislation. Thanks!
2007-01-28 09:32:49 · 14 answers · asked by William K 1 in Business & Finance ➔ Corporations
no
2007-01-28 09:35:27 · answer #1 · answered by maxinestringbean 2 · 0⤊ 1⤋
Absolutely not. You always have choices of at least 4 or 5 other banks in your area. A monopoly happens when there is no other choice for consumers (think Microsoft... have you bought a PC lately with an operating system other than Microsoft Windows?). I happened to choose Bank of America because I never have a problem finding an BOA ATM, but that was a choice! I could have chosen Citizens or Bank North, but didn't.
2007-01-28 09:43:26 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Do you know what the definition of a monopoly is? By your posting, you almost equate a large corporation being a monopoly. The defintion has more to do with being the only choice in town for that particular product/service. I'd say my local cable company is more of a monopoly than B of A is.
If you have another bank in your town....then B of A is not a monopoly. These days with internet access, there are many, many other banks to choose from.
2007-01-28 09:46:49 · answer #3 · answered by CG 6 · 0⤊ 0⤋
Absolutely not! They may be a very large organization but that doesn't make them a monopoly. By definition, a monopoly exists when a single company owns all or nearly all of the market for a given service or product. BOA is not even the biggest US bank...they are #3, and when you look at the world's largest banks they fall to #12.
There are so many large, medium, and small banks out there, it's completely wrong to call BOA a monopoly.
In the US alone you have:
Citigroup, Wachovia, JP Morgan Chase, Wells Fargo, Washington Mutual, Sun Trust, PNC, Sovereign, Bank of NY, AmSouth, Fifth Third Bank, Citizens, and many others.
Around the world you have:
HSBC, Banco Santander, BNP Paribas, Credit Agricole, Sumitomo Mitsui, Fortis, Dresdner Bank, ING, Royal Bank of Scotland (RBS), Royal Bank of Canada (RBC), Barclays, OCBC, and ABN AMRO...just to name a few.
Regardless, it sounds like you've already convinced yourself BOA is one...
2007-01-28 09:36:40 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Go to Google Video and search "The Money Masters"
2007-01-28 09:35:45 · answer #5 · answered by hiegeldeserteagle 2 · 0⤊ 0⤋
I hate Bank of America. That's why there is Wachovia, PNC, and First Union. and other millions of FDIC insured banks.
2007-01-28 09:35:57 · answer #6 · answered by ajumatt 1 · 1⤊ 0⤋
Yeah
2007-01-28 09:36:15 · answer #7 · answered by charm_4life112 2 · 2⤊ 0⤋
no, you do have a choice of going to other banks, don't you!!! as long you have a choice of going with any bank you wish...its not a monopoly....This "IS" America!!!
2007-01-28 09:35:58 · answer #8 · answered by Sigrid 5 · 2⤊ 0⤋
No, consumer choice in banking is fairly substantial
2007-01-28 09:37:44 · answer #9 · answered by Byron W 3 · 1⤊ 0⤋
No, there are plenty of large banks out there, small ones to.
2007-01-28 09:51:38 · answer #10 · answered by Peaches 4 · 0⤊ 0⤋
of course they are,.. however there is a larger bank monopoly,... that would be Chase
2007-01-28 09:35:26 · answer #11 · answered by hailey 4 · 1⤊ 0⤋