There have been a number of initiatives geared toward getting consumers to move their funds from the too big to fail banks.

All in all, this is likely a good thing, but one of the things that people have not generally noted is that moving your money to a smaller bank also personally benefits you, because smaller banks charge lower fees, and generally treat small customers better.

The promise that has always been made with bank deregulation has been that larger banks would be more efficient, and so pass the savings onto consumers.

The reality is the opposite. Large banks use their oligopoly positions to extract more money from consumers.

Too big to fail banks are also banks that do not serve the consumer, so let’s break them up.

H/t James Kwak