The group has now launched a petition asking elected leaders in Los Angeles and other cities around the country to ban all city business with banks that force their employees to meet sales goals for high fee products such as credit cards, new accounts and home refinance loans.
I would rather be in a high-fee product that gave high performance than a low-fee product that gave low performance".
Recent immigrants and citizens "are looking for a low-fee product that allows them to send cash remittances home for a reasonable price," says Sergio Bendixen Sergio Bendixen, president of Bendixen Associates, a public-opinion firm in Coral Gables, Fla.
The plan is to transform couch potatoes into couch surfers, and make billions off of the resulting subscription fees, product placements and Internet commerce.
Though neither side will discuss details, much of the money will go toward three areas: licensing fees, product development and marketing, though videogames based on movies piggyback on studio marketing campaigns.
That may lead them into high-fee products that pay brokers from 2 to 10 percent in commissions, Mr. Straney said.
Banfe (pronounced BAN-fee) Products, which markets and distributes the soil products of other companies, had $5.6 million in sales last year and expects $7 million for 2002.
At the time, one trustee raised concerns that the endowment was overly invested in illiquid high-fee products, which could not be easily sold.
"Since we don't have to pay for expensive [physical bank] branches or other costly infrastructure, we can pass those savings to our customers in terms of no fees products, lower interest rates, and excellent customer service.
The court opened the door for employees to sue plan administrators who place retirement funds in high-fee products when cheaper alternatives are readily available.
Fee: £1,675 (£1,545 product fee + £130 mortgage application processing fee).
