"Anti-consumer"� Practices Bared by Protesting Bank Employees

 The Service Employees International Union on Monday revealed that “anti-consumer” practices by US banking systems is the one to blame in the current economic crisis, saying large banks are encouraging tellers and other customer service representatives to sell or enroll consumers to high-fee programs that eventually “attack” vulnerable populations.

In a statement, Union President Stephen Lerner said that big US banking systems such as Bank of America Corp. and other large banks allegedly forced their employees to “burden” consumers with high-collateral loans by enrolling them to high-fee programs.

The group, which includes the U.S. Public Interest Research Group and National Association of Consumer Advocates, said that the most affected population are the students and the elderly.

It added that economic collapse should be blamed to the core parts of the business model, which encourages short-terms income with too much risk rather than a long-term stability program.

Meanwhile, Spokesman for Bank of America Scott Silvestri was not able for comment.

On Tuesday, former Bank of America employees will argue on a conference call that credit crisis can be attributed to the banking system’s reliance on high interest rates and high fees.

The group will also plan to call President Barrack Obama’s administration to investigate and provide the necessary reforms in the US banks.