Erie County Legislator Frank Todaro has sent a letter to all local bank CEOs sharing his frustration with the practice of offering delayed mortgage, credit or car payments around the holidays without disclosing hidden fees and increased long-term costs to the consumer.

In many cases, banks will contact a consumer with holiday offers to delay or skip a payment without communicating fees or higher interest rates associated with the program.

Legislator Todaro said, “These predatory practices are troubling. This year, in particular, has been financially difficult for many individuals and families. Banks taking advantage of this situation by offering “relief” that only adds to debt down the road is misleading and unfair to the consumer. I hope banks and lenders will understand how damaging these practices are and reconsider their position. I also encourage consumers to always exercise caution when receiving certain offers, especially around the holidays.”