I mentioned that North Carolina has the dubious distinction of having elected the latest legislature to try and “regulate” the banks into behaving. Well, in addition to ignorant congressmen, we have talk radio as well. And this morning, Brad and Britt had Brad Miller on their show to discuss his new proposed legislation.
As you can imagine, much goodness ensued.
While discussing Mr. Miller’s proposed legislation, Brad admitted to being a customer of one of the big banks. The conversation drifted into the details of the proposed law and how “hard” customers have it today when dealing with and switching banks. During that conversation, Brad mentioned how hard it would be to switch banks, and he cited the reasons:
- Direct deposit
- Electronic bill pay
- On line banking
- Centralized banking for the whole family
All of which struck me as hilarious. Brad is basically complaining that he doesn’t wanna switch banks because the services offered by his current bank ROCK. Somehow the convenience of his current provider is SO good, that he just can’t imagine switching. And, by gawd, we need a law to fix that!
Further into the conversation, Britt asks Rep. Miller what he would say to those people who have been “preached to” about the evils of government regulation? What would you say to those folks who have been told how to think and what to say?
That’s just silly.
And THAT folks, sums up the entirety of the Left’s response to their actions.
Bank of America added this fee to us customers as a direct, a DIRECT, result of the Durbin amendment. And now, Brad, Britt and and their guest are shocked, SHOCKED, I tell you, that we people would rather they quit.
But never mind facts guys, keep on keepin’ on.
Every bank offers direct deposit, online billpay, and online banking. Almost every bank offers family banking. I suspect he’s saying that he already has his paycheck and other income direct depositing into an account, and all his bills paid for automatically, and he’ll have to set it all up again at another bank.
I suspect he’s saying that he already has his paycheck and other income direct depositing into an account, and all his bills paid for automatically, and he’ll have to set it all up again at another bank.
Sure, but the point is that he doesn’t have to pay a fee to escape a contract. He doesn’t have to first “sell” his old account in order to “buy” another one. He isn’t renting his current bank and have to deal with contract negotiations to get out. Basically what he’s saying is that he has a whole bunch of really convenient cool stuff and it would really be a bummer if he had to move. It’s not compelling in the slightest.
Further, the legislation that Miller is suggesting includes language that would cover the consumer if a bill got “lost in the [e]mail”. That is, if you had direct deposit and auto pay on your mortgage, the old bank would be on the hook to accommodate the transition costs until the customer would get “caught up”.
In the end, I get the fact that people feel fooked. But this going after the bank stuff, especially at this level, is a bit over the top.