WASHINGTON – A bill introduced in Congress would make it easier to transfer bank or credit union accounts by allowing consumers to use the same account number—just like when you switch cell phone carriers.
Instead of having to change all direct deposits and all other automatic transactions set up by a credit union or bank, a consumer could just flip the switch.
"The technology is already there - The FDIC already does it whenever they go into failing banks and electronically transfer the accounts to another bank,” said Rep. Brad Miller, D-N.C., who sponsored the bill, “the only obstacle to this is that the banks are unwilling to do it."
Introduction of the “Freedom and Mobility in Consumer Banking Act” comes as millions of consumers are contemplating switching depositories as part of next week’s “Bank Transfer Day,” even though the bill has a long way to go before it is passed into law.
The bill would also provide consumers the right: to close an account at no charge; to close an account in person, by phone, or by other remote means as may be prescribed by regulation and bar fees or charges from being assessed to an account after receiving a request to close an account.
“As megabanks flirt with menus of new fees, an increasing number of Americans will want to switch banks,” Rep. Miller said. “That is the way things work in a competitive, free market as unrepentant banks are still trying to rake in vulgar profits from their customers.”
